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Defaulter in a personal loan in UAE abudhabi
15-Nov-2023 (In Banking / Finance Law)
Dear sir, I had been worked Abudhabi UAE. and got personal loan from standard chartered bank for 4 years payback period. Meanwhile my company had no more projects so they sent back me to india. around 2years i was in india and somehow paid my loan dues without fail. But Since april 2017 I couldn't able to make payment due to heavy loss in my business too. also made more loans from private finances with higher interest. Now, some agency People(Bilkish) contact on behalf of concerned UAE bank(like that they are mailing) and calling(threatening) to my family members. So please kindly advice me to get rid of this frustrated stress through legally
You have admitted your liability. If you are unable to repay the loan on account of any genuine financial difficulty beyond your control, negotiate with the bank and ask for a settlement. Banks' recovery agents are governed by RBI guidelines (on Direct Recovery Agents). If there is any violation of the guidelines, you have legal recourse against the bank and its recovery agents.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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