Termination with Bank Loan
I have taken a Personnel Loan from a Bank here before 2 months (amt: 150,000 QR). Now I am on my vacation( in India). One of my friend working in HR Department in my company informed me that company is going to Terminate me from my service bacause of Recession. they are waiting for my arrival to doha to issue the letter.
What I have to do now? I must come back to Qatar or Not?
If I am coming back to Qatar and not finding any suitable job, I will be in trouble. Some of my friends suggest me not to come back qatar.
Requesting your suggestion ...
i feel bad for your fate. i know how much you want to leave qatar with dignity & respect left to your name. but much that U want to clear your name out of this mess, you have to be realistic instead of idealistic.
man believe me, you will indeed be in trouble if U go back. as some of them said the bank will not let that big amount just vanish in thin air. unless, U have an agreement w/ the bank prior to your loan that in case you are terminated your loan balance will be treated '0'.
at the end of the day, it'll be you against your consience. but what to do if situation calls for it?
i wish U goodluck...
My Final Settlement will be almost 40,000. That will be enough for 10 EMIs.
The bank can't use any agents to collect the money from India as per the persent FERA law.If you come back The bank cant file a complaint against you as a defaulter of the loan becouse you are terminated from the company with out a resion.
If possible you come back and explain the situvation to the bank they will help you with the help of your current employer.
Such a big loan and run away? The bank will have their agents in your country to get you and collect the money. Further more the bank will file a complaint against you as a defaulter of loan and your name will be black listed which will block your reentry for ever to any of the GCC countries.
If you took such a high personal loan, then i guess you must have been making a decent amount. Its not right to run away from this and i believe your sponser will have to bare the responsibility. You will not have a good name in the industry after this.
Since you know that you are going to get terminated start looking for other jobs here. Perhaps your friends here can help you find a suitable job.