Need Advice...
Hello,
I need an urgent advice from who has experience in this particular case. One of my friends has around 500000QAR personal loan (he is paying every month) and now he wants to resign as he has been offered better job. But he is not able to settle his loan at the moment. He thinks to leave Qatar for vacation and never come back. And he will pay his loan when he earns this amount later. Could you tell me what will happen if he does so, please?
you still have this money, so pay it back to bank. how could you just take someone else money, and get out. If your freind can not settle the bank that gave the loan, how could you even think that he or she will pay it back ?.... do only one thing , PAAAAYYYYYY , before you leave.
yes...as long as he is not a fefaulter and pays installments on date there will be no problems...the bank have no right to legally chase him unless he default in payments..
What guarantee does the bank have that he will continue to pay after he leaves? If it were my bank (a) I wouldn't lend an expat that much in the first place, and (b) I'd make sure he didn't leave till I had every penny back!
May we enquire what he has spent this huge sum on? Can he sell the asset and recoup the cash?
Thanks a lot for your comments guys.
No he doesn't want to cheat the bank, he do intend to pay all his debt. His salary here is also not bad but he got an offer 1.5 times more that he is earning at the moment so he doesn't want to loose his chance, but, unfortunately he is not able to leave Qatar without settling his loan. What I understand if he continue to pay his monthly installments in future, the bank won't file any case against him, am I right?
Thanks again
Please don't act as a goodwill person...I'm sure you're freind intentionally wants to leave afte he took the 500,000QR as other people already did. Anyway, what you're saying about your freind that he's trying to do is very unethical, but if he did it, he might get away from it by running away, but remember, this is theft and theft has its own punishments later......
i think this is 50K not half million.
He owes HOW much? Half a million QR? I can't imagine the bank letting him waltz out of Qatar owing that much. Nor can I imagine your friend deciding to pay it back out of the goodness of his heart when he decides he can afford it. Sorry, my opinion is that if you take out a loan and sign the papers you are morally and legally bound to pay it back according to the terms you have agreed to. That means staying in Qatar and working until you have paid off the loan that the bank was kind enough to give you. Going off on vacation and not returning is not an honorable thing to do. And to be practical, what if you needed a reference from your Qatar employer? Or a police clearance from Qatar? Burning one's bridges is often not a good idea. Sorry to be so preachy.
if the loan is higher than 100,000 QR, the bank can file a case to the interlpol and they can get him where ever he is! for a 500,000 QR and given the current status of the global melt down...this bank whatever it is local or international will track him down where ever he or she is!
the best yr friend can do is keep on paying the installment on date..that way the bank have no reason what so ever to even touch him!
but i think if he will cancel his visa, his employer will inform the bank and then the bank will require a grantor and can easly can stop him from leaving qatar..and in this case yr friend will be in trouble!
i suggest he pays the installment on date...
make sure his sponsor dont inform the bank by his departure...
and keep on paying the installment from where ever he is!
if he is planning to go any any other GCC it will be easier for the bank to get to him:)