Hi everyone,
I'm looking for genuine advice from people in the UAE who have been in a similar situation.
I currently earn AED 10,000/month, with my salary credited to ENBD, where I also have an existing personal loan. I recently approached them for a personal loan top-up to consolidate our credit-card debt, but my application was rejected. The representative advised me to clear the over-limit amounts on the cards and try again next month.
Here is our current debt breakdown:
- Wife's ENBD U by Emaar card: AED 24,000
- FAB credit card: AED 31,357, of which AED 18,318 is under an existing instalment plan for 44 months at AED 525/month
- RAK Bank credit card: AED 16,407
- My ENBD credit card: AED 16,288
Total credit-card liabilities: approximately AED 88,052.
My AECB score is currently 320, and my wife's is 520.
My wife isn't working full-time at the moment, as we have a one-year-old daughter and childcare makes it difficult. I sometimes earn additional income through freelance work, but it's unpredictable — some months I get projects, while other times I can go weeks without any work.
I'm also moving to a new job, where my salary will increase to AED 15,000/month. I expect to receive my first salary at the increased rate on 1 December.
My goal is to consolidate these credit-card liabilities into one manageable monthly payment, reduce the interest we're paying, and finally get our finances back on track.
I'd really appreciate advice on the following:
- Has anyone with a low AECB score and over-limit credit cards successfully obtained a debt consolidation or liability buyout facility in the UAE?
- Are there any banks besides ENBD that might consider our situation?
- Would my new salary improve my chances once I receive my first AED 15,000 salary in December?
- Should I focus on clearing the over-limit amounts first and then reapply, or explore other options in the meantime?
We're aware that we need to change how we've been managing credit, and we're trying to deal with this responsibly before the situation gets worse.
Please keep the comments constructive. We're not looking for lectures about how we shouldn't have used credit cards. We understand that now and are actively trying to find a realistic solution.
I'd particularly appreciate advice from people with first-hand experience dealing with UAE banks, debt consolidation, or liability buyouts.