Debtors have them­selves to blame over dodgy deals

7 Days in Dubai - - DEAR 7DAYS -

I will let you in on an un­com­fort­able truth that lots of bank loans taken out in Dubai are for spec­u­la­tive busi­ness and land deals in the per­son’s home coun­try or busi­ness ven­tures in the UAE. I hear from In­dian sub­con­ti­nent col­leagues that they are in eye-wa­ter­ing amounts of debt, but have equally done as well on some real es­tate or busi­ness deals, which is where the money has been in­vested. They have got their spouses and other fam­ily mem­bers to take mul­ti­ple loans so they can cash in over­seas. I have ab­so­lutely no sym­pa­thy for the ma­jor­ity of debtors – th­ese sub prime bor­row­ers should be pur­sued tire­lessly and ruth­lessly, you should learn to live within your means or suf­fer the con­se­quences. Also liq­ui­dat­ing the as­sets to re­lease your­self from the banks is an op­tion which be­comes moot when they lose their jobs. Why should the fi­nan­cially conservative and pru­dent peo­ple be pe­nalised for the profli­gacy and hap­haz­ard spec­u­la­tion of the greedy debtors? dap­po­dan1 UAE

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