The National helps readers answer personal finance questions with the help of debt panelists which includes Souqalmal founder and CEO Ambareen Musa.
This is to address the grievance and pain I am carrying on my shoulders in offsetting my debts. At times I feel tired and wish to die, but that’s not the solution. So please help me in negotiating with my bankers. I have three loans with three different banks that have accumulated to Dh165,000. I borrowed the money to pay for my seven-year-old daughter’s medical treatment. She has type 1 diabetes and every month I have expenses for her medical needs that are to the tune of Dh1,000.
Here is what Ambareen Musa had to say:
You’re already considering putting over 60 per cent of your salary towards repaying your loans – this is a great start.
You can explore the debt consolidation option, but first you’ll have to check with the banks offering such loans whether you meet their eligibility criteria or not. Start with your primary bank first.
For full article go to The National