Credit Card defaulter, Visa cancelled

maqsoodahmed770
By maqsoodahmed770

Hi All,
If some one is terminated by his employer,visa cancelled.
While leaving the country is detained by authorities for non payment of credit cards bills 30K.What is next going to happen. He has no funds to settle the loan.
Plz answers with refrence to economic/immigration legislation .
Happened in UAE with one of my friend.
Thanks & have a nice safe day.

By bluechips• 24 Oct 2010 04:16
bluechips

That is realy sad what happen to your friend, I also experience that, I lost my job and still have payables on my credit card.

I do have insurance coverage for my credit card. my bank told me that it is good to have an insurance for my card which if any thing happens to me it will cover all outstanding liabilities, even when you lost your job.

And this bank is also my employer so I got the insurance coverage which charge me 10 riyas per month and the credit card is also with this bank and also the insurance company.

now when the company retrenched us I am not worried becaused I have an insurance for the card. so I dont have to pay it anymore because I lost my job right.

well wrong because it is stated that the Insurance will only pay if I lost my job without anyreason. what the bank did because they gonna cut many employees they made a reason that we did poorly on our raiting so that they would not soulder any of the outstanding debt we have.

So be very careful dont be swayed by the sales talks of the banks readcarefully the detailes because u may be paying for nothing.

By pinoy_pride• 16 Oct 2010 10:31
pinoy_pride

in a way we are having the same problem. the difference was, i wasnt terminated and i still have a job. this credit card problem i got now was from my previous company and until now this giving me headache. i maybe not locked up in jail but i really cant fly home. but i really need to be with my during our son operation end of this month.

By indyman• 16 Oct 2010 02:08
indyman

Normally if job gets terminated than the credit card balance (if u are unable to pay), is being made by the insurance company itself. But in ur friends case if I am not wrong he lost job due to non payment of credit card installments itself, so the case is different might not come in this category. Please ask him to consult a legal advisor.

By kyuti_jazz• 15 Oct 2010 12:32
kyuti_jazz

So what is your loan insurance for?

By anonymous• 15 Oct 2010 12:11
anonymous

Sounds like your friend needs a legal representative to negotiate a solution.

Its a difficult situation as it appears that they didn't deliberately default but rather as a result of job termination.

If they really don't have any money then there is nothing to be gained by keeping them locked up. The bank won't get their money and it will cost the state money to keep them them in prison.

ps)

I am not a lawyer

By cooldude2010• 15 Oct 2010 09:27
cooldude2010

Hello

When someone is being terminated from the job a intimation goes to the bank for tha same as u will be having a salary account so you have to clear the due before u live qatar they may jail u if u try to runway without paying its has being happened to one of my friend

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