Loan repayment
baiju
(Querist) 25 February 2012
This query is : Resolved
Dear sir,
i had taken a personal loan from dubai nbd bank in 2007 and i had payed the instalments without any dues till 2009, at this time i was terminated from my job due to recession and my company got liquidated. and the court in dubai had put a liquidator for pay the employess the end of service but till now we havent got the end of service. as i had got terminated from my job i did not get any other jobs in dubai, so i came to india. now the collection agents in india is calling me to pay back my debts, as i havent got my end of service till now iam not able to pay my loans back, now they are telling that i will be facing a criminal case for this, i just wat to know is there any case they can take a criminal case against me, plz help me as am not able to pay back my debts until i get my end of service, plz reply.
Raj Kumar Makkad
(Expert) 25 February 2012
In the given facts, you shall have to face recovery suit and not criminal case as threatened. Moreover the mortgaged property can be got auctioned to recover the arrears.
baiju
(Querist) 25 February 2012
dear sir, am in india and the banks in dubai can auction my mortgaged property, plz advice
Sudhir Kumar, Advocate
(Expert) 25 February 2012
Whether you have signed any PDC?
If yes criminal case can be filed even if the cheque is bounced in Dubai.
Where is the motraged property in India and Dubai.
Deepak Nair
(Expert) 25 February 2012
In this case, there lies no criminal action against you. This is a pressure tactic applied by the recovery agents.
It is advised to contact the bank officials for a mutual settlement, stating your presetn condition.
If they initiate proceedings through court for recovery, that will take several years which will be harassing to you too since you have to contest the case for so long.
In case of failure to pay debt, the property can be attached to clear the debt.
Rajeev Kumar
(Expert) 25 February 2012
You will face the recovery suit not criminal case.
ajay sethi
(Expert) 25 February 2012
loan was taken by you in dubai . you were working in dubai .what is the law in dubai for fialure to repay bank loan?
to be on safe side request bank to reschedule your loan .point out that you have lost your job . liquidator appointed for payment of salaries to ex employees .
Guest
(Expert) 25 February 2012
Please be aware, your loan transaction with the banks does not have any link with your employment or non-payment of the terminal benefits by your employer. Both are quite distinct.
However, since the loan was taken supposedly from the National bank of Dubai in Dubai, the bank can sue you as per the prevalent laws of Dubai. If the subject matter, as per Dubai laws falls within criminal act, only then the case can be of criminal nature otherwise not.
As advised by Shri Sethi, you may better request the bank to reschedule the loan with easy installments, as recovery cannot be avoided, if the bank decides to launch a case against you. In that case you may also have to travel frequently to Bubai just to attend court of law on each date of hearing, which would also tend to prove to be very costly to you.
mahendrakumar
(Expert) 25 February 2012
your loan and its repayment is part of your agreement with the bank.
your emloyment and its termination cannot be linked.
maximum you can ask for the bank,some more time and waiving of interest etc.
if you have a property abroad,they can defeneitely attach the same with the help of a court order there.
anyhow,it would be better to negotiate direct with the bank authorities.
Shonee Kapoor
(Expert) 26 February 2012
Loan needs to be repayed. Whether rescheduled or what so ever, otherwise actions pursuant to the law of that land can be initiated against you.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Isaac Gabriel
(Expert) 27 February 2012
Go in for one time settlement for the balance outstanding.Rather than allowing the bank to initiate action,you report the actual situation and the cause for non-repayment after 2010 and request time or onetime setllement,for which the bank cannot refuse.
