As part of the Debt Panel, The National published an article on the debt concerns of a Sharjah customer service executive whose recent divorce has left her with a debt of AED 150,000. Souqalmal Founder & CEO Ambareen Musa discusses how the issue can be handled.
I am having terrible difficulties with the Dh150,000 in debt I have accumulated. I have loans from two banks and two credit cards from another two banks. I work as a customer service executive in Dubai and my monthly salary is only Dh5,000. Previously I could manage to make my monthly payments, but because of an unexpected situation – I am divorcing my husband – I no longer can. I have started missing payments and I still need to send money for my family back home. I borrowed the money, as during my marriage I paid for everything – the house rent, food, electricity – as well as sending money to my mother for the education of my sons back home in the Philippines (not from this marriage).
Here is what one of the debt panellist – Ambareen Musa had to say:
Dh150,000 worth of debt on a salary of Dh5,000 is definitely high. However, with the right approach and intention, you can get yourself out of it. Accessing conventional debt consolidation could be a challenge, since your Debt Burden Ratio looks very high. But there are other ways you can use to negotiate a solution to your debt problem with banks.’
For full article go to The National