personal loans and new employer
Good day. Just want some advice from anyone who have dealt with the same situation before.
I am working in Company A, and i have existing personal loan. Payment is updated. I got an offer from Company B, but Company B is not approved in the bank where I have loan. I checked with the bank, they told me that if I transfer to Company B, I need to settle the balance (100k) immediately, but it is not possible because i have already used the money i borrowed from them.
I have all the intention of paying them back, but my worry is that they will get all my salary and i will have nothing to spend for my daily needs.
I do not have friends to sign as my guarantor.
What other options do I have? Can the bank file a case against me even if my payments are updated?
Thanks in advance.
Who / which relative forced you to borrow this huge money ?
Mon, 25.03.2019, 10.49 hrs
Morane, Let this guy only 1 point to remember either borrow
or work .........
or borrow if you are not working in the simplest way .......
Never try to copy the cunning guys who give slip to the banks and sponsors and friends ........
Mon, 25.03.2019, 10.44 hrs
If you have no sensible solution posting just to patronize, please just don't comment at all.
There are several ways out of this situation, and the most reasonable has already been mentioned by Arjun_Lawyer.
A second solution would be to refinance your loan with another bank which has already approved your new employer. But you will most likely incur more charges in the end (transfer penalty). Nevertheless, this has the advantage of settling everything with the old bank and moving on to a new one which had the right mindset to approve your new company.
Let's end up by saying that the Qatar banking market and regulation is not protecting enough the customers. Regular individuals don't have enough consumer rights and corporation always have the higher end, up to abusive clauses in loans or credit card contracts.
If i was in your place (Thank god i am not), i would do the following:
1. Repay as much as i can through Gratuity fund. Sell my stuffs here to arrange remaining as much as i can.
2. Request my new employer to list their company with your bank
3. Request Family and friends to arrange for the remaining and last
4. Promise myself never to take loan from any institution/ Person/ henceforth.
If after following all above steps i could not manage to arrange money for the loan, then i will give up my new job and remain employed with old employer. May be this will be better for your future.
Dear ncarter,
Please ask your new employer (Company B) to provide a salary transfer letter to the bank and the bank should be fine with it. But remember, your F&F from old employer (Company A) will be withheld and adjusted towards the existing loan. Which is good for you as a few months installments will be cleared upfront.
With regard to the money for daily needs till you get your first salary from the new employer, man you should have saved something. However, you can speak to the bank and request them to release a nominal amount from you F&F (which they will calculate) for your daily needs or request the new employer (Company B) to provide you with a part of salary in advance.
Lone is very bad, in my view.
You have salary, you got Riyals 100,000 and still you tell us you have nothing for the daily expenses ???
Sun, 24.03.2019, 12.05 hrs
You will get friends here, one pioneer guy will be brought to you by acc if you really need one .
acc .... over to you ......
Sun, 24.03.2019, 12.04 hrs
You will mess up. You borrowed money so you have to suffer in more ways than one.
Sun, 24.03.2019, 12.03 hrs
The only option you have now is to continue with your current employer. By taking a loan for whatever reasons there may be, you have put yourself into shackles. Banks need to protect their business and they will take any legal step to recover their loan from you. If you suffer due to their rules and regulations, they don't care. There is no such thing as "intention to pay" or a "desire to pay" or a "willingness to pay" in the business world.
You just cannot expect to eat "Halawa" from all the places at the same time.