The Debt Panel: ‘My loan repayment is the same as my new salary. Can the bank reduce it?’ – The National

The Debt Panel: ‘My loan repayment is the same as my new salary. Can the bank reduce it?’ – The National

The Dubai resident lost his job in April and secured another role with a much lower monthly wage





























Illustration by Mathew Kurian 











I signed up for a Dh100,000 loan late last year to pay for my mother's medical treatment as I had a good salary of Dh7,500 working as a safety officer in the construction industry.



The monthly repayments were Dh3,750 and I was paying on time. However, I lost my job in April and while I quickly secured a new role, my new salary is only Dh3,750 - the same as the loan repayment.









I received an end-of-service gratuity of about Dh30,000 from my last job but it was not enough to repay the debt.





JN, Dubai





I still owe Dh90,000 and I cannot afford to repay this. I pay Dh1,500 a month for rent and food and Dh600 for medicine for myself for a medical condition I have. I'm having to pay as my health card expired.



Can I ask the bank to reduce the instalment amount? I received an end-of-service gratuity of about