Debt Consolidation in Dubai

ive been there and they suck...they asked to pay 350 for the consuktation fee,thats prior tlkin to them.they will show u options u have tried many times and they will offer a horrible plan not helo at all.

ISDM charge 350 dhs for consultation I been there paid the fee and never had any phone calls from them. Thay will read your statement, they will ask how you spend it, then they will tell you if there is a solution they will charge 2 percent to represent you, while if the bank are luckily approachable you can do it yourself.

I was advise to take a loan to pay my all my credit cards? if I have still the means to do that I could have taken the loan and pay them without consulting to ISDM. If your in tight situation and hopeless, I would say that there is no other way yet that the authorities will favor the consumers who are stuck with all this bank rules and procedures.. bouncing checks, police case, immigration ban and cannot renew working visa.

That means if you have loan, and defaulted have a police case, no other banks will give you loan anymore, you will loss your job, and wait till they caught you and put you to jail.

There are no options, no consolidations, there is restructuring but you must have a guarantor erning min 5000 dhs, working in a bank listed company, with check book and working in uae for min 1 year.. where can you find a person who will guarantee for you?
no guarantor no restructuring of loan or credit cards.

ISDM cannot bend rules of the bank.. they can help you to the things even you can even do for yourself.. talk to the bank and find the answer without paying fees. If bank says no then nobody can help you with that it is the system here and banks are taking advantages doesnt care and will not listen.. pay or stay here in uae without job and get jailed.

To understand this:

If you don't pay, the bank will eventually catch you and put you in jail. How long for?

If you do not repay them whilst you are in jail and then serve your term is the debt then gone or is this a life sentance until you find some means of repayment?

ISDM try to help you restructure your debt, first meeting is free, then AED 350 for a consultation, then 2% of the total debt charged up front for them to represent you in negotiating a solution. Is that right? If you have a mortgage that's a lot of money to pay right?

I understand that banks are employing debt collectors to find bad debtors but I read that they have no power to seize overseas assets or to extradite you to UAE. Is that correct?

Closing this thread. Dubai borrowers really need to find a board that specializes in loans/debts that originate from that country.