Dubai Forums Dubai Discussions Dubai General Chat

Just yesterday when taking my friend to airport going back for good. I saw more and more dusty cars in and around airport parking areas. And this can't be mistaken.

This kind of final statements make it clear to me that people don't really want to leave the country, but due to financial mistakes or simply job loss they are too affraid to go to jail.

There must be another solution in the future to get these people to refinance or declare a 'Western' style bankruptcy. Room for improvement in the legislature.

RobbyG wrote:This kind of final statements make it clear to me that people don't really want to leave the country, but due to financial mistakes or simply job loss they are too affraid to go to jail.

There must be another solution in the future to get these people to refinance or declare a 'Western' style bankruptcy. Room for improvement in the legislature.

Oh come on, anyone could have written that on the car

sage & onion wrote:

RobbyG wrote:This kind of final statements make it clear to me that people don't really want to leave the country, but due to financial mistakes or simply job loss they are too affraid to go to jail.

There must be another solution in the future to get these people to refinance or declare a 'Western' style bankruptcy. Room for improvement in the legislature.

Oh come on, anyone could have written that on the car

Who are you?

Your protectionist statements seriously affect your credibility...someone should tell you before you lose it completely

As for backfire: A funnyman would have used a smiling smiley, where this carwriter used a negative smiley expression in case you haven't noticed.

Can't blame you though, you're not the smartest of souls on DF.

I have no doubt that numerous cars have been abandoned here in peoples haste to escape their debts however the point I am making is that the picture shown does not prove anything and could have been scrawled on the car by anyone.

S&O has a point, plus the owner surely wouldn't have left it there in such a dusty condition. That has accumulated over time, so it's doubtful they are the scrawler.

Also I have heard that now security are running checks on all cars that go into the airport parking lots, to see if the visa of the owner has been cancelled or there's any reason for them to be a flight risk.

S&O is exactly and completely correct Robby. And Chocs forensic work is completely up to scratch, nice deduction!

But it doesn't change the fact that you are right too in a general sense about people being forced out of the country by the poor legal framework here surrounding personal debt.

p.s. S&O hardly ever uses smiley faces, don't you get his Rub Al-Khali dryness yet..??

Chocoholic wrote:Also I have heard that now security are running checks on all cars that go into the airport parking lots, to see if the visa of the owner has been cancelled or there's any reason for them to be a flight risk.

There's no such checks at least 2 days ago when I went and parked there.

How do you know? They just sit there looking at the plates through cameras.

And if your visa isn't cancelled and you don't plan on abandoning your car, then you have nothing to worry about do you.

Chocoholic wrote:How do you know? They just sit there looking at the plates through cameras.

And if your visa isn't cancelled and you don't plan on abandoning your car, then you have nothing to worry about do you.

People with intellect run before their Visa expires hon.

Think again

RobbyG wrote:

Chocoholic wrote:How do you know? They just sit there looking at the plates through cameras.

And if your visa isn't cancelled and you don't plan on abandoning your car, then you have nothing to worry about do you.

People with intellect run before their Visa expires hon.

Think again

Naa once ur visa is canceled, you have bout 30 days to leave the country. I Think once ur sacked in today's situations companies give you bout 30 day's?( I'm not sure) to get a job. Then they cancel.
So most people leave the country during the grace period,after their visas are terminated.
Once you lose ur job, there are so many formalities to be completed + you have to search for another job. You just can't leave the country overnight.

When people are fleeing their financial responsibilities to avoid jailtime in a downturn economy....would you still think of formalities?

One thing is for sure, not one company will ever get my original passport for safekeeping. They can get a copy but it ends there.
The only thing of true value to me in this world is my nationality status. Ain't getting mine

O and by the way: I'm fiscally responsible

Misery Called Life wrote:Naa once ur visa is canceled, you have bout 30 days to leave the country. I Think once ur sacked in today's situations companies give you bout 30 day's?( I'm not sure) to get a job. Then they cancel.
So most people leave the country during the grace period,after their visas are terminated.
Once you lose ur job, there are so many formalities to be completed + you have to search for another job. You just can't leave the country overnight.

Yeah, there is heaps of stuff you need to organise when you are leaving. It takes time. Organise furniture shipping, talk to landlord to cancel rental place, cancel DEWA, cancel phone/internet, sell car (luckily I was renting), sell other stuff, book flights, organise somewhere to live back home. If you own a house or have kids then I'm sure it is 100x more complicated.

I was told I had 30 days after they cancelled my visa on June 9th, but I'll give you a first hand account of if this is true when I get back home. Got a funny feeling things might not work out how I was told... wonder why that is? ha!

RobbyG wrote:When people are fleeing their financial responsibilities to avoid jailtime in a downturn economy....would you still think of formalities?

One thing is for sure, not one company will ever get my original passport for safekeeping. They can get a copy but it ends there.
The only thing of true value to me in this world is my nationality status. Ain't getting mine

O and by the way: I'm fiscally responsible

Robby you have to hand over your passport at first for them to give you the residential visa.

Just wondering, what would bankruptcy do for those ppl if it was applied here? I mean how does it help? I know no one can ask you for your financial obligations anymore but would you be able to buy or rent in the future?
I'm just not familiar with it.

uaekid wrote:Just wondering, what would bankruptcy do for those ppl if it was applied here? I mean how does it help? I know no one can ask you for your financial obligations anymore but would you be able to buy or rent in the future?
I'm just not familiar with it.

Initially, the defaulted borrower should try and negotiate a better deal with the bank (or other lenders). Sometimes a certain percentage can be eliminated or the total amount can be renegotiated for a better payment schedule.

If you are too indebted and creditors don't want to waive away your debt, you will have to file for bankruptcy, which means your FICO-like score will degrade. Also, you will not be able to get into new loan arrangements. You will be 'subprime' borrower.

Every financial loan you want to obtain in the future will go under severe scrutiny and higher rates. Forget your mortgage on low teaser rates. You'll be paying for lender risk without a doubt as your history will show you were not creditworthy before...so you pay for the risk

It should be better this way, because it should encourage the lender to be more responsible to whom they lend, if they can make credit checks quickly on applicants. The UAE has a similar system coming I think, slowly. I read about the idea being floated a year ago or more. Whether that would also encourage the Government to relax the legal penalties on cheque bouncers etc. I don't know.

However talking about credit ratings, we all know that there are always the bottom feeding scum who will lend money at ingly high interest rates to people who have very little chance to pay them back. The TV in the US is full of adverts by loan companies saying they will lend to people who even have a totally screwed credit rating.

Bankruptcy (at least in the UK) also means you can't start a business for a set number of years afterwards, as you have shown yourself to be financially 'irresponsible'.

Speedhump wrote:It should be better this way, because it should encourage the lender to be more responsible to whom they lend, if they can make credit checks quickly on applicants. The UAE has a similar system coming I think, slowly. I read about the idea being floated a year ago or more. Whether that would also encourage the Government to relax the legal penalties on cheque bouncers etc. I don't know.

However talking about credit ratings, we all know that there are always the bottom feeding scum who will lend money at ingly high interest rates to people who have very little chance to pay them back. The TV in the US is full of adverts by loan companies saying they will lend to people who even have a totally screwed credit rating.

Bankruptcy (at least in the UK) also means you can't start a business for a set number of years afterwards, as you have shown yourself to be financially 'irresponsible'.

Yes SH, the issue you touch here is one that people really don't understand. Let me explain it a bit.

You basically have two contradicting marketing concepts used by banks and other lenders. One way is to target the upper class borrowers who can pay for their loans without too much trouble.

The other marketing strategy we see nowadays is predatory lending. These loans are being given to people they know! can't afford them but do have income or assets. With derivatives they can hedge themselves against losses from these practices...

The key in this marketing strategy is to keep people to pay for their loans at 20 to 30 percent interest rates while never being able to get off the initial principle amount. As you can understand, the lender will profit after a short period of time, while you will be paying huge amounts of monthly interest payments when your salary really can't afford the loan from the beginning.

This marketing strategy is not allowed in my country and the Obama administration is already targeting this practice.

Nicely explained.

Captain Australia wrote:

RobbyG wrote:When people are fleeing their financial responsibilities to avoid jailtime in a downturn economy....would you still think of formalities?

One thing is for sure, not one company will ever get my original passport for safekeeping. They can get a copy but it ends there.
The only thing of true value to me in this world is my nationality status. Ain't getting mine

O and by the way: I'm fiscally responsible

Robby you have to hand over your passport at first for them to give you the residential visa.

Yes indeed, and their are lots of Companies who don't give it back.

thanks for the answer but with all these bankruptcy consequences how is it better for those who left the country to file a bankruptcy and live with it, it is hard and expensive for them as it is ? but I guess it’s manageable in one home country.



I heard that banks were welling to wait for your late payments for a period of time if you go and talk to them ,true ? if so why is all the panice ?

Chocoholic wrote:How do you know? They just sit there looking at the plates through cameras.
And if your visa isn't cancelled and you don't plan on abandoning your car, then you have nothing to worry about do you.

Are you saying by seeing car plate number (by aiport authority) then the officer will trace the owner of the car (to traffic dept database) and then trace if he/she has the visa cancelled (to immigration dept database) and then trace if he/she got debts (to all banks' database)?
I think you're watching too much Eagle Eye movie

Besides, how if the owner of the car who had his/her visa cancelled just want to pickup/drop friends to airport instead of fleeing? How if he/she rides someone else's car?

BTW, I'm driving my friend's car whose visa cancelled and left UAE since beginning of March. I'm paying the installments (consider it as "renting") until I leave the country probably by end of this month. There's couple hundreds of unpaid fines still, and I'm not checked, even just this evening I went & parked the car again, to drop another friend leaving the country.

uaekid wrote:thanks for the answer but with all these bankruptcy consequences how is it better for those who left the country to file a bankruptcy and live with it, it is hard and expensive for them as it is ? but I guess it’s manageable in one home country.

In most countries you are not put in jail for non-payment therefore you have a chance to get your life back together and make the money to pay.

I heard that banks were welling to wait for your late payments for a period of time if you go and talk to them ,true ? if so why is all the panice ?

If you owe money here to an individual or even a private company (not a bank) they can take you to court immediately if your cheque bounces and you can end up behind bars until you pay (or rot there instead). It really happens.

Speedhump wrote:

uaekid wrote:thanks for the answer but with all these bankruptcy consequences how is it better for those who left the country to file a bankruptcy and live with it, it is hard and expensive for them as it is ? but I guess it’s manageable in one home country.

In most countries you are not put in jail for non-payment therefore you have a chance to get your life back together and make the money to pay.

I heard that banks were welling to wait for your late payments for a period of time if you go and talk to them ,true ? if so why is all the panice ?

If you owe money here to an individual or even a private company (not a bank) they can take you to court immediately if your cheque bounces and you can end up behind bars until you pay (or rot there instead). It really happens.

so how do ppl or companies get their money ? I mean what other options do they have to get their money ? the gov pays it or is it just forgotten ?

uaekid wrote:

Speedhump wrote:

uaekid wrote:thanks for the answer but with all these bankruptcy consequences how is it better for those who left the country to file a bankruptcy and live with it, it is hard and expensive for them as it is ? but I guess it’s manageable in one home country.

In most countries you are not put in jail for non-payment therefore you have a chance to get your life back together and make the money to pay.

I heard that banks were welling to wait for your late payments for a period of time if you go and talk to them ,true ? if so why is all the panice ?

If you owe money here to an individual or even a private company (not a bank) they can take you to court immediately if your cheque bounces and you can end up behind bars until you pay (or rot there instead). It really happens.

so how do ppl or companies get their money ? I mean what other options do they have to get their money ? the gov pays it or is it just forgotten ?

A loss is a loss. It results in a writedown on the balance sheet. And the company moves on.

Its part of their risk profile. A calculated loss.

I see

Many companies still hold passports (mine does) and I fully understand why, when you have so many people who are willing to shirk their responsibilities and just leave town.

RobbyG wrote:

Chocoholic wrote:How do you know? They just sit there looking at the plates through cameras.

And if your visa isn't cancelled and you don't plan on abandoning your car, then you have nothing to worry about do you.

The intelligent people like mwa always sells all their vehicles to some sucker before their Visa expires and then gets a taxi to the airport

RobbyG wrote:When people are fleeing their financial responsibilities to avoid jailtime in a downturn economy....would you still think of formalities?

One thing is for sure, not one company will ever get my original passport for safekeeping. They can get a copy but it ends there.
The only thing of true value to me in this world is my nationality status. Ain't getting mine

O and by the way: I'm fiscally responsible

Eventually, what happens to all these abadoned cars.. are these sold in auction or what !!!

I hear they are going to drop them all in the ocean to make more artificial corals.