Debtor’s Struggle: Failed Rescheduling with High Repayments
A debtor whose monthly repayments are more than his entire salary has failed in his latest attempt to reschedule his debts.
The National has been following Marcus’s story since he approached the paper for help earlier this year. He had debts with three banks, totalling Dh284,600. His repayments amount to about Dh11,112 a month. He earns Dh9,283.
Marcus’s High-Interest Loans: DIB, FGB, Dunia Finance Cases
Marcus, from the Philippines, who did not want to reveal his full name, took out four loans with annual rates ranging between 28 per cent and 33.36 per cent – two with Dubai Islamic Bank (DIB), one with FGB and one with Dunia Finance.
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