Nakheel, a division of indebted state-owned conglomerate Dubai World, has been trying for meeting to convince its creditors to accept new terms of payment in at least 10 thousand 500 million debt. Nakheel hoped to complete the process by the end of the year, but now it seems very unlikely to get it.
The company is negotiating with financial creditors such as banks, creditors and dozens of businesses, including contractors and suppliers who are still awaiting payments due in a while.
The goal is to get the support of at least 95% of its business creditors by the end of the year so that way you can proceed with the restructuring. Nakheel has offered business creditors full payment of its debts, but not all cash. The developer is offering 40% cash and the rest in bonds.
In September, the chief executive of Nakheel, Chris O’Donnell, told The Associated Press that he hoped to complete the restructuring of the entire company’s debt by the end of the year. On Wednesday, a company spokeswoman could not say how much progress had been made in negotiations with the financial creditors.
Solving the debt problems of Nakheel, it would be a considerable progress in efforts to alleviate financial pressures suffered in Dubai. In October, Dubai World managed to secure the full support of creditors for its debt of 24 thousand 900 million dollars, but the real estate division has been more problematic, given the crisis in the sector that has seen them drop to half the prices of home in Dubai.
There is a real opportunity to encourage high-net-worth individuals from the West to live in Dubai with its popular lifestyle and to escape punitive high taxation in their home countries to finance the massive quantitative easing programs over the coming decades.
However, to restore confidence and attract this demographic pool of wealthy buyers, it is necessary to keep pushing hard for credibility across the entire industry offering business professionals to buy Dubai property.
This means regulating real estate practitioners in addition to implementing meaningful and practical real estate legislation, including a foreign residence visa type permit for buyers, which of course must respect UAE government strategies going forward. The main criteria for most foreign buyers is to be recognized as ‘non resident for tax purposes’ by their country of origin and the regulations to achieve this status is clearly set out in each jurisdiction.
Despite claims from the government that there are mounting signs that to buy Dubai property market is stabilizing across many parts of the emirate, various estate agents project that prices could continue to plummet for another two years. Landmark Advisory estimates that property prices across some parts of the emirate could fall by up to 20 per cent by the end of next year, due to a glut of homes on the market.
Those who are planning to buy Dubai property must keep in mind that property market is still suffering from the adverse impact caused by the global credit crisis and a general oversupply of residential properties. Despite a fall in new supply of home in Dubai, there are still too many rent apartments Dubai coming onto the market with further properties planned.
This is my first call to this agency, they are the second to try to collect on this account. In just three phone calls, the third they called me back after thinking about my “offer” within 5 minutes of the second closing the account. Video Rating: 5 / 5
When an individual or an organization is legally declared unable to pay creditors, then, the person or organization is bankrupt. This can be as a result of job loss, disability status or financial duress caused by an unanticipated crisis. bankruptcy conveys that the person or organization is financially unstable, and weak. By a personal view, it is a method of settling a debt that is greater than one. Bankruptcy sets debtors free; with bankruptcy; debtors can go free and start afresh. This is a process by which the assets of the debtor are shared out to the creditors – hence the debtor does not have to worry about the creditors. who declares that somebody or organization is bankrupt, what will be needed?
People, individuals or organization can be declared bankrupt in three ways: first, the debtor or individual, may declare himself or herself bankrupt. An individual can also be declared bankrupt by creditors, that have a minimum of ?750 with the person or organization. A supervisor with legal rights from IVA, can declare an individual bankrupt.
If bankruptcy is declared by creditors, the debtor is not expected to dispute the claims. Any attempt to dispute the issue, will be listened to, if the debtor could reach a settlement before the bankruptcy petition is due. manipulating things will sure be too costly, or impossible.
There are three main types of bankruptcy; under which an individual or municipality can file. First, is under chapter 7, which involves a total liquidation of the debtors’ assets. But the debtors’ assets and property, are kept safe with exemption allowance. The second is under chapter 9, for creditors to restructure their debt.
The third piece connotes chapters 11, 12, and 13, it allows debtors to pay their debts without infringing on the right to their assets. Therefore, to avoid total assets liquidation, they have to go for bankruptcy exemption allowance.
Bankruptcy exemption allowance allows for a stay to be placed on the debtor’s assets and property, immediately a bankruptcy petition is filed. Its purpose is to bridge creditors from trying to get their money back, from the assets and property of the debtor. A creditor that acts against this stay, is taken to court for damages. Federal law has marked out that this allowance is only permitted in the following areas: property; automobiles; belongings; jewelry; career-related items; life insurance policies; health aids; and government benefit earnings and stock earnings.
There is no doubt that bankruptcy exemption is very good, but it is not every state that allows individuals this option. Concequently, creditors and debtors are expected to be in terms with their federal and state legal stipulations, before filing a bankruptcy petition.
The least thing any established person wants to happen to him or herself is to end up having nothing, as in zero at all. With the aftershock from the global recession, a lot of companies ended up closing, and hundreds of thousands of workers from all over the world lost their jobs. It’s not surprising that most of these people ended up declaring Bankruptcy.
Again, everybody really doesn’t want to declare that they are already bankrupt. Bankruptcy is a state in which the person doesn’t have any asset anymore—money or even any property. The real measurement of bankruptcy is when a person has a lot of loans that weren’t settled. Once a person couldn’t pay up for all his loans, what happens is that the lending company sequesters everything that the debtor has from his cash savings to all of his properties. The worse case would be when the debtor has already given all his money and properties, yet he or she still has a remaining loan to be paid. That means the debtor is already in a full state of bankruptcy, and that there is no other way to recover but to look for a sponsor or benefactor. Avoiding being bankrupt is actually easy if the debtor only knows how to manage his or her loans. Having several loans is one of the main root causes of Bankruptcy, and if you want to be spared from this very embarrassing financial state, then you have to revisit all your loans and do the necessary organization particularly to your finances so that you won’t end up getting bankrupt. What you only have to do is to have a credit repair so that you can make the necessary adjustments to the credits that you have so that you won’t pay up for unnecessary expenses.
Aside from being familiar with all the loans that you have, avoiding Bankruptcy starts from the value of controlling oneself from incurring more loans in the future. If you can stop yourself from getting more personal loans or from using your credit card more often, then you won’t definitely get bankrupt.
Almost no one enjoys dealing with creditors and collection agents. They always call at the most inconvenient time, they are usually annoying, and they make you feel like you are being a deadbeat. But the best way to handle them is to deal with them head on. Hiding out from them ends up hurting no one but yourself.
When dealing with creditors, your primary concern should be to maintain a good relationship with them. This way they may give you a few breaks. Be proactive when you know that you are going to be late making a payment. This shows them that you are not trying to evade your responsibility. And be upfront with them about why you are going to be late. if you have just lost your job or you have been sick and unable to work let them know.
Keep in mind that creditors are people too. And even though it may seem otherwise, they are not all heartless. And they appreciate someone who calls them instead of them having to track that person down to get their money. In addition, keeping in contact with them maintains the good relationship between the two of you.
Keep control of your emotions when talking to them over the phone. Don’t lose your temper. Speak in a calm and polite manner. Explain, in detail, the state of affairs to them. Then try to work out a payment plan with them that will make both of you happy. But don’t promise more than you can deliver or else you will end up making another call to them in a couple of months as to why you can’t pay.
Before you even call them, sit down and calculate the maximum amount that you will be able to pay them and on what schedule and try to make an arrangement around that.
Sometimes, they can even offer alternative payment plans which is better than what you may have planned. But you will never know, unless you call them.
When you talk to them, emphasize that you fully intend to pay them back 100% of your debt. Even if you are currently having trouble coming up with the monies to pay them and that you may be a bit late in your next payment as well. A favorite method that many creditors have of dealing with a situation like this is simply to lower the monthly payments and extend the payment period. So instead of paying $ 100 a month for 3 years, you might agree to pay $ 50 a month for 6 years. Or you might agree to skip a couple of months and have the debt extended by tacking on the missed payments to the end of the loan.
The most important thing to remember is to not feel ashamed. Be willing to talk to your creditors and you can often work out an arrangement that is beneficial to the both of you.
Today we discuss debt settlement and how it works. We also offer resources for getting started with a debt settlement program. What is debt settlement? Simply put, debt settlement is a financial program for dramatically lowering one’s unsecured debt by settling accounts with creditors for a significantly reduced amount. In the real world (no affiliation with MTV Real World) debt settlement has become one of the fastest and least expensive ways to get out of debt.
Often referred to as debt negotiation or debt arbitration, debt settlement is also a direct and aggressive approach towards dealing with debt and is most effective for unsecured debts that are $ 10,000 and above. Lower amounts of debt might best be better addressed through a credit counseling program. Unsecured debt is debt for which no collateral has been pledged. This type of debt includes credit card debt, medical bills, department store cards, utility bills, and judgments. Student loans and mortgage loans are not eligible for a debt settlement program.
How does debt settlement work? Debt settlement providers can negotiate with creditors on behalf of consumers and small businesses to settle for an amount much less than the original balance owed.
Upon completion of a debt settlement program, the plan participant will have paid off their debt and realized a substantial savings in the process. Why would creditors consider a debt settlement? “As they confront unprecedented numbers of troubled customers, credit card companies are increasingly doing something they have historically scorned: settling delinquent accounts for substantially less than the amount owed. ” – New York Times
In other words, debt settlement is in fact a win-win situation for both parties. The person or business in debt can settle their accounts at a significantly discounted savings, and the creditor can recoup a portion of what is owed. The idea of negotiating debt is actually not a new concept. Dating back thousands of years, it was known biblically as debt forgiveness. Today, debt settlement is an ethical and effective means for lowering, better-managing, and getting out of debt on a fast track basis.
Debt collection laws have changed, thanks to the Fair Debt Collection Practices Act. Now, collection laws aren’t one-sided, but instead give consumers a way to fight back against bill collectors who would cross the line in an attempt to collect a debt. So many bill collectors work on a contingency basis, which means that they don’t get paid unless they collect, and that can make them take actions in their collection efforts that are against collection laws.
If you’re dealing with a collection agency employee, and aren’t sure if he’s following debt collection laws, here’s a general overview of the Fair Debt Collection Practices Act.
* Any time a bill collector contacts you, he or she must identify himself or herself as a collector. They aren’t allowed to pretend to be anyone else, such as law enforcement, an office of the court, or an attorney.
* According to collection laws, a debt collector must tell you in their original contact letter that you have 30 days to dispute the debt. They must also tell you that unless you do so, they have the right to assume that the bill is valid.
* If you dispute a debt, the collection agency isn’t allowed to continue their efforts to collect the money until they have proven the debt is yours to pay. If they do, they are violating the established debt collection laws.
*If the debt is disputed, it will be the collector’s responsibility to prove that the debt is yours. They must provide you with original paperwork that shows you agreed to pay the debt to the original creditor.
* If it’s established that the debt is yours, the debt collector cannot speak to anyone about the debt except you and, in some states, your spouse.
If they call a third party to try and locate you, they aren’t allowed to tell them that they are calling about a debt. What’s more, if you hire an attorney, the collection laws state that debt collectors can only communicate with your attorney from the date you notify them about it.
* When dealing with a collection agency, they aren’t allowed to talk to you in a way that demeans you, belittles you, or humiliates you. They aren’t allowed to threaten you or attempt to bully you into paying your debt.
* A collector isn’t allowed to contact you at work if you tell them, in writing, that you’re not allowed to receive phone calls there.
* Debt collection laws state that a debt collector can’t call you before 8AM or after 9PM in your time zone. In addition, they aren’t allowed to make repeated calls in an attempt to harass you.
* If you don’t wish to communicate with a collector, you have the right to tell them so. Send them a cease and desist letter via certified mail with a return receipt requested and tell them that you no longer wish to communicate with them, and according to collection laws, they must stop. That doesn’t mean that they have to stop attempting to collect the debt, but they won’t be able to contact you unless they do so to tell you that they are stopping their collection efforts, or are taking legal action to collect the debt.