Debt Panel
16th February 2022 – The Debt Panel: ‘I overspent on my credit card and can’t afford to pay it off’ in The National UAE newspaper
As debt panellist number 3, I advise a reader who is struggling with credit card debt accrued during a family holiday. Click to read what I say about budgeting, cutting expenses, starting a side hustle and negotiating a lower interest rate for the debt.
2nd March 2022 – The Debt Panel: ‘How can I repair my credit score after discovering I owe $1?’ in The National UAE newspaper
As debt panellist number 3, I give a reader tips on recovering their credit score after noticing a mistake on their credit report due to a fee levied on a closed bank account. There are steps to take to rectify a mistake on your credit report and increase your credit score, explained in my debt panel response.
16th March 2022 – The Debt Panel: ‘Can I pay back my $70,000 loan from another country?’ in The National UAE newspaper
As debt panellist number 3, I give a reader tips on how to keep up payments on a 70,000 AED loan and whether they can continue paying it from abroad.
30th March 2022 – The Debt Panel: ‘I lost my life savings to a fraudster while I was sleeping’ in The National UAE newspaper
As debt panellist number 3, I help put a reader who became a victim of credit card fraud when someone used his card to make fraudulent transactions. Read for tips for how to protect yourself against financial scams and a guide for what to do if you become a target of this intrusive crime.
13th April 2022 – The Debt Panel: ‘I have cancer and can’t afford to keep up with loan repayments’ in The National UAE newspaper
This week’s debt panel question was one that saddened me and made it clearer than ever why building a financial foundation is so important. This reader experienced a job loss and a cancer diagnosis in a short timeframe, while carrying credit card debt and paying a mortgage. As debt panellist number 3, I give tips on financial actions the reader could take to work through this heartbreaking time. If you have an income and no major life tragedies to deal with, now is the time to build financial security – take out life insurance with critical illness, save an emergency fund and prioritise paying off expensive debt, because we never know when life can throw the worst circumstances our way.
27th April 2022 – The Debt Panel: ‘I have no job and can’t afford to pay my $217,835 loan’ in The National UAE newspaper
This week’s debt panel was a person who took out a large loan and unfortunately, lost their job at the same time as beginning to repay the debt. This led to defaulting on payments which is deemed to be a criminal offense in the UAE and can result in travel bans, hefty fees and even jail time. As debt panellist number 3, I give tips on how to create a tight budget, widen your job search and a possibility for applying for insolvency in the UAE courts if you can’t repay your tips (always seek legal advice – this is just my experience and opinion, not legal assistance). Taking on debt always comes with a risk, and in the UAE, think through your repayment plan carefully, especially in the case that you lose your job unexpectedly.
11th May 2022 – The Debt Panel: ‘Can I take out a bank loan to pay my employees?’ in The National UAE newspaper
This week’s debt panel question involves a business owner who whilst awaiting capital from investors, is struggling to pay salaries and business-related as well as personal expenses. I give some tips for what to do if you find yourself in a similar situation.
25th May 2022 – The Debt Panel: ‘I didn’t activate my credit card but was charged annual fees’ in The National UAE newspaper
In this week’s debt panel question, the reader hadn’t realised that when you receive a credit card with fees, you will be charged regardless of whether you activate it or not. You must cancel the card in order to avoid paying the fees.
8th June 2022 – The Debt Panel: ‘I am unable to afford my mortgage payments after my husband’s death’ in The National UAE newspaper
In this week’s debt panel question, the question is tragically sad and serves as a reminder for us all to prepare as you never know what might happen. The reader’s husband passed away unexpectedly and left to raise their son alone, she was struggling with the finances. I give her specific advice and condolences for her loss, and the rest of us, after giving gratitude for our loved ones, ensure we have life insurance and an emergency fund available should the unthinkable happen.
22nd June 2022 – The Debt Panel: ‘I lost my job and my debt doubled to $32,675’ in The National UAE newspaper
In this week’s debt panel question, a series of unfortunate circumstances left this reader with mounting debt. Here I offer my advice for people who experience job loss whilst carrying debt.
27th July 2022 – The Debt Panel: ‘Fraudsters used my credit card to fund a UK trading account’ in The National UAE newspaper
In this week’s debt panel question, the reader was the unfortunate victim of credit card fraud, which is on the rise around the globe. I give them tips to recoup the money and deal with a bank which only partially refunded their money.
10th August 2022 – The Debt Panel: ‘Am I liable to pay off my dead husband’s liabilities?’ in The National UAE newspaper
In this week’s debt panel question, a widow only realised after her husband’s passing that he was harbouring a large amount of debt. As an expat in the UAE, she was unsure about how to move forward legally and whether she would be liable to pay off the debt. Dealing with not only her own grief, but supporting her children since her husband was the sole breadwinner, I give her tips for how to move forward through this challenging time.
24th August 2022 – The Debt Panel: ‘I am struggling to pay for an $816,000 off plan property’ in The National UAE newspaper
In this week’s debt panel question, I answer a reader’s question about purchasing a property and after changes in life circumstances, found themselves struggling to make the payments. To make matters worse, the off-plan property won’t be ready until 2026. Read for tips on how to manage high outgoings when your income decreases.
7th September 2022 – The Debt Panel: ‘Can freelancers apply for a car loan in the UAE?’ in The National UAE newspaper
In this week’s debt panel question, I answer a reader’s question about purchasing a car as a self-employed person. Being self-employed often means jumping through a fair few more hoops to apply for credit and loans, even if you have a reliable and steady income. There are some tips and tricks that you can use to make it easier to be granted loans though, revealed in my response. Buying a car is a big financial decision and there are things to consider – is it worth buying second hand to make a saving? Everyone knows that the value of most cars depreciates rapidly, but you have to factor in the probability of future maintenance and repairs if you buy an older model. A balancing act for sure…
21st September 2022 – The Debt Panel: ‘How can I pay off my debts and support my family?’ in The National UAE newspaper
In this week’s debt panel question, I answer a reader’s question about managing rising costs of living, paying bills and debts as well as supporting family. This is especially true for expats who send money to other countries to take care of children, parents, siblings and more in their home countries…
5th October 2022 – The Debt Panel: ‘How can I pay repay my loan without a job?’ in The National UAE newspaper
In this week’s debt panel question, I respond to a reader’s concern about repaying debt after a job loss, an all too common issue. People often take on debt without preparing for the possible outcomes, negative or favourable. Here are some tips for what to do if you get yourself in that situation.
19th October 2022 – The Debt Panel: ‘I maxed out my credit card to pay for unexpected expenses’ in The National UAE newspaper
In this week’s debt panel question, the reader has used their credit card for unexpected situations, another common problem people face. Without a plan, expenses can quickly spiral out of control and you can find yourself in debt. Better to prepare for the unexpected…
2nd November 2022 – The Debt Panel: ‘I took out a $245,000 loan to help a friend’ in The National UAE newspaper
This week’s debt panel reader took out a loan for a noble cause – to help a friend. However, as they realised too late, you need to think carefully before taking on debt for someone else. Debt is most certainly a burden which often leads to stress and anxiety. It’s great to be a kind friend and help people, but sometimes it is better to serve from a full cup rather than putting yourself in undue stress. Chances are once you have taken on the loan for the friend, the friendship will crumble anyway under the pressure of resentment and worry.
16th November 2022 – The Debt Panel: ‘I can’t afford to pay my credit card bill this month’ in The National UAE newspaper
This week’s debt panel reader succumbed to the allure of a higher credit limit on their card. After some impulse spending, they found themselves unable to cover the hefty bill. I give some tips for what to do in the short term if you find yourself in this situation plus how to avoid it in the future.
14th December 2022 – The Debt Panel: ‘Can a collection agent call me about an ex-colleague’s unpaid dues?’ in The National UAE newspaper
This week’s debt panel was discussed who can be held responsible if someone defaults on their debt. The reader did not co-sign for the loan yet the debt collectors started harassing them. Click to read the advice about this problem.
28th December 2022 – The Debt Panel: ‘Can a bank freeze my gratuity and cancel my credit card?’ in The National UAE newspaper
This week’s debt panel reader was inquiring about whether you can receive an end of service gratuity payment without the bank freezing your credit card. Click to read the answer…
11th January 2023 – The Debt Panel: ‘Can I keep my UAE bank account if I move to the UK?’ in The National UAE newspaper
In this week’s debt panel, I answer a reader’s question about the feasibility of keeping your UAE bank account if you move out of the country. Click to read the rules and regulations.
25th January 2023 – The Debt Panel: ‘How can I pay off my maxed out credit cards?’ in The National UAE newspaper
In this week’s debt panel, I give tips and tricks for getting yourself out of a debt rut. Debt can feel overwhelming, but there are strategies to help become debt-free.
8th February 2023 – The Debt Panel: ‘My husband has been hiding a $95,300 debt’ in The National UAE newspaper
In this week’s debt panel, I help someone who recently discovered a huge debt her husband was hiding. What would you do – a parent, mid-40s, massive debt, business failing? It’s a tough situation – facing and tackling a large debt always is – but add an emotional relationship and it’s even harder. Read for tips to protect yourself from a situation like this…
22nd February 2023 – The Debt Panel: ‘Should I top up my loan to pay off my credit cards?’ in The National UAE newspaper
This week’s debt panel reader is wondering whether it’s a smart financial decision to top up or take out one loan to pay off multiple credit cards. It seems like a good plan – loans tend to have lower interest rates and you only have one payment to manage. But is it the best decision and is it even possible?
9th March 2023 – The Debt Panel: ‘How can I get my travel ban lifted?’ in The National UAE newspaper.
This week’s debt panel reader has been through a really hard time. Often when people think of debt, unnecessary and frivolous spending comes to mind. But more often than not, people get into debt by helping out family in crisis. This reader is struggling to keep up with their repayments and is desperate to get home to visit family. In the UAE, you may be issued with a travel ban for defaulting on debt payments, but there are ways around it.
22nd March 2023 – The Debt Panel: ‘Can I pay off my loan from my home country?’ in The National UAE newspaper.
This week’s debt panel reader is inquiring about paying off debt. What happens if you leave the UAE with debt and don’t keep up with the repayments? Will debt collectors track you down? Can you restart paying off the debt? This panel talks to those questions.
5th April 2023 – The Debt Panel: ‘Can I get annual fees waived on an unused credit card?’ in The National UAE newspaper.
This week’s debt panel reader forgot to check that a credit card had an annual fee and didn’t use it, only to accrue fees and charges for not paying the fee. It’s definitely worth keeping track of all your accounts and cards on a spreadsheet, but click to read what to do if you find yourself in this situation.
