The Debt Panel: ‘Can I ask my bank for a discounted rate to pay off my personal loan?’

SourceThe National
SectorFinancial Services

In June 2018, I took out a four-year personal loan of Dh81,000 to establish a company with a partner. With interest, the total amount to repay comes to Dh105,000 and the monthly loan instalment is Dh2,195. Unfortunately, I was cheated out of the company and the loan went to waste. I have already paid off the principal of the loan, and have another Dh24,000, or 15 months, left to pay on it.

Due to the current pandemic situation, my salary has been reduced and I am struggling to pay the loan each month. I also have debts to pay in my home country. more...