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The Debt Panel: 'I went into debt to invest but it turned out to be a Ponzi scheme and I lost all my money'

The Debt Panel: 'I went into debt to invest but it turned out to be a Ponzi scheme and I lost all my money'
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United Arab Emirates , Abu Dhabi , Abuz Aby , Nathan Mcfarlane , Philip King , Felicity Glover , Abu Dhabi Islamic Bank , Exential Group , Abu Dhabi Islamic , ஒன்றுபட்டது அரபு அமீரகங்கள் , நாதன் மக்‌ஃபார்‌ல்யாந் , பிலிப் கிங் , வாழ்த்து குளோவர் ,

The Debt Panel: 'The pandemic financially affected my business and I have bounced Dh400,000 worth of cheques'


I struggled to secure payments from clients and had to issue cheques worth Dh400,000 to my suppliers and vendors. I also had about Dh50,000 worth of credit card debt in the UAE.
I flew to my home country on a repatriation flight last year. Subsequently, a few of my cheques issued to suppliers bounced. I want to return to the UAE but am afraid I might be detained at the airport by immigration authorities. What can I do to fix the situation?
GK, India
Debt panellist 1: Philip King, head of retail banking at Abu Dhabi Islamic Bank
The Covid-19 pandemic has severely affected many businesses and people in the UAE and globally, leaving them in difficult situations and with unexpected financial repercussions. ....

Abu Dhabi , Abuz Aby , United Arab Emirates , Nathan Mcfarlane , Philip King , Felicity Glover , Abu Dhabi Islamic Bank , Central Bank Targeted Economic Support Scheme , Dubai Police , Abu Dhabi Islamic , Insolvency Law , Targeted Economic Support Scheme , ஒன்றுபட்டது அரபு அமீரகங்கள் , நாதன் மக்‌ஃபார்‌ல்யாந் , பிலிப் கிங் , வாழ்த்து குளோவர் , மைய வங்கி இலக்கு பொருளாதார ஆதரவு திட்டம் , துபாய் போலீஸ் , நொடித்துப்போனது சட்டம் , இலக்கு பொருளாதார ஆதரவு திட்டம் ,

The Debt Panel: 'I am worried about losing my job and defaulting on my loan'


The principal amount of my loan is Dh99,600 but with interest, the outstanding balance is Dh103,226 and there is another three years left on the loan.
I am worried about losing my job and defaulting on the loan. If that happens, what will be the consequences? Is there anything that the bank can do to help me lower the monthly payments on the loan? I don’t want to borrow money from people just to survive each month.
RA, Dubai
Debt panellist 1: Philip King, head of retail banking at Abu Dhabi Islamic Bank
Your situation may seem overwhelming, but it is essential to remain optimistic and make all possible efforts to improve your financial circumstances. ....

United Arab Emirates , Abu Dhabi , Abuz Aby , Nathan Mcfarlane , Philip King , Felicity Glover , Abu Dhabi Islamic Bank , Al Etihad Credit Bureau , Abu Dhabi Islamic , ஒன்றுபட்டது அரபு அமீரகங்கள் , நாதன் மக்‌ஃபார்‌ல்யாந் , பிலிப் கிங் , வாழ்த்து குளோவர் , அல் எத்திஹத் கடன் பணியகம் ,