Хозяин
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Claire Sharick is here, and we are also joined by Ludmila Yamalova, our legal expert. How nice it is to see you. A very warm welcome to the studio. Did I catch you drinking water?
Людмила Ямалова
No, no, not at all.
Хозяин
She just took a pre-broadcasting slurp as you introduced her. Always bad timing!
Людмила Ямалова
Pre-broadcasting slurp? Don’t give away the behind-the-scenes stuff!
Хозяин
We got asked about that yesterday, didn’t we?
Людмила Ямалова
Actually, yeah.
Хозяин
Was that yesterday? A listener asked if it’s allowed to eat or drink before broadcasting.
Людмила Ямалова
That was Thursday.
Хозяин
Well, it’s not advisable because, as we see, that can happen. Anyway, thank you for putting me on the spot.
Людмила Ямалова
Salty stuff, chocolate, and coconut—never have that.
Хозяин
So, have you had a Bounty bar today?
Людмила Ямалова
No.
Хозяин
No? Good. We should be okay then. Let’s start by talking to Ruby. Lots of questions to get to today. Ruby should be on line five. While you’re getting Ruby, a reminder to text your questions to 4001. Ruby, how are you?
Ruby
Hi, I’m fine. Good afternoon.
Хозяин
Good to have you on. Hello, Ludmila.
Людмила Ямалова
Hello, Ruby.
Ruby
I have a question about bank loans—specifically offshore loans. I have a loan here in Dubai, but I’ve received an opportunity with one of my subsidiaries outside the UAE. My personal loan is ongoing, with two years left to pay. Is it possible to pay it from outside the country?
Людмила Ямалова
In short, yes. However, you should discuss this with your bank in advance. In the past, it was more difficult for debtors to continue servicing obligations if they exited the country, but today banks are more flexible and understanding. As long as you continue paying your obligations, the bank should have no issues.
You do need to inform them ahead of time to avoid concerns about a potential flight risk once your visa expires or is canceled. Some loans are secured against end-of-service benefits, and banks might automatically use that payment to settle your loan. So, it’s important to discuss expectations with your bank.
Хозяин
How’s that, Ruby?
Ruby
Yes, that’s helpful.
Хозяин
Good to talk to you, Ruby. Appreciate your call.
Хозяин
It’s an interesting question because, depending on how the loan is structured, the bank might use end-of-service benefits to settle it. Is it legal or allowed to ask your company to give that part in cash or transfer it to another account to prevent that?
Людмила Ямалова
It depends on the loan agreement and your relationship with your company. Legally, the company isn’t obligated to transfer end-of-service payments to a specific bank unless they are a party to the agreement.
Хозяин
So, the bank should really handle this with the employee rather than involving the employer.
Людмила Ямалова
Exactly. It’s best to keep it clean and avoid bringing the company into the arrangement unless they are acting as a guarantor, which is uncommon in such cases.
Хозяин
That makes sense. Ludmila, what’s your take on how banks have changed their approach over time?
Людмила Ямалова
Banks today are less reactionary. They no longer automatically close accounts just because a visa expires or someone leaves the country. As long as there’s no default, the relationship can continue. It’s important to assure the bank of your commitment to paying off the loan to avoid unnecessary concerns.
Хозяин
One last question on this: Is a company obligated to notify the bank if an employee resigns?
Людмила Ямалова
No, there’s no legal obligation unless the company explicitly agreed to such terms in the loan agreement.
Хозяин
That’s good to know. Ludmila Yamalova is here for Drive Live Talks Legal. Let’s move to Ali on line two. Ali, good afternoon.
Ali
Good afternoon. I have a question about the new mortgage law. Is it in force, and where can I get a copy?
Людмила Ямалова
The new mortgage law has not yet come into force. It’s been announced but hasn’t been published. Once it’s available, we’ll update listeners and guide you on where to access it.
Хозяин
Thanks, Ali. Appreciate your call. Ludmila, what’s your view on the mortgage law so far?
Людмила Ямалова
The law aims to introduce alternative sources of financing for the real estate sector, moving beyond traditional bank financing. It’s an encouraging development, but until it’s published, we can only speculate on the specifics.
Хозяин
Thank you, Ludmila. Always a pleasure to have you on the show.
Людмила Ямалова
Thank you. Always good to be here.
Хозяин
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