Emirates NBD offers top-up loans for 'good' or 'regular paying' customers. Sammy Dallal / The National
Emirates NBD offers top-up loans for 'good' or 'regular paying' customers. Sammy Dallal / The National

Lending options for credit card holders in chronic debt



For those in chronic debt, it’s important to take action immediately,” says Jon Richards of compareit4me.com. “Don’t let it drag on. You can request a copy of your credit report from the Al Etihad Credit Bureau, which will list all outstanding debt and give a full, clear picture of the situation.”

Mr Richards also advises comparing loan options and, if you are still unsure, booking an appointment with an adviser at your bank. Options to help residents ease their woes include:

Top-up loan

Emirates NBD and Mashreq offer top-up loans for “good” or “regular paying” customers. While Emirates NBD offers up to 120 per cent of the original loan, Mashreq offers up to 20 times your salary for a maximum of three years and with rates starting at 3.99 per cent, or a maximum of Dh1 million for up to two years, according to the bank’s website. But a top-up loan also comes with a double catch – it is considered a brand-new loan, which means paying an early settlement fee of 1 per cent on your original loan and a processing fee on the top-up amount.

Consolidation loan

A way of pulling all your debts together into one loan with the best rate, which will almost always beat a credit card rate. These are not always advertised so you will have to call banks and compare options yourself – and to reduce your monthly payment may involve increasing the loan term and total interest you pay. Kunal Malani of HSBC says: “We have seen this trend in developed markets to tidy up finances. However, it is very important that customers use this option sensibly and not allow further debt to mount on their credit cards.” Most personal loans will normally, in any case, offer you the option of refinancing existing debt.

Balance transfer credit cards

Credit card debt can be transferred onto a new credit card with a special offer rate. Mr Richards says these are a “great way” to manage finances, when themselves managed correctly. Emirates Islamic’s Easy Card, for instance, offers 0 per cent balance transfer for six months (to a maximum of 80 per cent of the new card’s credit limit), with a 2 per cent processing fee. While these can be a good short-term measure, again holders need to ensure they focus on paying off the debt without incurring further debt on the original card.

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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

FIXTURES

Saturday, November 3
Japan v New Zealand
Wales v Scotland
England v South Africa
Ireland v Italy

Saturday, November 10
Italy v Georgia
Scotland v Fiji
England v New Zealand
Wales v Australia
Ireland v Argentina
France v South Africa

Saturday, November 17
Italy v Australia
Wales v Tonga
England v Japan
Scotland v South Africa
Ireland v New Zealand

Saturday, November 24
|Italy v New Zealand
Scotland v Argentina
England v Australia
Wales v South Africa
Ireland v United States
France v Fiji

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

MATCH INFO

Euro 2020 qualifier

Croatia v Hungary, Thursday, 10.45pm, UAE

TV: Match on BeIN Sports

In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less