Arrears on Mortgages

I had my fair share of mortgage problems many, many years ago. It all happened when my husband moved here in Dubai to look for a job. I was temporarily left in the Philippines with my baby daughter, two nannies and a mortgaged townhouse.

I was not earning very well but had good perks in the bank where I previously worked. I had our townhouse under mortgage with my employer - the bank. Unfortunately, my husband took long to land a very stable job in Dubai that we fell in debt and had lapses in our mortgage payments.

I was lucky enough to find a job when I came to Dubai very quickly. By then, the interests were all piling and we had to do something. So, we took a big loan here in Dubai and paid the property in full. At least we have a clean title now and a loan that will mature in the very near future.

What we have been through is not an easy feat. I am so thankful that we paid the property in time before the bank foreclosed it. If we had not done that, we will end up losing all we have worked so hard for on that property. It is similar to what is happening in the US now with all the Outer Banks foreclosures. I could not bear seeing all our hard work go to waste.

We are just lucky that both of us have a good opportunity here in Dubai. We are earning better than our previous senior managers in the Philippines. We have learned a lot from that ordeal. We know how to value money and invest properly now. We are still planning to have another property soon in the Philippines. If ever everything falls into place, my husband and I plan to purchase in cash now. I am so afraid having loans these days. I cannot relive the nightmare I have had with the arrears on mortgages.

Little Faith in Banking

I have very little faith on the banking system here in the UAE. I always have the feeling of being "robbed" of my own money. It is so hard to explain but I do not get the abstract banking law in this region. 

The banks charge the account holder so many fees, for example, if you want a print out of your statement of account, you have to pay so and so amount per page. If you want a liability letter, again, you have to pay so and so amount.  Isn't that ridiculous? They keep charging the hapless account holders considering we are the reason why they are still afloat.

I miss the banks in the Philippines where I can bank on trust. It is a different ball game over here...

Debt Elimination - Do It Now

No one anticipated this global recession to be the Great Depression of our time. Numerous known companies have already folded. Mass lay-offs is occurring here and there. Unemployment rate escalate to a scary level. Available jobs are scarce. Banks are not lending money and interest rates given to loans or credits are going berserk.

Most of us have debts to settle. The amount varies from one's need to the other. Expatriates here in the Middle East have loans to pay and the bills are piling. Before the onset of the recession, the banks here were too generous in giving out loans and the expatriates took the bait. However, most of the people lost their jobs and are having difficulty in fulfilling their aim of debt elimination.

As debtors, we must familiarize ourselves to the debtors rights. Our credit score must be protected as well by the lenders. I have heard horror stories about some friends who have to dodge the collectors because of their inability to pay on time. These collectors can be very relentless so even if we owe the lenders, we should know our rights as well.

No one wants to be stuck here forever paying for the debts they owe the banks and financial lenders but they have to commit. Eliminate your debts now and see how that can be achieved at www.debtelimination.net.