- CNTV English - CCTV News

Homepage > News > Biz >

Lenders of UAE hire British debt collectors to chase defaulters

07-11-2010 17:31 BJT

ABU DHABI, July 11 (Xinhua) -- Lenders in the United Arab Emirates (UAE) began hiring British debt collectors to chase defaulters who have fled back to Britain without settling their debts, a Dubai-based business journal reported Sunday.

"I have spoken to people who have said they are being chased by debt collectors," Arabian Business quoted Radha Stirling, founder of Detained in Dubai, a London-based charity that advised people who have fallen into legal trouble in the emirate, as saying in a report on its website.

But the British debt collectors "are not following through on their threats" as they do not have any power to force the repayment of loans owed to UAE lenders, she added, saying, "I think it is a scare tactic and I think the Brits are on to it and pretty much ignore them anyway."

"As there are so many debt collection agencies in the UK, it is very easy to employ one and their terms are quite good," Stirling said.

She believed that only those who owed a considerable amount of money were being chased in Britain "as it wouldn't be worth chasing the smaller debts."

In January, Dubai mortgage lender Tamweel reportedly hired a company to pursue an Indian customer and threatened to take legal action in India and the UAE if the customer did not repay its loan.

Under UAE law, bouncing a check is a criminal offense that can result in a jail sentence. Blank checks are commonly used to underwrite financial arrangements, such as credit cards or bank loans, to guarantee future payments, according to Arabian Business.

A research by the UAE's RAK Bank last year showed that up to 2, 500 UAE residents skipped the Gulf nation each month without settling their debts, it said.

Editor:Zheng Limin |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program