Transfer of loan or repaying from another country
Hi all QL members,
Can anybody give suggestions please..
A friend of mine had got loan from standard chartered bank. He had paid only 3 instalments. Now he had got 3 employment offers one in Dubai, 1 in Abudhabi and 1 he is waiting for an Australian offer. Now all of a sudden he cannot pay the huge outstanding amount. Can he transfer the loan to the branch at Dubai, Abu dhabi or Australia or Can he pay through electronic transfer from there. Does any body know about the banking laws for these kind of issues. please suggest... Valid suggestions from you all are highly appreciated..
Thanks,
Vamsi
You can always contact a bank in the UAE and ask them for a new loan to repay the original. You'd be paying more in the long run, but you'd get out of your current loan.
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Hi Vamshal,
a very delayed reply,,as i can see the date. but may be helpful.did your friend go at last?..the only i question i want to ask you is whether he is till employed in qatar?..let me know the answer ..if he is then he is out of trouble.
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are you looking for your friend or trying to settle his loan or wait wait did you sign for him and a guarantor while he was applying for that loan.
or are you talking about regional manager station hmm no here you only can talk to the CEO of SC or his deputy.their approval matters.
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How to get hold of him, do you now where is he stationed in dubai or doha. thanx
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Look you friend he is going to UAE right good for him now he got loan too right and thats from SC. now there are SC branches in UAE too. he needs to talk with their regional manager.to transfer the loan there so he keeps paying the installment.
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Can any bank officials suggest
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Even if he resigns the first thing the company will do is inform the bank that an employee of ours who has taken a loan from your bank has resigned.
Afterwards the employee's name and passport details will be included in the Exit Control List.
The only way out for him is if a third person gives a personal gurantee to the bank that in case of non-payment by the defaulter he shall pay the loan amount.
will most probably freeze his accounts and put a halt on his exit from the country.... so I don't know what to suggest in this situation....
I am not into banking but I know that your friend will be able to fly out of the country provided he produces a copy of his Appointment letter as well as a letter from his new employer (in Dubai or wherever)stating that his salary of X amount would be transferred to the SC bank and they could deduct his loan instalment from it.
As Jauntie said, instead of he seeking advice from ppl, he can speak to Standard Chartered and get things confirmed. There is definitely a way out.
Hey Man whats the guarantee that he will pay the loan from australia, abu dhabi or Even from Mars. Hell whats the guarantee that he is going to australia, abu dhabi or Even in the space.
My advice is if its a huge amount, wherever he goes in Middle East, he can be extradited back to Qatar courtesy of Interpol. My friend took a loan, escaped successfully, only to be extradited back to Qatar as there was a Red Alert on his name. I told that idiot to go to Afghanistan as Interpol cannot do anything there.
Hopefully they haven't all gone on holiday!
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His intention is to payback, but the loan money he had already invested in his country, and till now he had paid 3 instalments upto date. the question is does the bank allow him to pay the depts from dubai or abudhabi where ever he wishes to join. will they accept if he shows his appointment offer letter and come to an agreement that he will sure pay from there. I had posted this question here because may be there are few bank officials as QL members, so the proper advice before he goes to the bank will be appreciated.
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I'm not sure exactly what you mean. He has the loan from the bank, here, in Doha? But, for one reason or another, can't pay the next instalment, right? But WOULD be able to pay if he was in one of the other countries (with a new job?)
Can't he speak to Standard Chartered and arrange for the monies to be drawn directly from his new bank by S.Chartered on a regular payment basis?
Well, whatever, unless he doesn't intend to repay the loan I would have thought the FIRST thing to do would be to contact S.Ch and explain the situation. Like Mr P said, if the loan is shown as outstanding here in Doha then your friend isn't going anywhere! :/
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