View Single Post

Old 12-15-2010, 10:27 AM   #1
Unregistered
Guest
 
Posts: n/a
Default United Arab Emirates (UAE) credit card debt problem

Janie2 here you go...see below:



Your credit card is governed by the laws of UAE and your credit card agreement. In this regard, at present you are having a credit card on which there is an amount due but you are not in default. The UAE Central Bank frames laws which govern the provisions regarding loans and debt. At present, the UAE Central Bank has issued directives regarding bank provisions pertaining to credit card debt but no direction restricting a person from leaving UAE has been made. An expatriate may leave UAE along with credit card debt.

Restricting a person from leaving UAE

A bank may take action regarding stopping a person from leaving UAE. In this regard, the bank may file a police complaint in case of default. The police complaint can prevent you from leaving UAE.

Guaranty

Generally a large number of expats in UAE are leaving UAE with debt in credit card or other loan as due. In this regard, if the expat leaves UAE with the amount due then the guarantor can be made to pay the amount due. The bank may take penal action against the Guarantor for amount of loan due. Generally, if the person leaves UAE then his Guarantor is liable to pay.

Red Corner Notice

In case the person leaves with the amount of default then Red Corner Notice may be issued. In this regard, if the person leaves UAE with default in credit card then bank may institute legal proceedings and even a Red Corner Notice may be issued against the person.

India UAE Treaty

The Treaty between UAE and your country allows extradition for economic offences. In this regard, it is necessary that there should not be any default on credit card before your leaving UAE.

Conclusions

1. The UAE Central Bank has issued directives regarding bank provisions pertaining to credit card debt but no direction restricting a person from leaving UAE has been made.
2. The UAE Central Bank has issued directives regarding bank provisions pertaining to credit card debt but no direction restricting a person from leaving UAE has been made.
3. The bank may file a police complaint in case of default. The police complaint can prevent you from leaving UAE.
4. If the expat leaves UAE with the amount due then the Guarantor can be made to pay the amount due.
5. If the person leaves UAE with default in credit card then bank may institute legal proceedings and even a Red Corner Notice may be issued against the person.
6. The Treaty between UAE and your country allows extradition for certain economic offences.
  Reply With Quote


Did you find this post helpful? Yes | No