UAE residents with debts they cannot afford to repay must not be afraid to turn to the banks for help, experts say.
The National has received dozens of emails in recent weeks from readers on modest incomes who are in financial crisis because they have either defaulted on loans and credit cards, or their salary barely covers their monthly repayments.
Some have lost their jobs, while others have built up liabilities through failed business ventures. Many feel they have nowhere to turn.
“I have seen people literally just walk out of the country because of the threat of a jail sentence,” said Ambareen Musa, the founder and chief executive of the money comparison website Souqalmal.com, who urges customers in dire financial circumstances to have an open and honest conversation with their banks.
Financial institutions say they are willing to help debtors in financial distress restructure their debts.
“Early contact gives us a much better opportunity to develop an effective solution,” said Khalid Elgibali, the head of retail banking and wealth management for the UAE and Mena at HSBC.
Today and tomorrow, The National’s business and money sections are highlighting readers’ debt troubles and will look into how Al Etihad Credit Bureau, launched last November, can help to reduce the issue.
“The credit bureau will avoid debt problems, as individuals won’t be able to exceed the maximum as set by the Central Bank by shopping around and having loans with multiple banks,” said Jaap Meijer, the head of financial services research at the Dubai-based investment bank Arqaam Capital.
In one case, mentioned in our coverage, the mechanical engineer Gopal Choudhary, from India, has run up Dh327,000 in debts in under 18 months on two loans and five credit cards from a failed business venture.
He is determined to honour his repayments of Dh9,000 a month – even though he earns just Dh9,500.
“Two times I went to India and thought so many times about what to do but ultimately I decided that I would go back and see what needs to be done to get rid of this,” he said.
Ravikanta Olivera, also from India, has Dh250,000 in debt on five credit cards and two loans to six banks. She has suffered two strokes and is now unable to work and meet her obligations. The debt amounted to almost 20 times her Dh13,300 salary. And her husband is in a similar amount of debt.
Five years ago, the Central Bank issued guidelines to help protect residents from excessive debt by capping the overall total of instalments for loans – including personal, car, housing and credit cards – at 50 per cent of a borrower’s gross salary and income.
However, it appears to have been easy for some UAE residents to sidestep this rule.
business@thenational.ae
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Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
The specs
Engine: 1.5-litre turbo
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Transmission: 6-speed automatic
Starting price: Dh79,000
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- Demonstrators responded to online petitions and flooded squares to block traffic
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● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
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UAE Division 1
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Founder: Areej Selmi
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Sectors: Internet, e-commerce
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
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Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
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Based: Muscat
Launch year: 2018
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Transmission: Single-speed automatic
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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My Cat Yugoslavia by Pajtim Statovci
Pushkin Press
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
