from Penthouse to Outhouse! Please advice

Rommath

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stevieb1

Rommath wrote: »

Hi all,

just saw (There is no such thing as an unsolvable debt problem) on this site so I've decided to share my story for a very first time in public and hope you guys could give me some advice!

so here is the summary of my story

I'm an expat who has been living in Dubai for 7years now, I brought (900,000 aed) ($247000) withmyself at the time I came here.
I established a trading company and in 3 years of trading I've earned a total of (2,600,000 aed) ($712,000), in 2007 I've decided to invest in properties and managed to make another 50% profit less than a year and in Jan 2008 I've purchased 8 flats (off plan) which I've paid 30% for each unit till Global financial crisis happend and those developers got vanished. good news is that all my money still is in escrow account and I was told by land department in 2008 that I'll get all my money back as they're going to cancel the projects whitin a few months and return investors money back! which hasn't happend yet!

My bank credit was flawless at that time and banks offerd me free life time credit card that's why I didn't mind to get many for free!

1- I'm holding 12 credit cards with total limit of (1.6m Aed) ($438,000) but my total outstanding balace is only ($ 100,000) total! all my credit cards are block now due to none payment over last 6 months!

2- My company's license has expired 6moths ago and I could not renew it cuz 95% of my money still stuck in that escrow account!

3-I've got an auto loan worth ( $50,000 ) which outstanding balace is about ($30,000), my car insurrance and registration has expired 6moths ago also!

and after 2 years waiting to get my money back I was just told by Land department last month that I have to go to the court and fire the case and pay ($10,000) court fee for each flat that means I have to pay ($80,000) + lawyer fee to get my money back, I just can't afford to pay the court fee at the moment!

My total money: $876000 which stuck in that escrow account!

My total debt: $185000 but I just can't get my money back to pay my debt!

need to mention that I'm wanted ( due to none payment to the banks) my car is wanted and my credit is gone also! I really have no Idea how can I fix this mess!

Thanks for reading!


Any advice would be appreciated!

can you not get it done on a no win no fee thing, like they do over here?
if its a certainty that you will get your money back then surely there will be some company / solicitor over there willing to take the case up without having to pay up front?

Shady_Lady_2

Go bankrupt they will sell all of your assets for you, they may also have more luck releasing any money tided up.

mgb

Guys, I live in the UAE and unless you know about debt out in the Middle East, you have no idea what a mess Rommath is in. Once a bank has referred a debt to the police, the debtor has to come to some agreement regarding payments with the bank/loan company, and if they don't, then it's just a short process until he is put in jail until the debt is paid. So advice which would stand good in the UK, such as going bankrupt, or trying to find a lawyer who will take the case with no cash up front doesn't work here. The 10k court fee is paid to the government, not a lawyer.

Rommath - if you are not already in hiding/in jail, have you tried expat forums for advice? There may be a lawyer on some of them who can advise.