emirates live: July 2010

Wednesday 21 July 2010

'Mr Warner is lucky - he can leave soon'

Nicholas Warner is ‘lucky’ - thanks to 7DAYS covering his plight, an end to his orderal in Dubai is now within his grasp. I am sure his case is not a one off, and I know that I could be in a very distressed situation if I ever lost my job here!

In 2007 I bought into an off-plan development from a company operated by a very well established local business firm.

Three years later, they still have all my money, the project simply never materialised and the legal system does not want to address the problem - the courts and RERA merely play a game of ping-pong to keep the issue pending indefinitely.

I have a loan from a local bank - which I repay, every month - to pay back the money I borrowed to buy into the (cancelled) off-plan development, which I will never own. At the beginning of this year, my bank then decides to cut away from the contracted EIBOR based mortgage rate and invent its own bank rate, effectively increasing my interest repayments by almost 30 per cent!

I am cheated by the developer, swindled by my bank and left with no legal recourse at all. I am forced to work here for the next five years to repay my mortgage for a property that is not going to be built.

At least Mr Warner can probably leave here very soon.

The legal system serves only to protect the establishment - not the individual - the sooner people realise this the better.

Only 60 more payments to go
Dubai

Source: 7-Days, Wednesday 21 Jul, 2010, http://bit.ly/aszcFu