Personal loan from foreign bank

audacious (Querist) 12 August 2012 This query is : Resolved
Hi! I have taken personal loan from Dubai Bank when I was working in Dubai in 2008. When I came to India on vacation I could not go back to Dubai on time and I got terminated from my Job. Bank called me in India to return the outstanding amount and informed me that my Visa got blacklisted by Dubai police on bank request(that means Police will arrest me whenever I arrive at Dubai airport. I was unemployed for 2 years in India due to recession and could not go to Dubai for another job. Now some legal agency called me and informed me that they are authorized by Dubai bank to carryout legal formalities against me upon non payment of outstanding amount and sent me legal notice to settle the amount.

Currently I cannot pay back the loan as outstanding is huge and I am not in a position to pay them. we are staying in rented house and I have to look after my family whatever I am earning from my salary in India. I request experts to advice on what ground can foreign bank authorize local agency to recover the payment and what defence I have if that agency files case against me.

Thanks in advance.

Regards,
audacious

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ajay sethi (Expert) 12 August 2012
audacious

loan was taken in 2008 . it appears you have not made any payment . if you have not acknow ledged your laibility claim would be bareed by limitaion . legal proceedings out to have been taken within period of 3 years .

contact a local lawyer . do repy to legal notice and raise the plea of limitation

Guest (Expert) 12 August 2012
You cannot question about the ground on which foreign bank can authorize local agency to recover the payment. It is their money and they can hire services of some local agency to liaison on their behalf and recover the money.

BUT, the question arises, did you get any information from the Dubai immigration office about termination of your Visa, or you have simply believed merely on the statement of the agency persons that your Visa was blacklisted by Dubai police on bank request?

audacious (Querist) 12 August 2012
Dear Ajay/PS Dhingra,

Thanks for the info. For your information that legal notice was sent only by agency(legal firm) through email and not from court. It was mention in the notice to settle the outstanding amicably otherwise they will initiate legal proceedings. I could not pay the loan installments since NOV'2008. Please advice if this case starts in court what possible judgement can come out from court and how long can it go, I mean what time does it required to conclude the case. Also advice how can I proceed with my case.
I have taken the loan and I want to return it but right now I am not in a position to settle, I need some time as I am planning to start some business and will pay them back accordingly.

I applied for new Visa but it got refused and when I checked I got to know that I should get clearance certificate from bank and cancel from previous visa properly with fine.

Regards,
Audacious

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