The Debt Panel: ‘I lost my job 14 months ago, so how do I clear the Dh110,000 I owe?’ – The National

The Debt Panel: ‘I lost my job 14 months ago, so how do I clear the Dh110,000 I owe?’ – The National

I owe Dh110,000 on two credit cards and until recently was paying the minimum amount every month.. I was made redundant from the hospitality sector last year when my employer restructured and I have been without a job for 14 months.. I built up the debt paying for everyday expenses and by withdrawing cash to pay rent.. When I was made redundant, I approached the bank for credit shield insurance and was told the insurance company would pay Dh48,000.. I was later informed that I need to be on a company visa to take advantage of this.. I later approached my lenders for a settlement plan, asking if I could only pay the principal amount and not the interest.. My expenses come to Dh16,000 and include Dh4,000 for rent, Dh1,000 for petrol, Dh5,400 for credit card payments and Dh4,000 for personal expenses.. With that being said, the Central Bank of the UAE announced its Targeted Economic Support Scheme, which was boosted to Dh256 billion, including deferral of loan principal and interest payments, which allows banks to grant temporary relief for loan payments until the end of the year.. Given the circumstances, banks are being encouraged to co-operate and support their