thedutchman
Expert Member
- Joined
- Apr 24, 2006
- Messages
- 3,735
how about taking out a loan there now, investing it in SA with the high interest rates and try to pay of you debt with the interest you earn on the money
the "right" way I lose my job, my visa AND the ability to leave the country. so where do I sleep? where do I find another job?
how about taking out a loan there now, investing it in SA with the high interest rates and try to pay of you debt with the interest you earn on the money
So yes, next to go is (I guess) me. They're probably just thinking of a way to do it. Even if I get fired or I get quit I'm ****ed either way, forced to stay here.
a Mate of mine did it with a loan in the UK. They can't do you shyt unless they catch you there again. So just make sure you NEVER go there again![]()
Some of the big IT firms are starting international credit and Interpol checks when doing reference checking on senior posts.
Plus what happens when Dubai buys Africa? You know they will eventually. Then they'll have jurisdiction to call in the debt and change the Springbok emblem to a camel or palm.
Dubai is screaming for IT pro's though ... why not try to find another job and once it's appropriate (i.e. not to far into negotiations with new co) ask to be released from your contract giving all the reasons that are making you want to leave. Then, when released from contract, don't leave Dubai - join new co at better rate, circumstance etc ...
My experience in Dubai was that there are rules and then there are rules and that no rules really are rules if you're talk to enough people.
I reckon if you tried a bit you'd find other co's willing to take you on and take a bit of heat at the same time.
If your employer fires you and you have to find another job, you get flight blocked and your bank accounts freezed ANYWAY until you can confirm new employment. So with no way of having money, you need to get around Dubai + get to interviews to secure employment.
Not only that, I can't look for another job while I'm employed with this company because (guess what) if my company finds I did that they can lodge a complaint with the freezone authority which would effectively cancel my visa, block my account and give me 30 days to vacate Dubai (**** knows how as they won't allow you to leave) and an effective 1 year ban from returning.
I have to have a letter of NOC from my current company before moving on to the 2nd company, to do that I have to give notice with intent to leave the country to start the process. Then when the notice is up I have 30 day grace period to leave, only once I have left the company (note my accounts being frozen all this time) will the new company be able to furnish me with a contract.
I'll be the first to say that taking a loan from a foreign country must have been the dumbest thing you have ever done. You could have taken a loan locally and repaid them from there. But that is just me
Ok. I get all that but so will the new company. They may even give you a sign on bonus to cover your donkey while you change over.
Another idea: Can't you open another bank account and transfer your salary the moment you get it? Then they can freeze your account but it will be empty anyway.
Not taking shots at you Pitbull (wouldn't want to face 'roid rage - jokes).
If the interest rates are better what wrong with taking loans in other countries? I reckon it's a great idea to get R100k at 4% in the UK vs R100k at 15% in SA (just and example not real figures etc).
I personally would just get going and find another JOB in Dubai so long. if you get one you resign the current one you have. Don't know if they have Visa issues there or what their policies are. Did your employer do the Visa application for you or ?
If so, Just jump a plane and make arrangements with the bank from this side to pay them back. No harm done.
I'll be the first to say that taking a loan from a foreign country must have been the dumbest thing you have ever done. You could have taken a loan locally and repaid them from there. But that is just me
As soon as you do that they flight block you. They also try to cash the security cheque that was written by them (which would bounce) and by that they then open a criminal case against you. They're paranoid...very paranoid
My experience in Dubai was that there are rules and then there are rules and that no rules really are rules if you're talk to enough people.
They're not paranoid, they're simply protecting their investments. As your case demonstrates, they have reason to have such procedures in force.
This holds true pretty much everywhere
Acidrazor while I sympathise with the predicament you have got yourself into, since you asked I won't mince my words. I think that you would be making a mistake in running and leaving debt. I think you should learn from your mistakes and accept the consequences, as harsh as they may be. I also think that your story of how you got into this mess could be useful to others (and make a few bucks out of publication- you definitely can write).
Sorry if I am being harsh.
if my company finds I did that they can lodge a complaint with the freezone authority which would effectively cancel my visa, block my account and give me 30 days to vacate Dubai (**** knows how as they won't allow you to leave) and an effective 1 year ban from returning.