What will happen to my bank loan?
Our company is recently downsizing and unfortunately i'm one of those lucky ones that got terminated.
Though our company promised us that they will provide us a release papers .
The big question is what will happen to my liabilities in my bank? i have an outstanding loan and credit card.
Thanks in advance guys and hope you can help me.
Friends ...
http://www.qatarliving.com/advice-help/posts/got-terminated-what-will-happen-my-bank-liabilities
Wed , 05.03.2014 , 08.13 hrs ...
Agreed with Deedee, many people come to Qatar and get a loan, they don't think about the consequence about (what if I lose my job). People coming in here, should think about short terms like "Can I afford to pay off my loan within the next 8 to 10 months" @ 35% to 40% of my salary, always leave at least 10% to 15% of your salary every month as your emergency money, this should be the ideal situation for most expats. Unfortunately this is not happening as this story has been repeated by many. YOU need to pay back all of your loans in any means, or face jail time and deporatation. If you are in desperate, borrow from your family or relatives to pay your loan.
Unfortunately this is an example of why it is never a good idea to take out a loan in a foreign country. You must either get a new job in Qatar right away or borrow from your home country to pay off the loan. You will not be allowed to leave Qatar unless all your debts are cleared. Good luck!