Personal Bank Loans
By Tumbleweed •
Does anyone know what happens to a person who has a huge loan with a Bank (HSBC to be precise) and has been terminated? His Qatari resident permit is cancelled and he is made to leave the country. He is obviously unable to pay back the loan before he leaves the country. Is there any help out there or is the loan covered under any insurance scheme when it is awarded by the bank (part of the service charges)?
maybe... i was trying to say what i said .. there is a chance that embassy might have agreed to shoulder that amount ..but i know that bank waived off that amount .. he could try all the way he could as he doesnt have any other choice ..
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"Being appreciative attracts positive attitude"
Nachu, first and foremost banks are not charitable institutions and they don't waive off the loan balance by amicable settlement. You should know the whole story not on hoax. Perhaps the embassy guaranteed the loan balance.
"Being appreciative attracts positive attitude"
Let me correct the insurance company will only pay the outstanding loan if a person dies or has a terminal illness and not when the person got terminated from the job. It is the credit card shield pays your card outstanding balance when you got laid off with no reason, or sudden death or physically incapacitated.
First of all the bank would take his end of service benefits if his company transferring the salary to the same bank as there is a clear instruction from the bank at the time of taking the loan that Companies should inform the bank if that particular person get terminated and its normally mentioned in the salary certificate of the loan. Recently i read in a newspaper (Gulf Times or Peninsula) that one person had the same issue and he has approched his embassy and they setup a meeting with the bank and the end Bank wived off his due. so you could try in this way too.. good luck with it ..
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No one gets away from bank loans....if the person was given a loan guaranteed by the company, the company pays the rest of the loan, the person go to jail if not paid...
"There's nothing we can do to change the past, if it teaches you a lesson profit from it then, forget it."
i thought it would be obvious - you would have to pay up, however that might be - by borrowing from your home country or a friend or whatever - or go to jail if the loan is not paid.
The thing is of course, by going to jail, you cannot pass GO and cannot collect £200 and thus cannot afford to pay the bank back, but don't imagine for a moment the bank would say, ah never mind, you're off home, we'll just forget about the loan..
I do not beoieve in luck, it is a weakness. And I don't like weakness, it costs too much.
Good Luck to you.
Shaikh Ali
Send me a PM if anyone is interested.
I am sorry. It was not my intention to hurt anyone. I can give a lecture on the subject. QAR 10,000 each participant. Minimum 10 participants.
I dont have knowledge about finance too. That's why we are asking the question here.
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An insult will not answer a question.
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Dear Brass. You obvoiusly lack knowledge about finance. Don't worry, the bank shall be fine.
I think giving a loan against RP only must be a special case...........
The company did not give a letter of guarantee for the loan. The End of service benefits will not cover the loan amount. The bank offered the loan against the Resident permit. If the loan was insured and the bank will get the money back from the insurance company, why should the person be penalised? This now opens a can of worms as people will tend to take loans knowing fully well that the insurance company will cover them if they lose their job. Why would a bank give a loan away so easily? If it has the only guarantee that the defaulter will go to Jail,,,they still have no way of recovering the loan! Infact the guy going to jail has a roof over his head and food.
I am still trying to get my head around this.
Any more info will be welcome.
if the loan is being taken through the company all his end of service benefits will go to the bank.....if terminated... clearence is required of the bank for the company to proceed further and cancell his RP. Well incase he is unable to pay no idea if he goes to jail.....but the insurance company will pay the bank for sure.
Are you allowed to leave the country if you have an outstanding loan?