Debt Consolidation and Settlement
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Getting trapped by multiple loan installments and Credit Card payments is not a new thing for the expatriates working in UAE. With a fixed amount of Salary , sometimes it is very difficult to pay all your liabilities on time, which gradually start incurring late payment fees, bounce payments fees, heavy finance charges and lot more. At a slow pace its starts affecting your credit worthiness by reducing your Credit Score day by day. So if anyone is facing difficulty to pay multiple installments, should apply for a debt consolidation before its get too late.
Banks in UAE are now offering Debt Consolidation solutions, where a bank will buy all your liabilities and convert it into one single monthly installment. This will help you to pay your liabilities more efficiently without dropping your Credit Score. Though there are few eligibility criteria's to apply for a debt consolidation that differs bank to bank.