What would happen if I leave my current employment when I have a total outstanding balance on a credit card of Dh100,000 but no personal loans? I plan to get a new job and continue with the repayments, but I would like to know if there would be a problem leaving the country for a while. I have never defaulted on any payments. AM, Sharjah
When someone leaves a job it is standard practice for the last monthly salary payment to be marked as “final salary” and the bank will be alerted that there will be no further payments. A bank will then usually put a freeze on the account, especially if there is an outstanding debt. Any end of service gratuity can often be allocated to a debt to clear or reduce it. No further action will be taken unless repayments are missed. If several payments are missed and the customer does not notify the bank then the bank can open a police case. If that happens there could be an issue entering or leaving the UAE. If a new job is obtained, it is best to notify the bank as soon as possible, with a copy of the offer letter, if you want to get the account unfrozen.
Keren Bobker is an independent financial adviser with Holborn Assets in Dubai, with over 20 years experience. Contact her at email@example.com. Follow her on Twitter at @FinancialUAE
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