Question: Bank not allowed to repay the personal loan in UAE. I want to repay my personal loan in UAE but the bank is not helping me with a feasible repayment plan. What can I do?
You can talk to your bank and explain your financial situation. You can request for a feasible repayment plan that suits your current financial situation. If you have any proof of your financial hardship, such as loss of employment or a medical emergency, you can provide that to the bank. The bank may consider your situation and come up with a repayment plan that is more manageable for you.
If you have taken a personal loan from a bank or financial institution and are facing difficulties in repaying the loan, you may be able to approach the Debt Recovery Tribunal for debt restructuring. Here are the steps you can follow to get your personal loan restructured through DRT:
- Approach the bank or financial institution: You should first approach the bank or financial institution that provided you with the personal loan and request for debt restructuring. You can explain your financial situation and request for a repayment plan that is more manageable for you.
- File a case with DRT: If the bank or financial institution is not cooperating with your request for debt restructuring, you can file a case with the Debt Recovery Tribunal. You will need to engage a lawyer to represent you in the case and file a petition with the DRT.
- Attend the hearing: Once you file the petition, the DRT will issue a notice to the bank or financial institution to attend the hearing. At the hearing, both parties will present their arguments and evidence, and the DRT will make a decision on the matter.
- Debt restructuring order: If the DRT finds in your favor, it may issue a debt restructuring order to the bank or financial institution. The order may require the bank or financial institution to restructure your loan by extending the loan term, reducing the interest rate, or changing the repayment schedule.
- Follow-up: Once the debt restructuring order is issued, you should follow the repayment plan as per the order. You should also stay in touch with your bank or financial institution to ensure that they are complying with the order.
