Got terminated, what will happen to my bank liabilities?
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.
You have to pay your loan .....termination is not covered from insurance....It covers only the death........Company is not bound to grant NOC due to the loan.......Company should inform the bank once you are terminated......Bank will block your account immediately and you can't withdraw your money
Naseef , I salute you , I bow to the truth ....
Thu , 06.03.2014 , 09.28 hrs
debts should be paid. regardless of whether you will get in trouble or not. not paying your dues is immoral and makes one a thief because you spent money you did not own at the time you got the loan but did not pay it back. the money you took out may be someone else's hard-earned money the bank your got the loan for was entrusted with. yes, they did try to get more money off you by their interest rates and high fees but you agreed to that just so you can have money to spend. no one forced you to get a loan and sign those documents. the insurance premiums you agreed to pay just so you can money you did not earn yet is not meant for that. it is meant to protect your family from having to pay your debts when you die or something, and you're not dead yet. sorry if i sound harsh but there are just too many cases like this. it is not right to think it's okay to get away from your obligations just because something unfortunate happened. unless you are a citizen of this country, everyone here cannot expect to stay forever. you should have thought of that when you were using your credit card and when you got your loan. this is why i don't take loans here and i never use my credit card to a point where i cannot afford to pay it back at any given moment.
to try to help you a little, maybe you can ask your employer to help you out. they're the ones who put you in this predicament in the first place. you can attempt to use that and try to let you stay at work a few more months so you can try to pay off your loan and maybe buy time to make them change their minds about letting you go as well. i heard of some people who escaped termination that way. if you're really desperate, you can also try the pity card. i had a colleague whose outstanding balance on the company loan was written off by the ceo and still got his full end of service benefits because he said he was resigning to take care of his sick mother back home (i think his mother's illness was also why he got the loan or something). he didn't even ask for it.
Molten gives you perfect advise and it is true based on my experience.... so go ahead...
Franz, Don't look back , head for your home ..... stay for 4 weeks and try for Dubai ..... there Ctandard Charted bank girls will call you in no time .... you know ..... what to do next ...... Wed , 05.03.2014 , 10.49 hrs
lol fubar... I would like to join you...:)
Cool. I think I'll be planning a nice holiday to Las Vegas this summer. Business class flights, 5 star hotels, and I'll get the bank to pay for it via a loan. No need to feel morally obliged to actually repay the money, because that's what insurance is for!
Who wants to come with me? Don't worry - the bank's paying so your holiday is on me.
It's so easy to get free money from the banks, that's why everyone does it!
Franz ..... You are no longer getting any pay ... so you won't be returning anybody's borrowed money ... Everybody understands it . You were already paying a premium towards the insurance of your loan ..... so bank officials will recover it from the insurer ... but normally bank officials and insurer get together to force you illegally to cough out some amount by frightening you with the names like police & airport etc ..... that's their style .... you show them your style .... be bold to tell the truth that you wish to leave quickly ....
Your duty is to worry about your next job not the insurer 's lost money . It is insurer of your loan who has to deposit your balance loan money .... they make huge profits ...only on few occasions they are paying it back ... that's why they cry.
We are with you .... at this difficult time & Wish you good luck ... Wed, 05.03.2014 , 06.43 hrs ....
Folks, It has happened scores of the times that people purposely get terminted after taking heavy duty loan .... and happily leave for their home ....... Simple proven steps are already told by Barak .....
Take the termination letter from your co. and give it your bank .. your task is over !
Now it the time to buy few items from your pocket for your family , attend send off party with your colleagues , tell your departure date & get that one way ticket from your co. to your home place .... alongside sell your car & other saleable stuff before handing over your passport / RP card for visa cancellation ..... get the personal e.mail addresses of all your contacts .....
Don't bother to care for the distractions from your enemies ..... Wed, 05.03.2014 , 06.26 hrs ....
don't believe the stupid people who say it's ok to not pay the loan. the insurance does not cover termination. when you applied for a loan, there normally is a clause in your salary letter (depending on where you're employed) saying that it is your employer's responsibility to inform the bank that you are leaving their services and/or your final dues will be paid to your bank account with them. you may need a clearance letter from the bank before you are able to leave qatar permanently.
you may be able to get away with a simple exit permit but you might become blacklisted and might never be given a visa to enter qatar or even the gcc again. also, they might have ways to find and go after you, you never know.
Only one way to find out Franz!
Let us know what happens.
If its true that you just take a loan and then never pay it back (thanks to the magic of insurance) I'll go to the bank the next day and take a loan for a new Mercedes.
It just get more confusing.
@Barak you're saying that i just need to go to my bank and no need to worry about repaying my debts because the insurance will take care of it for me?
Yes, go to the bank and tell them you are no longer employed and cannot pay the loan.
Then come back online to QL and tell us what happens.
The bank will instruct you to clear all the liabilities no matter how, you cannot leave the country until you clear everything. You need to pay back the money by any means, by selling your assets or by borrowing from ur near and dear ones. but be sure that you have to repay each and every penny that you owe to the bank. In rare cases I came to know that the bank will request the company to grant you release or NOC to find a job and repay the amount.....but Iam not sure about it
suppose if company not give you N.O.C than what will happened. where will we go.
Once you are terminated than the company transfers all the money to your account they owe to you, like pending salaries, Pending leave salary, End of Service Benefits and cost of unused airtickets, if any. The bank will calculate if this money will close your liabilities. If it does than they will issue a clearance letter, if not than they will not allow you to leave Qatar. You need to look for another job and transfer your sponsership and obtain the same salary transfer undertaking letter from the new company issued in favor of same bank and the things will be normal as before...
If the termination information is given to bank by your company HR department , The bank will blocked your account , They will immediately give access once you give them the appointment letter from new company provided that new company is listed in the same bank , Though your current company is not directly liable for your loan , If possible request them not to inform bank for the time being and you can continue repay monthly installment to bank in cash or with available balance , Another option is to withdraw money for your few months expense till you get new Job,