As the vast majority of non-resident Indians will move in another country for employment, new opportunities and a new way of life, it would appear that many are still falling into debt traps. In simple fact the UAE authorities have come toward confirm that money lenders have become moving within the Indian and the Philippine expat neighborhoods. Many of them are charging above 10% every month for relatively small loans which can easily spiral out of control and leave individuals in debt for many a few months or even years to come. Easy Credit Money Lenders
This is not a brand new problem for the expat community around the world however when you bear in mind the ongoing economical uncertainty it is one which is currently more prevalent than it ever has been. A large number of expats will move to pastures new in the hope of beginning a new life, often pledges of employment which failed to materialise or other benefits which are not always as you expected when they arrive.
Fighting the money lenders
Unofficial and not regulated moneylending is still a crime in the Unified Arab Emirates and as such those who become entrapped by the legal gangs should approach the relevant authorities. Even though lots of the expat community may feel somewhat distant from the UAE authorities the truth is they are still there to help and if a crime has been committed then they need to be made aware of it.
All of us have seen instances of individuals taking short-term lending options in the hope of repaying them after one month with a 10% charge on top. Anticipated to the difficult worldwide employment environment this is simply not always possible and delayed obligations can often lead to excessive charges which start to grow very quickly.
Withholding documentation and loan assures
One issue which has become more and more of a problem for the expat community is the fact that many of these money financing gangs insist on holding onto some sort of documentation to warranty the loan. Indeed there have been instances of passports being confiscated by gangs before the exceptional funds are repaid which itself is unlawful – passports are the property of the underlying country of issue.
As the financial pressure continues to build, important documentation is confiscated and sometimes even loan guarantees are required from family members, the pressure has become too much for some citizens. However, there may be hope, there are people who will help but before the relationship between the expatriate community and the Combined Arab Emirates authorities boosts the amount of money lenders will always prosper.
When you take into account the expense of moving to any country, potential difficulties with career, short-term bills to pay and accommodation to find, it is not difficult to discover why so many in the Indian expatriate community have been lured by the criminal moneylenders. While the UAE specialists are incredibly keen to locking mechanism down after the against the law moneylending they do need the co-operation of subjects.