Debt Management

Dealing with debt issues and problem of arrears:

If you are in debt and you are finding it hard to manage effectively, it is important to deal with the problem immediately - the longer you ignore your debt issues & arrear problems, the worse the situation becomes.

Basic steps to help you deal with Debt issues & Arrears management are shown below, however you should also take independent advice to help you find the best way to deal with your debt problems.

1. Make a List of all your debt issues and problem arrears.
   1. List out exactly what you owe, how much you owe, who you owe it to and how much arrears to be settled.
   2. The people you owe money to are known as your creditors. If you owe money, you are known as a debtor.
2. Sort your debts in order of importance
   1. The most important debts are known as ‘priority debts’ and they are not always the biggest ones.
   2. Priority debts are ones where serious action can be taken against you if you do not pay your dues on time and allowing to accumulate the arrears and increase in days past due. For example, you could lose your home, your credit score may be adversely affected, be disconnected from a service, litigation/execution may be initiated or even go to prison.
   3. You need to sort out payments/arrears on your priority debts first.
3. Prepare a personal budget
   1. Work out a weekly or monthly budget to see what your income and expenses are, it can also show you where you can save money.
   2. A budget will help you decide what you can reasonably afford to repay your creditors, so it is important to be realistic.
4. Get Independent advice
   1. It is important you get independent advice to help you find the best way to deal with your debts.
5. Talk to your creditors
   1. Make sure you deal with your priority creditors first
   2. Once you know what you can afford to repay, you can talk to your creditor about your situation and what you are going to do about it.
   3. Our team will help you with a suitable solution taking into consideration of your circumstances.
   4. Please confirm with a letter what has been agreed.
   5. You may have little or nothing left to offer your non-priority creditors, but you should still talk to them, explaining the situation. You may be able to tell them that you will pay them back at some point in the future.

Important Note: For Late payment fees, please refer to Schedule of Charges

How you can reach us

In case you wish to contact us to get a Debt Counselling to discuss your debt problems and financial concerns, please use one of the below ways to the Bank. We will get in touch with you within 2 working days.

1. Write to us at crdretail@nbq.ae 
2. Contact Information of Staff:

   Staff Name	Contact Numbers
   Bassam Kamil H. Mahmoud	0097167066255
   Amna Ebrahim Al Jasmi	0097167066256

3. Lines are open:
• 8.00am to 4.00pm, Monday to Thursday
• 8.00am to 12.30pm, Friday
4. Call us on 600565656