Beware the bounce

Beware the bounce
03 January 2013

AFTER earlier reports in the week that the UAE had decriminalised writing bounced cheques in response to the long-time plea for more sympathetic laws towards debtors in the country, the UAE’s Higher Committee of Nationals Defaulted Debts Settlement Fund has taken to the media to clarify the current laws.

It is understood that while penalties have been relaxed for Emirati nationals defaulting on loan repayments, the criminal charges facing expats in the UAE for writing a cheque that bounces are still very much in place.

In a statement released on the official Emirates news agency, WAM, the committee pointed that the fund was ‘concerned only with settling all the debts of Emirati citizens..  this includes the directives by President Sheikh Khalifa bin Zayed Al Nahyan to decriminalise security cheques presented by UAE citizens to banks and financial firms’.

To keep you well-informed on debt laws in the UAE, check out this article here at cashy.

ARE you currently in danger of debt in the UAE? Our money makeover could help you out! Comment us below or tweet us @cashyme.


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