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Old 08-09-2018, 05:37 AM   #1
ccdebt
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Default Main bank refuse to reschedule my loan.

Hi guys,

I just went to my main bank in UAE where my salary is credited every month. I have a personal loan and credit card with them and been paying through auto debit for the past 2 years. Never defaulted on any of my payments with them.

I am halfway to my obligation with them but due to my credit card liabilities with other banks i am left with no extra money to sustain our daily living here.

I have already defaulted on some of my credit cards from other banks and can no longer able to pay them.

With this i finally approach my main bank to ask for a loan rescheduling so i can free up some cash which would bring down the EMI on my loan to a manageable level. Currently its taking 50% of my salary.

I ask the manager if he can help me reschedule my loan and he ask for the documents needed and i was told that he will submit the required document to the concern department.

Finally, i got a message saying that they cannot process my loan rescheduling as per banks policy.

do you have any idea on what policy are they talking about? Why they dont consider genuine customer request and base their decision mostly on banks policy.


My question is, what other options I need to do in order for them to approve my request for loan rescheduling.? do i need to hire a debt consolidation company to represent me and talk to them? or do i go higher up in the management?

anyone in the banking sector or anybody have experience on this topic will be highly appreciated.
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Old 08-09-2018, 10:31 AM   #2
adjusterjack
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Default Re: Main bank refuse to reschedule my loan.

Quote:
Originally Posted by ccdebt View Post
I am halfway to my obligation with them but due to my credit card liabilities with other banks i am left with no extra money to sustain our daily living here.
Then you shouldn't have gotten into so much debt.

Quote:
Originally Posted by ccdebt View Post
I have already defaulted on some of my credit cards from other banks and can no longer able to pay them.
That's what usually happens when people get into too much debt.

Quote:
Originally Posted by ccdebt View Post

Finally, i got a message saying that they cannot process my loan rescheduling as per banks policy.

do you have any idea on what policy are they talking about?
Sure, it's the policy of not extending more credit to a poor credit risk. You've demonstrated that you can't pay the debts you already have.

Quote:
Originally Posted by ccdebt View Post

My question is, what other options I need to do in order for them to approve my request for loan rescheduling.? do i need to hire a debt consolidation company to represent me and talk to them?
You can afford to pay a debt consolidation company but you can't afford to pay your debts?
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Old 08-09-2018, 11:59 AM   #3
ccdebt
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Default Re: Main bank refuse to reschedule my loan.

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Originally Posted by adjusterjack View Post
Then you shouldn't have gotten into so much debt.



That's what usually happens when people get into too much debt.



Sure, it's the policy of not extending more credit to a poor credit risk. You've demonstrated that you can't pay the debts you already have.



You can afford to pay a debt consolidation company but you can't afford to pay your debts?
Im not looking for additional credit. What i am asking the bank is to extend the tenure of my loan so as to lower the monthly installment.
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Old 08-09-2018, 06:50 PM   #4
Highwayman
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Default Re: Main bank refuse to reschedule my loan.

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Im not looking for additional credit. What i am asking the bank is to extend the tenure of my loan so as to lower the monthly installment.
Tough luck. They have no obligation to help you save money.
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Old 08-10-2018, 05:17 AM   #5
Lexus
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Default Re: Main bank refuse to reschedule my loan.

In this regard it is the discretion of bank to reconstruct an existing loan. Normally, they have guidelines to allow a restructure. You could not insist them to reconstruct the loan.
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