Hi does anyone knows the procedure from the bank if you have a car loan and resigns from your job?

11rulez
By 11rulez

Is the bank going to take all my final pay and salary???Please help!!!

By 11rulez• 18 Jul 2008 11:25
11rulez

Pils,

Currently i dont have any plans of leaving qatar with the oppurtunity that i am having here. I dont have any plans of leaving qatar without clearing things. Anyway thanks for all the answer that everyone said.

By pils• 18 Jul 2008 09:34
pils

Hi there,

I am a banker and guess, I might be able to guide you. Your company is obliged to inform the concerned bank, about your termination / resignation. The best thing is to discuss with your bankers and explain the predicament. I don't see themselves trying to be unreasonable with you. If you were able to get another job, within a reasonable time, they should be able to readjust the repayment period. Banks always resort to travel-ban, to prevent the borrowers from leaving the country, without settling the dues. People who have attempted to flee the country, without clearing the loans have been arrested at the airport, because of the travel ban, banks impose. Have you considered sale of your vehicle and clearance of the loan, if you are determined to leave Qatar?

By anonymous• 18 Jul 2008 09:04
anonymous

If you have a loan and you resigned from the company!!!And suppose the company is not willing to give you the NOC, ultimately you will be in trouble. You cannot change the job. And most important if you loose your job without violating your contract you need not pay, but if you violate the contract and getting a termination you have to settle the money for leaving the country. Otherwise you will be jailed. That is my understanding. Please do not try to cheat any bank, it can reach to you at your home town with high penalties.

By mottogirl• 18 Jul 2008 03:10
mottogirl

Besides one would think if you are going to quit one job that you would have another one lined up so that you could continue to pay your loans. I guess it also may depend under the circumstance. It is aginst the law here in canada that a bank with hold money or put a travel ban on you unless it is gone through the courts first and agreed by a judge.

Good luck

By 11rulez• 18 Jul 2008 01:08
11rulez

brotherjoe,

Thanks!

By brotherjoe• 18 Jul 2008 01:04
brotherjoe

Oh!! If you are still going to be in Qatar, just walk in to ur bamk and tell them that you are changing jobs. They'll take care of it from there!!

By brotherjoe• 18 Jul 2008 01:02
brotherjoe

Dude if you have a car loan and if the company terminates you, then you don't have to pay back the loan. I'm sure you always wanted to give a piece of your mind to your boss or that annoying co-worker...I'd suggest that you get wild at work!! :)

But seriously I'd send all my stuff away to my home country withdraw/transfer my money and then resign - Yup its really bad!!

By 11rulez• 18 Jul 2008 00:58
11rulez

Doc Steve,

tHanks for the quick reply, but i dont have any plans of leaving doha plus i will be starting on my new job on sat. What do i need to pass the bank so that they wont do that???Thanks

By DohaSteve• 18 Jul 2008 00:53
DohaSteve

Your company is legally obliged to inform the bank that you have resigned. The bank will then freeze all of your assets until you get a new job or settle all your outstanding debts. Unfortunately, that's just the way things are here in Doha. My advice is get as much as you can transferred to your home country, or take the cash out of the bank before your company informs them of your resignation. The bank may also request a travel ban on you if they think you are going to skip without paying them.

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