A Filipina in Dubai managed to settle her debt after spending 10 years in hiding from bank collectors.
A Pinay Overseas Filipina Worker (OFW) started her ordeal in 2009 when she lost her job.
Without any income, the woman started depending on her two credit cards to survive on a day-to-day basis.
“I had a hard time looking for a job. No company was really hiring at that time,” the woman said to Gulf News.
She admitted that she had used at least Dh100,000 with her two cards but it ballooned to Dh1.7 million due to late and bank charges.
She went on hiding and virtually disappeared.
It was after ten years when the woman started asking for the help of pro-bono lawyers to settle her case.
She was even jailed overnight when authorities caught her for her car loan.
Atty. Barney Almazar of Gulf Law who handled the Pinay’s case, then asked the bank if they could waive the bank charges. From Dh1,7 million to Dh100,000 both banks agreed to settle it at Dh15,100.00.
The woman is now settling her overstaying fines before she can finally go home.
For instant steps on settling bank loans, you can contact the collections department and make a settlement. Make sure to produce the cash before settling. Ask for a letter and pay the amount in the settlement letter.
After paying get a clearance or release letter that you can present to the police station to clear your name if the bank has filed a case against you.
7 Steps on how to settle bank loans in UAE
1. Contact the collections department of your bank and advise that you would like to make a settlement.
2. If you have defaulted on several loans within the same bank, inform the collections officer that you would like to settle all your loans.
3. Important questions to ask your bank: if they have filed a police case (police case number, station and date filed) and what are the available payment options. Ensure you can produce the cash before you agree to settle.
4. Once you have agreed on a settlement option, request for the settlement letter. Only pay make the payment as per the settlement letter. Do not give your money to any bank representative.
5. Get a Release/Clearance Letter once you have complied with the payment terms.
6. If you have a pending case, secure clearance from the bank’s lawyer.
7. Present the clearance to the police station so your records can be cleared from the police and immigration systems.
