Showing posts with label bounced cheque cases in Dubai. Show all posts
Showing posts with label bounced cheque cases in Dubai. Show all posts

How to settle UAE bank loan from outside the country?

In the UAE, banks usually collect cheques from the debtors as security against loan, and they reserve the right to submit such cheque for encashment for recovery of dues from the debtor. If the cheque gets dishonoured, the banks have the right to file criminal case against the debtors concerned. This is in accordance with Section 401 of Federal Law No. 3 of 1980 which reads as follows:

"Detention or a fine shall be imposed upon anyone who, in bad faith, gives a draft (cheque) without a sufficient and drawable balance or who, after giving a cheque, withdraws all or part of the balance, making the balance insufficient for settlement of the cheque, or if he orders a drawee not to cash a cheque or makes or signs the cheque in a manner that prevents it from being cashed. The same penalty shall apply to anyone who endorses a cheque in favour of another or gives him a bearer draft, knowing that there is no sufficient balance to honour the cheque or that it is not drawable."
Your bank would reserve rights to simultaneously initiate a civil suit against you for recovery of dues from you.
Since you are interested in settlement of your dues against the bank, you may consider to appoint a legal practitioner in the UAE, who may on your behalf contact and negotiate with the bank for an alternative repayment plan, and also for withdrawal of the complaint/s filed or civil suits initiated against you.

In the event the bank agrees and provides a repayment plan for you, you may be able to rehabilitate your outstanding loan and get it out of default. Once your dues against the bank are settled, your legal counsel may further obtain a 'no dues certificate' for you from the bank.

Know the law:  Detention or a fine shall be imposed upon anyone who gives a draft (cheque) without a sufficient and drawable balance or who, after giving a cheque, withdraws all or part of the balance, making the balance insufficient for settlement of the cheque.

Are you planning to Set-up your business in Dubai? Call us for Setting up new business, LLC Formation, Amendment in existing license, PRO Service and Translation. +971 55 811 7883, 055-345 7829, 04-239 1302 or mail your queries to visaprocess.ae@gmail.com

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How to clear Police or civil cases related to bounced cheques?

If you have a police case due to a loan default or bounced cheque, do this:

 Step-by-step guide on clearing cases

1) Communicate with your bank and request for available settlement options of your debt. Ask the minimum settlement amount for one-time payment in black and white or choose the option that you can best stick to.

 2) Once a settlement agreement is sent to you, complete with the bank’s letterhead etc, proceed with the payment according to the terms indicated in the settlement agreement. Make sure the settlement letter includes a provision where the bank will withdraw the case against you after completion of payment.

 3) Once the debt is settled, request a clearance letter from the bank. Show this clearance letter to the bank’s lawyer and secure a release letter.

 4) If you have a police case, show the release letter from the bank’s lawyer to the police as proof that they have cancelled the case. The police officer can clear the case in the system in front of you.

 Your queries answered
How long will the whole process take?

 The time frame depends on the availability of funds. If you have the money and can settle with the bank quickly, then the whole process can be completed relatively in three days.
Is deleting my name from the police case files or system enough?
Generally, this is enough. But for your peace of mind, you can also request for a police clearance for a fee.
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Are you planning to Set-up your business in Dubai? Call us for New business, LLC Formation, Amendment in existing license and PRO Service. +971 55-273 2295, 055-345 7829, 04-239 1302 or mail your queries to visaprocess.ae@gmail.com

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