Hi all QL members,
Please I need your advice. i have been terminated from my job and I have a loan not yet settled. What should I do in this case as I can't settle it now.
Thanks
Listen to Doha expat00... you are at the losing end, because of your pending loan, and police can keep you in Jail until you pay. don't rely on the Bank insurance cover. You should check your loan contract details and it may show that there is no such insurance.
If your company notifies the bank that you have been terminated, your bank will call you to come settle the loan or provide proof of a new job, if you dont do that, you will receive a call from police saying you have a travel ban. If you dont get an NOC, you will be in big trouble until you can settle the loan! Good luck
Look for a new job as early as possible, then sit with the Bank and reschedule your loan repayment as per your new job/salary.
In the meantime, you need to request the bank to grant you the deferment of your loan installments.
Loan transaction is civil in nature which is out of the reach of police. However if you had given the cheques as security for this loan then the Bank would lodge them with the police for enforcement of payment.
Lastly, the insurance cover, only covers the death of borrower and not the loan default due to any other reason.
Agree with EISSE..if you are terminated by the company..present your termination letter and other required documents and the insurance will pay. Or otherwise your company should inform your bank that you are terminated and therefore any settlement will be credited to your current account.
the guy did not resign he was terminated. ask for the official termination letter and present this to the collection department of the bank. Usually loans has insurance. this will cover the balance as long as you were not terminated due to gross negligence. Ideally you should continue working here in anther company if you have NOC.
Borrow from your family or friends to settle the loan, or you will be put in jail. You shouldn't have quit your job with a pending loan. Here in Qatar, you settle everything before you leave... you have to make everything clean or you will have to face trouble.
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Is there a solution to get the NOC from my company if they don't agree to give it to me friendly through Court or MIO or human rights department ???
Listen to Doha expat00... you are at the losing end, because of your pending loan, and police can keep you in Jail until you pay. don't rely on the Bank insurance cover. You should check your loan contract details and it may show that there is no such insurance.
If your company notifies the bank that you have been terminated, your bank will call you to come settle the loan or provide proof of a new job, if you dont do that, you will receive a call from police saying you have a travel ban. If you dont get an NOC, you will be in big trouble until you can settle the loan! Good luck
Thanks Equinox, but what happened if my employer don't agree to give me NOC ?!?!
Here is the expert advice:
Look for a new job as early as possible, then sit with the Bank and reschedule your loan repayment as per your new job/salary.
In the meantime, you need to request the bank to grant you the deferment of your loan installments.
Loan transaction is civil in nature which is out of the reach of police. However if you had given the cheques as security for this loan then the Bank would lodge them with the police for enforcement of payment.
Lastly, the insurance cover, only covers the death of borrower and not the loan default due to any other reason.
Agree with EISSE..if you are terminated by the company..present your termination letter and other required documents and the insurance will pay. Or otherwise your company should inform your bank that you are terminated and therefore any settlement will be credited to your current account.
In case of the company refuse to give me NOC, how should I proceed to get it through qatar Court.
Thanks
the guy did not resign he was terminated. ask for the official termination letter and present this to the collection department of the bank. Usually loans has insurance. this will cover the balance as long as you were not terminated due to gross negligence. Ideally you should continue working here in anther company if you have NOC.
LoooooL
Lol.ce for the 2nd option how should I proceed ?!
Follow What MIDO SAID, else you have to Pay the Full Loan .
how to settle loan?
1st.. borrow money from friends/family or sell your property back home..
2nd.. ask the Qatar Court to get you NOC for work with different company to repay the loan. they will grant you release to find work..
but the best way is to FLY :D
buy a ticket and escape before bank catch you.
Borrow from your family or friends to settle the loan, or you will be put in jail. You shouldn't have quit your job with a pending loan. Here in Qatar, you settle everything before you leave... you have to make everything clean or you will have to face trouble.