Re: Buying a car
Posted: Mon May 25, 2015 10:50 am
LOL
We're making progress. PG started by denying the existence of loans. Now we're just debating the fine points. But I really don't care what PG thinks. His opinion about loans is irrelevant to the real people out there who might want one.
For anyone interested in getting a loan, they exist. Different rules, different countries, but very much possible and even common in many countries. I've taken loans for various purposes (car, mortgage, debt consolidation) in various countries, including my native country, several countries I've resided in, and one country I neither resided in nor was a citizen of. (Now I sound like a big fat reckless spender, but I'm not, really.)
Banks are connected internationally, and if you flee a country, you don't necessarily escape the debt. You may escape jail, if you flee to a country that doesn't imprison you for bankruptcy, but you can still have your assets seized and wages garnished. Banks give loans to expats because they know that generally, they will collect. There are always defaulters, in any country, but banks wouldn't be in the game if the house didn't always win over time.
And in case you haven't read the news and debate around the World Cup, as apparently PG has not, thinking it's so easy just to leave Qatar without telling anyone... LOL again. It works like this. To get a loan, your sponsor/employer has to give approval to the bank for you to take a loan (since they will be legally responsible for paying it if you abscond and the bank cannot recover the money). You have to agree to have your salary deposited directly into the bank from your employer, and that cannot be changed until the loan is discharged. The lending limit of the loan is based, generously, on your salary certificate, which is a statement of how much you earn, and not, as PG seems to think, anything to do with how long you will be staying in the country. To leave the country temporarily, you have to have an exit visa approved by your employer and the government; your employer knows that you have a loan, and also that they will be the ones paying it back if you disappear, so they won't issue you one if they suspect you're doing a runner. (Yes, you can lie, PG, we know. Ask for a weekend in Dubai to see the rugby, and then just disappear. We know, you approve of lies. Doesn't mean we do.) To leave the country permanently, your employer has to cancel your visa, which cannot be done without a bank clearance letter. If you manage to disappear through some tissue of lies anyway, your employer has great incentive to help the bank find you - if they can't, the employer has to pay, so you better believe they very quickly turn over everything they know about you, starting with the addresses you used in applying for the job, your mother's phone number, your gmail address, your referees' names and numbers, what someone heard you say about landing a job at the Int'l School of LaLaLand, and everything else.
It's a system that neatly ties up the banking system to the residence visa system, and it is quite effective, and not just against people of certain races, though if you want to believe that your color will protect you, good luck with that, I suspect the bank wants their money regardless of what color you are.
Here's a lovely article about an imprisoned Canadian debtor in the UAE. http://www.independent.co.uk/voices/com ... 64368.html
We're making progress. PG started by denying the existence of loans. Now we're just debating the fine points. But I really don't care what PG thinks. His opinion about loans is irrelevant to the real people out there who might want one.
For anyone interested in getting a loan, they exist. Different rules, different countries, but very much possible and even common in many countries. I've taken loans for various purposes (car, mortgage, debt consolidation) in various countries, including my native country, several countries I've resided in, and one country I neither resided in nor was a citizen of. (Now I sound like a big fat reckless spender, but I'm not, really.)
Banks are connected internationally, and if you flee a country, you don't necessarily escape the debt. You may escape jail, if you flee to a country that doesn't imprison you for bankruptcy, but you can still have your assets seized and wages garnished. Banks give loans to expats because they know that generally, they will collect. There are always defaulters, in any country, but banks wouldn't be in the game if the house didn't always win over time.
And in case you haven't read the news and debate around the World Cup, as apparently PG has not, thinking it's so easy just to leave Qatar without telling anyone... LOL again. It works like this. To get a loan, your sponsor/employer has to give approval to the bank for you to take a loan (since they will be legally responsible for paying it if you abscond and the bank cannot recover the money). You have to agree to have your salary deposited directly into the bank from your employer, and that cannot be changed until the loan is discharged. The lending limit of the loan is based, generously, on your salary certificate, which is a statement of how much you earn, and not, as PG seems to think, anything to do with how long you will be staying in the country. To leave the country temporarily, you have to have an exit visa approved by your employer and the government; your employer knows that you have a loan, and also that they will be the ones paying it back if you disappear, so they won't issue you one if they suspect you're doing a runner. (Yes, you can lie, PG, we know. Ask for a weekend in Dubai to see the rugby, and then just disappear. We know, you approve of lies. Doesn't mean we do.) To leave the country permanently, your employer has to cancel your visa, which cannot be done without a bank clearance letter. If you manage to disappear through some tissue of lies anyway, your employer has great incentive to help the bank find you - if they can't, the employer has to pay, so you better believe they very quickly turn over everything they know about you, starting with the addresses you used in applying for the job, your mother's phone number, your gmail address, your referees' names and numbers, what someone heard you say about landing a job at the Int'l School of LaLaLand, and everything else.
It's a system that neatly ties up the banking system to the residence visa system, and it is quite effective, and not just against people of certain races, though if you want to believe that your color will protect you, good luck with that, I suspect the bank wants their money regardless of what color you are.
Here's a lovely article about an imprisoned Canadian debtor in the UAE. http://www.independent.co.uk/voices/com ... 64368.html