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

SourceThe National
SectorFinancial Services
CountryUnited Arab Emirates

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 more...