UAE approves new law for loan and credit card defaulters   DUBAI – The UAE Cabinet on Sunday (November 17) approved a new law to help loan and credit card defaulters pay their debts. According to state news website WAM, the federal law is part of government efforts to help Emiratis as well as UAE residents facing financial difficulties. The law, which takes effect on January 2020, will support individuals who are facing existing or anticipated financial difficulties that make them unable to settle their debts. The law will help defaulters reschedule their debts and give them the opportunity to get new concessional loans if needed. Under the new law, debtors will be protected from legal prosecution, and the inability to pay off debts for insolvent people will not be considered a criminal offense. Debtors will also get court-appointed experts to assist them in settling their financial obligations. The experts will coordinate with the debtor and creditor to find a fair compromise and come up with a payment plan of up to three years in order to settle financial liabilities. During this agreed period, the debtor will not be allowed to take any loans unless decided by court up on the request of the expert. The law also mandates the reduction of fees for rescheduling and restructuring debts as well as the speedy completion of legal procedures. The law aims to "contribute to increased transparency, in terms of civil debt repayment transactions, and will ultimately strengthen the UAE's position as an ideal hub for investment, where the rights of all parties are guaranteed".
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