I am an accountant and have a loan of Dh140,000 and am struggling to pay the EMI of Dh6,200. I earn Dh7,000 a month, which does not include accommodation, and I asked the lender to reconstruct my loan but still the EMI is too high. I also have another loan from another bank and on that I owe Dh33,000 I have been in Dubai in 12 years and built up this debt after investing in farming in my province in the Philippines. Due to various calamities, I wasnt able to recover the capital it was a big loss. I tried applying to a debt settlement facility but I was rejected because the required salary is Dh10,000; a second bank rejected me because my company is not listed. I have now defaulted on one payment for the biggest loan; I have asked them t…
Read the full article at: http://www.thenational.ae/blogs/your-money/the-debt-panel-dubai-accountants-entire-dh7000-salary-is-eaten-up-by-debt-repayments
