Have pending loans after you move back home? UAE experts explain to expats on what to know

Have pending loans after you move back home? UAE experts explain to expats on what to know

Dubai: When leaving the UAE with un-cleared debts, one must cautiously ensure that one keeps track of any unpaid dues and settle them as quickly as possible to stay clear of adverse consequences. Borrowers or debtors are legally and morally obliged to paying their debts to the lending institution, but during times of hardships, debt settlement can turn out to be the last option. When a person in debt is unable to make payments due to financial instability there are still options available. They can reach out to their banks to find a common way out, which is an agreement on the repayment scheme. But let’s first walk through some frequently asked questions. If circumstances force you to leave the country and move back to your home country, should the fact that you have outstanding loans in the UAE stop you from repatriating? Contrary to popular belief, UAE-based lawyers and legal consultants confirm that you are not obligated to pay off all your loans when exiting the country and those who are looking to return home have options for leaving whilst still in debt. "As a borrower, you are not legally expected to live in the UAE while your loans