What is Credit Counseling?
What is Debt Consolidation?
Combine multiple liabilities into a single repayment loan and increase your savings through interest rate reduction.
Obtain benefit from reduced interest rates through consolidation of expensive past debt.
Debt Consolidation is a one-time solution to get out of debt and not to borrow more.
Debt Consolidation Program
|Current Payments||Credit Card 1||Credit Card 2||Credit Card 3||Personal Loan||Auto Loan||Total||Debt Consolidated Loan|
|Monthly Repayment Reduction||7,000|
Monthly Repayment reduction from 19,000 to 12,000 thereby reducing the DBR and increasing the savings.
How Long does a counselling session take?
What is a Restructuring plan?
How early or late is it to obtain Debt Counseling?
How long will it take for me to clear the credit cards outstanding?
The minimum payment of credit cards usually requires 10 years to clear off the card debt due to the high rate of interest as a percentage of the minimum amount. Our Debt Management program are structured to make you debt free in 3 years.
What are the charges for the counseling services?
Our fees are based on the value provided and the financial benefit gained in the long term. Our Professional Fee for the engagement is based on the number of hours required to handle the case and varies on cases to case basis.
(50%): In advance, upon signing the engagement agreement
(25%): Upon submission of the restructuring proposal to all banks following prior negotiations with them.
(25%): Upon obtaining the restructuring approvals from all Banks.
What types of debts are eligible under this program?
All unsecured high interest debts such as Credit Cards and Personal Loans.
Secured Loans like Auto Loans and Mortgage loans for Conventional and Islamic Banks.
Business and SME loans with or without collaterals.
Full and Final Settlement of Personal and Commercial liabilities through Debt Consolidation, Restructuring and loan takeover.
Will this help in improving my profile in the Credit Bureau?
The Debt Management Programs are structured in a way so as to reduce the debt burden ratio and remain within the Central Bank of UAE guidelines thereby improving the credit score.