I Would Like To Borrow Some Money – They say that one of the quickest ways to lose a friend is to ask them for money (and probably the same for relatives!). But when friends or colleagues come and ask for a loan to cover monthly bills, most of us are willing to lend them money. A few hundred here, 50 dirhams there, and sometimes a lot. But what happens when the loans continue and those friends don’t pay you back? Is there any legal recourse? In fact, many expat forums in the UAE ask residents what they can do to get back borrowed money, from a few thousand dirhams to a few hundred thousand.
Well, it turns out there’s not much he can do to repay the debt — especially if it’s money borrowed in cash between friends, according to Ashish Mehta, founder and managing partner of Ashish Mehta & Co., a law firm in Dubai. “I advise people to sign a written agreement that includes the interest payment terms and repayment plan when taking out a loan. It is better to borrow money with a check that will serve as proof. In the absence of a written agreement, two witnesses can be presented to the court to attest to the loan given to a friend, relative or family member,” adds Ashish. Colleague. “Without these things, the case will be thrown out of court and you will not have any legal defense.” It is also worth noting that in the UAE, anyone who is not licensed by the Central Bank is not allowed to provide loans to people, whether interest-free or not.
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But most people won’t resort to such methods, and some, like Dubai-based Harriet, believe it’s too strict a procedure when money is transferred between friends. This does not mean that expat Australian women do not take their own precautions because they have learned from past experiences. “I remember I borrowed money from a friend to cover some expenses, and the rent was due. The worst part was that I took money from my credit card to make up for the money I borrowed. So those bills were paid. I have had serious problems with late payments and extra payments. Since then “I became very careful about when and to whom I loaned money.”
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Harriet admits she’s not very disciplined with money: “I don’t make a budget, I know what I have to do,” she says, but she usually plans for larger expenses, like rent. “I understand, as most of us do here, that paying rent is always a challenge and we try to help our friends, especially if they fall behind on their payments. I always think about getting them back as soon as possible,” she says. “It’s hard to ask your friends to pay you back, and it’s Especially insulting when you have to make excuses to ask for money. “I find myself making excuses or justifying why I need my money back. I believe people should pay back the money they owe without lenders asking for it. But I don’t think I’ll get them to sign a contract. Especially since it’s about money.”
She believes that since most people living in the UAE are expatriates, they cannot turn to their families for money as quickly as they can to their friends. “I think we all need to increase our budget – being financially healthy is very important in the UAE. Now, when my friends ask me for a loan, I always make sure they follow the plan to repay me.”
But what happens if the amount exceeds AED 100,000 and you have a business? This is what happened to Avinash and he still feels the loss. “I asked one of my father’s old friends to loan my family Dh120,000, and the money quickly disappeared. “We thought it was a real case and he really needed help, so we loaned him the money,” says Avinash. “The stories people tell you range from things like children.” Hospitalized patients lead to strange family crises, so it’s hard to know who you can trust. In most cases, people will not take any legal action because the time and effort involved represents an additional financial burden.”
He agrees with Harriet’s view that since most people are expatriates and live in Dubai temporarily, they tend to borrow money from friends and acquaintances to make ends meet. “In Dubai, people are very generous – perhaps because they understand the difficulties themselves. It is not uncommon for friends to lend money to each other, but it is important for them to understand that their friends also have expenses, so they must pay them back without being asked. They should Be active. Most importantly, remember that you have the right to demand a refund. Don’t worry about social decorum,” adds Avinash, echoing Harriet’s views on the issue.
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“One thing I’ve noticed is that people are happy to spend other people’s money before spending their own,” says Salem, who works as a commercial driver in Dubai. He is part of a society where small loans between friends and colleagues are a normal practice. However, he says, it’s also part of a terrible habit. “People don’t want to spend their money. Even if people have money, they will still borrow from a friend to cover some expenses and pay it back slowly. This is a very strange behavior,” he points out. However, Salem himself benefited from this micro-loan system when his uncle died recently. My friends have raised 5,000 dirhams to cover all my expenses. I didn’t even know who gave how much.
Salem and others like him tend to lend money only to people who live in the same town or village. “I realized this a few years ago when someone from my city approached us for money and then left Dubai. His visa was not extended, so it was difficult for us to get the money back. Karachi, I was able to get my share back. I will not lend money to someone from a place I don’t know Or it has nothing to do with it, because in the end I won’t be able to find it.I think this is a common practice among many other South Asians.
It’s a safer bet than lending to complete strangers. “I never lend money to someone I don’t know well,” Salem says. “Most people looking for bridging loans are repaying them, especially those who have real things to do. He says the reasons vary from people asking for between 50 and 100 dirhams for petrol, to money to help pay the deposit for UAE visas, which is 10,000. dirhams. “Sometimes they need money because their child is sick and they have to take them to the doctor, buy medicine, or send extra money to their home countries to cover the costs,” he adds. “But I am very careful who I lend to.” He also warns others in Dubai against Be careful about people lending money and always keep records.
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