Let­ter writer: Banks did not learn, looks like the de­fault­ers are back

7 Days in Dubai - - DEAR 7DAYS -

“Why are you sur­prised that the banks did not learn? I am more sur­prised that peo­ple did not learn. The laws are trans­par­ent and widely known, when are peo­ple go­ing to be told to take re­spon­si­bil­ity? If peo­ple would stop liv­ing lives on a cc then the banks might start to care. But as for now, banks are still sur­viv­ing and so they will not change the sys­tem that suits the law. Maybe if 50 per cent of the ex­pat pop­u­la­tion went home rather than des­per­ately stay­ing then there would be fewer re­dun­dan­cies.”

EXPARNAT

“Well, to be­gin with don’t take a loan. Pe­riod. Most peo­ple I know take a loan or credit card just to push a few months for­ward. I don’t want to sound con­de­scend­ing but peo­ple should look be­yond a cou­ple of months of ease. I know some­one who took a loan to buy an LV bag. Dis­gust­ing.”

SS

“It’s about time banks should re­ally make col­lec­tions de­part­ment to help their cus­tomers rather than threat­en­ing them and mak­ing em leave the coun­try. I re­mem­ber when I lost my job 2 years back and missed on 2 of my loan in­stall­ments and the threats I re­ceived over phone and mails was un­ac­cept­able. How­ever, to­day I have fin­ished all my li­a­bil­i­ties and the same bank is af­ter me to ap­ply for an­other loan with higher amount just be­cause I have been a good cus­tomer. Rather then get­ting new cus­tomers, banks should fo­cus on their ex­ist­ing clients and make the re­la­tion­ship stronger.”

BI­LAL

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