Indian loan defaulters who fled UAE to find going tough in 2022
Many UAE, GCC banks have either sold their bad loans or have engaged collection agents
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Indian borrowers who defaulted on their loan repayment commitments in the UAE and fled the country between 2015 and 2021 will find it hard to escape the long arm of law and or loan recovery agents in 2022. According to banking industry sources, Indian borrowers, both big and small, together, owe more than Dh25 billion to UAE based banks and many have fled the country. COVID-19 outbreak in two waves since March 2020 had significantly slowed down banks’ efforts to recover their money either through engaging collection agents or through in Indian courts or law enforcement agencies.
Collection agents back in business
Frustrated with delay in recovery of defaulted loans through Indian courts and other legal channels, many banks are understood to be seeking the help of collection (loan recovery) agents in India and or have sold their distressed loans to third party loan recovery companies.
While the collection agents work with banks on a pre-agreed share of the recovered bad loans, some loan recovery companies take over a specified portfolio of bad loans at a significant discount and use their resources to recover the loan from the defaulters.
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WARNING: UAE Indian Defaulters
Who Fled UAE With Money
2022 Onwards Is BAD NEWS!
Video 5297
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#UAE #INDIA #UAEExpats #IndiansWhoFledUAE #UAELoans #UAEIndianExpats
