Struggling mother highlights the power of debt forum
▶ The National’s Debt Panel encourages more sensible borrowing and lending behaviour
Few could have failed to have been moved by the plight of Sumera Hasan, a single mother of four whose Dh30,000 loan to pay for her twins’ safe delivery five years ago mushroomed into an insurmountable debt of Dh90,000. Ms Hasan was the victim of circumstances which could happen to anyone. She and her husband lost their jobs and he then abandoned her, leaving her to chisel away at a mountain of debt, to little effect. It was only when in desperation she wrote to The National’s Debt Panel about the hardship she was enduring that the collections team agreed to settle for a repayment of Dh25,000 – and the sum was paid off by a pair of generous readers moved by her story.
In the final days of Ramadan, the happy ending is a reminder of the spiritual meaning of the holy month, a time when we are urged to think of how we can help others. It is also a cautionary tale of the ease with which residents in the UAE can get caught up in an ever-spiralling trap of overwhelming debt. The Debt Panel was launched two years ago to address an urgent need in a society where the availability of easy credit has lured numerous people into repayments beyond their means. Over that time, it has been inundated with requests for help, which highlight the need for financial literacy and common sense as well as reminding readers of their rights and urging compassion and a sensible approach from moneylenders. Since then, we have seen a more sensible approach from both. The panel has dispensed life-changing advice to people who, despite their best efforts, found themselves struggling to cope and served as a reminder to lenders that treating individuals with understanding rather than blindly enforcing a blanket policy makes more financial sense. Awareness is the best antidote to the anxieties of debt – and by leading the conversation on the subject, the Debt Panel is equipping and empowering people to make sound choices and re-evaluate their financial decisions.