Q&A: Can I pay off a Dubai debt from Hong Kong?
Q: I have just been awarded a job in Hong Kong. Can I pay off a debt in Dubai while living in another country?
Depending on which bank you use, your new role and the amounts involved, the bank may allow you to continue making repayments from overseas by means of individual agreement. You will need to approach the bank, but be sure to bring along a stamped letter from your new employer as evidence of your new job and salary in Hong Kong .
Unfortunately for you, it is standard practice for banks to freeze accounts once they receive a payment from your employer marked “final salary”. The banks then generally want any debts to be repaid before they will unfreeze an account, or at least evidence that there will be continual means to repay, preferably by way of a new job in the UAE.
If you’re considering a move, take the advice in this column to heart and look into what precautions you should be taking before you move – you don’t want to end up in hot water!
You work hard to keep a good credit record - it would be most unfortunate for a simple misunderstanding to jeopardize it. Consider talking to your loan holder or banker directly if you have other questions about your own financial situation. It’s always better to find out before, rather than after!
Good luck
Janelle x
