Dubai Forums Dubai Discussions Dubai General Chat

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

OK point taken, but what would you suggest?

sage & onion wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

OK point taken, but what would you suggest?

I'm not a banker and far from being a policy maker. But something along the lines of renegotiating your loan and giving you some grace period to find another job could be a start.

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

OK point taken, but what would you suggest?

I'm not a banker and far from being a policy maker. But something along the lines of renegotiating your loan and giving you some grace period to find another job could be a start.

That would be a good start, unfortunately with the Numpty's that you have to deal with here in the Banking sector it would be real difficult.

I can identify two reasons for the debt that is left behind.

First, the days of employers picking up the cost for housing, school, providing a car are way gone. The cost for covering those necessities were provided to the employer on a monthly basis. Many expats here had to take loans to pay for rent in advance. In addition they had to take loans to pay school fees in advance. As a car is a necessity they took loans out. For most of the expats school was free in the home country so this was an additional debt they incurred when they got here. Schools didn't help by allowing parents to spread out the payments nor did landlords help by demanding full payment up front. On top of that the expat had to, more than likely, pay several thousand to some agent who probably did nothing other than tell them where the location of the property was so they could take a look at it.

Second, the banks telemarketing people had a quota to make in getting people to take out loans. Calls were made to people to take a loan with a free credit card. So on top of the cash, they gave you another the chance to increase your debt by giving a credit card.

I have for the longest time said that the UAE needed to establish a credit bureau. Something other than a mobile number should be used for "ID" purposes.

And its not only expats who struggle with debt. Emiratis were also subject to the telemarketing calls and found themselves in debt as well.

I don't think that the police should be used as a collection agency for the banks. Because the banks were so free and liberal in giving out the money, let them collect it. Let them pay collection agencies to track down people and recover unpaid debt. The police are here to protect and serve the people, not to be at the service of banks that did not control their lending practices.

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

OK point taken, but what would you suggest?

I'm not a banker and far from being a policy maker. But something along the lines of renegotiating your loan and giving you some grace period to find another job could be a start.

well said K-Dog... I don't get it.. whats wrong with a grace period of 3 months to find a job or something more simple...

If I lost my job and I can't pay... definitely the only option I have is leave the country!!!! instead of being thrown in Jail!!!

in US, what is the procedure if some one can't pay loans and credit cards??? do the banks throw you in Jail???

In US, first all the bankers should be put in jail for putting the world in this mess

xdude wrote:In US, first all the bankers should be put in jail for putting the world in this mess

I thought most of them were already - Mafia etc, lol

the remaining ones are busy getting their bonuses paid through the bail out money from the tax payers!!

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

OK point taken, but what would you suggest?

I'm not a banker and far from being a policy maker. But something along the lines of renegotiating your loan and giving you some grace period to find another job could be a start.

Good point. A little slack to rebuild your financial situation is not to much to ask. It might involve a job with lower pay or maybe even community service. The latter being the most depriving situation you could get (if no proper jobs show up) as those expats are forced to do 'slave' type jobs.

Maybe they 'must' work in the construction sector, replacing Indians and Paki's for $20 dollars a day
Haha hell, its a situation equal to 'locked for life'.

Im just scaring some of you debtors out there.

quatroporte wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

OK point taken, but what would you suggest?

I'm not a banker and far from being a policy maker. But something along the lines of renegotiating your loan and giving you some grace period to find another job could be a start.

well said K-Dog... I don't get it.. whats wrong with a grace period of 3 months to find a job or something more simple...

If I lost my job and I can't pay... definitely the only option I have is leave the country!!!! instead of being thrown in Jail!!!

in US, what is the procedure if some one can't pay loans and credit cards??? do the banks throw you in Jail???

In the US its treated as a civil matter not a crminal one, probably the same in Europe. Late payments could ruin your credit history and credit score but all lenders appreciate you communicate with them. Declaring bankruptcy is your last option but will stay on your record for 10 years.

quatroporte wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

OK point taken, but what would you suggest?

I'm not a banker and far from being a policy maker. But something along the lines of renegotiating your loan and giving you some grace period to find another job could be a start.

well said K-Dog... I don't get it.. whats wrong with a grace period of 3 months to find a job or something more simple...

If I lost my job and I can't pay... definitely the only option I have is leave the country!!!! instead of being thrown in Jail!!!

in US, what is the procedure if some one can't pay loans and credit cards??? do the banks throw you in Jail???

In the US its treated as a civil matter not a crminal one, probably the same in Europe. Late payments could ruin your credit history and credit score but all lenders appreciate you communicate with them. Declaring bankruptcy is your last option but will stay on your record for 10 years.

quatroporte wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:

sage & onion wrote:

K-Dog wrote:http://www.thenational.ae/article/20090316/NATIONAL/583101106/1010

So what do we do, let them off scot free?

How about putting some common sense procedures in place to deal with it. Imprisoning people is a lose lose situation.

OK point taken, but what would you suggest?

I'm not a banker and far from being a policy maker. But something along the lines of renegotiating your loan and giving you some grace period to find another job could be a start.

well said K-Dog... I don't get it.. whats wrong with a grace period of 3 months to find a job or something more simple...

If I lost my job and I can't pay... definitely the only option I have is leave the country!!!! instead of being thrown in Jail!!!

in US, what is the procedure if some one can't pay loans and credit cards??? do the banks throw you in Jail???

In the US its treated as a civil matter not a crminal one, probably the same in Europe. Late payments could ruin your credit history and credit score but all lenders appreciate you communicate with them. Declaring bankruptcy is your last option but will stay on your record for 10 years.

xdude wrote:In US, first all the bankers should be put in jail for putting the world in this mess

It goes both ways. Stupid people who KNEW they couldn't afford those mortgages took out any ways and on top of that buying luxury cars and boats out of your home equity when their property appreciated 200-300%.

[quote="K-Dog"][quote="xdude"]In US, first all the bankers should be put in jail for putting the world in this mess[/quote]

It goes both ways. Stupid people who KNEW they couldn't afford those mortgages took out any ways and on top of that buying luxury cars and boats out of your home equity when their property appreciated 200-300%.[/quote]

In US, they were the poor ppl who were fooled into taking those mortgages.. they were shown a dream by the supposedly smart bankers n the poor ppl bought into those dreams.. lets accept it.. at the end of the day who does not want to have a decent house of his own..
agreed they sc**d up.. but i guess they had nothin to loose n had no hope.. some one showed them false promises n they fell prey for it..

Other case is in Dubai where the ppl bought these luxuray cars n boats n got themselves into the mess..
these were the arrogant ones who never in life would have managed to afford the prosches / boats,. .. the cheap money n tax free income made them to go beyond their means.. n be reckless.. these were supposedly smart ppl themselves who were well educated n white collar...

if u see, in both the scenarios, it was greed tht led to this mess.. it doesn't matter if u r educated n smart or not...
wht has got us into the mess are the basic human qualities which have nothin to do wth education or nationality or level of intelligence..

gosh!! how do i quote someone?
it never works.. or am i doing smethng wrong..

xdude wrote:

K-Dog wrote:

xdude wrote:In US, first all the bankers should be put in jail for putting the world in this mess

It goes both ways. Stupid people who KNEW they couldn't afford those mortgages took out any ways and on top of that buying luxury cars and boats out of your home equity when their property appreciated 200-300%.

In US, they were the poor ppl who were fooled into taking those mortgages.. they were shown a dream by the supposedly smart bankers n the poor ppl bought into those dreams.. lets accept it.. at the end of the day who does not want to have a decent house of his own..
agreed they sc**d up.. but i guess they had nothin to loose n had no hope.. some one showed them false promises n they fell prey for it..

Other case is in Dubai where the ppl bought these luxuray cars n boats n got themselves into the mess..
these were the arrogant ones who never in life would have managed to afford the prosches / boats,. .. the cheap money n tax free income made them to go beyond their means.. n be reckless.. these were supposedly smart ppl themselves who were well educated n white collar...

if u see, in both the scenarios, it was greed tht led to this mess.. it doesn't matter if u r educated n smart or not...
wht has got us into the mess are the basic human qualities which have nothin to do wth education or nationality or level of intelligence..

Your quote worked fine dude. I agree 100% its greed that caused all this. Boats and big trucks, I was talking about the US also.

xdude wrote:gosh!! how do i quote someone?
it never works.. or am i doing smethng wrong..

seems to work here

[quote="sage & onion"][quote="xdude"]gosh!! how do i quote someone?
it never works.. or am i doing smethng wrong..[/quote]

seems to work here[/quote]
but when i see my own response, i get to see the code i.e [QUOTE] BLAH BLAH [/QUOTE]..
wondering why!

xdude wrote:

sage & onion wrote:

xdude wrote:gosh!! how do i quote someone?
it never works.. or am i doing smethng wrong..

seems to work here

but when i see my own response, i get to see the code i.e

BLAH BLAH

..
wondering why!

You must be doing something wrong

[quote="sage & onion"][quote="xdude"][quote="sage & onion"][quote="xdude"]gosh!! how do i quote someone?
it never works.. or am i doing smethng wrong..[/quote]

seems to work here[/quote]
but when i see my own response, i get to see the code i.e [quote] BLAH BLAH [/quote]..
wondering why! [/quote]

You must be doing something wrong[/quote]

so wats the correct procedure?
is it not just tht i need to press the small quote button on the top right corner.. n then just type my response?

i guess as long as others get to see it the correct way tht they have been quoted, it should be fine..

xdude wrote:

sage & onion wrote:

xdude wrote:gosh!! how do i quote someone?
it never works.. or am i doing smethng wrong..

seems to work here

but when i see my own response, i get to see the code i.e

BLAH BLAH

..
wondering why!

Your computer must be gay. I see only code on your posts too

xdude wrote:

sage & onion wrote:

xdude wrote:

sage & onion wrote:

xdude wrote:gosh!! how do i quote someone?
it never works.. or am i doing smethng wrong..

seems to work here

but when i see my own response, i get to see the code i.e

BLAH BLAH

..
wondering why!

You must be doing something wrong

so wats the correct procedure?
is it not just tht i need to press the small quote button on the top right corner.. n then just type my response?

i guess as long as others get to see it the correct way tht they have been quoted, it should be fine..

The problem is I am not seeing it the correct way unless I quote it myself, so something seems to be wrong from your side.

gtmash wrote:

xdude wrote:

sage & onion wrote:

xdude wrote:gosh!! how do i quote someone?
it never works.. or am i doing smethng wrong..

seems to work here

but when i see my own response, i get to see the code i.e

BLAH BLAH

..
wondering why!

Your computer must be gay. I see only code on your posts too

aah!! figured it out guys!! i enabled the HTML posting in my profile.. now it works.. i guess its on by default for everyone.. but i tried to be extra smart when i setup my profile n pushed the wrong radio button..

Xtra Dude, got one piece of advice for ya

...Smoke another one :D:D