Mortgage and being laid-off
Could you please tell me what would happened if I am laid-off while having a mortgage with a local Qatar Bank here in Doha?
A. Do I have to pay the whole amount of the mortgage before I leave?
B. Will the bank raise the interest?.
That would be great if you could share some information.
Thanks a million
"Everything in this book may be wrong." Illusions: The Adventures of The Reluctant Messiah by Richard Bach
well aviduser's advice is drastic and perhaps immoral but you can be quite sure that if you lose your job you'll be growing old here til every last penny is paid back. Insurance is highly unlikely to pay for such a thing.
but for any expat things are not exactly balanced in our favour, if things went bad for me I would be off, sorry but I am just simply not going to take my chances in the Courts.
Needless to say though things are OK for me and I have studiously avoided debt here.
but for any expat things are not exactly balanced in our favour, if things went bad for me I would be off, sorry but I am just simply not going to take my chances in the Courts.
Needless to say though things are OK for me and I have studiously avoided debt here.
take pwb's advice...oh and of course mandilur's.
Aviduser, shame on you! Running out on one's legal obligations is not adult, moral, or ethical. Positive would be a criminal if he followed your advice. And it just makes the situation worse for those of us expats who are still in Qatar. When one contracts a legal responsibility one should try to do everything in one's power to meet that obligation. (wow, do I sound preachy, or what? But I'm sincere about this!)
Mandi
Get an exit permit and LEAVE. Do not hang around to see how things pan out. Get an exit permit get a ticket leave dump your stuff here and GO.
Don't think you will be able to negotiate your way out of the situation. LEAVE
I am not sure if I am right but most mortgages are insured against loss of life, death, disablement etc. So if you lose your job would you still have to pay??
Do a search on here or the Gulf Times for Coach Kenny. Former basketball coach, owes a lot to a bank, lost job, homeless, in debt, can't leave country...Think twice.
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Be kinder than necessary, for everyone you meet is fighting some kind of battle.
HI vfr750 and jodiewatley,
Thank you very much for your answers, very helpful.
even here in Qatar, where the credit crunch is yet to surface, my worry is for those who are not in a position to negotiate a reasonable outcome with their bank who may then face a new home - jail!
At all cases,you will pay your mortage..If youll review the salary certificate ur company gave u for the bank "its the bank sole discretion to approve u a loan and the company wont hold itself responsible on the credit that will be incurred by you.."
But you could still leave and pay your loan in your country,provided that you'll have the banks approval and a local guarantor.
This happens on 2 of my colleagues,terminated by our company.