I have a loan and five credit cards with my debts totalling Dh105,000; I pay back around Dh8,000 in debt every month. While my salary for my customer service job is Dh5,000, I also have a side business that generates around Dh9,000 a month but I'm not receiving any of the benefits as it is all going on debt. I accumulated all of these debts after taking money from my credit cards to start a business back in my home country of Tunisia. I have tried to get a loan to consolidate all of the debts and make it one payment but no banks have agreed to give it to me. What should I do? WM, Dubai
Debt panellist 1: Philip King, head of retail banking, UAE for ADIB
The customer should seek to consolidate his debt into one plan, with one payment.
As a general rule cards should never be used to finance a business or any assets. The rates are very high on cards and thus they are meant to be used for everyday purchases as an alternative to cash. They should be paid immediately.
Our advice for this customer is that he bring proof of the extra income he is earning to his bank. With this proof his bank will be able to work on consolidating all his debt into one plan with lower rates and lower instalments.
If he is unable to provide proof of extra income, he should approach the collections department in the bank, or talk to his bank to negotiate a new settlement. Whatever happens, he should absolutely avoid getting more finance or paying existing debts from his card.
Debt panellist 2: Rasheda Khatun Khan, a wealth and wellness planner
Doing a proper business plan is essential to building a successful business. Working out the actual cost of setting up, (this should include the cost of borrowing too) and maintaining the running costs for at least year one versus realistic potential revenue, will give you a clear indication whether you can make a good return. Remember just to cover costs is not enough, you may as well get a job and not have the worry of running a business.
Trouble emerges as soon as these numbers don’t add up. The most common mistake is not factoring the cost of borrowing money to set up the business. We have said it before and we will say it again, taking cash out of credit cards is not the solution. It is in fact the most expensive form of borrowing and yes soon enough your expenses are way more than your revenue leaving you to spiral downwards.
If you are already in this situation and unable to get a bank loan to consolidate your credit cards, you should try the snowball effect. Take on one credit card at a time. Start with the one with the least balance owing. Overpay as much as possible by diverting repayments to get this one paid fully. At the same time, pay the minimum on the others or nothing at all if possible for a few months just to get the other card paid off in full. Once you have done so, take on another card, again the one with the least balance owing and over pay as much as you can. By physically paying off one card in full leaves you more balance to divert to the next selected card and so on. Also seeing one card being paid off at a time is mentally rewarding.
Then apply for a bank loan again once your outstanding debt has need reduced somewhat. In the meantime revisit your household expenses. It’s time to cut right back. If you have assets you can sell or downsize then do so. See where you can release cash. Many of us have also accumulated so many unused goods at home, consider a spring clean and sell, sell, sell.
The Debt Panel brings together four financial experts: Philip King, the head of retail banking, UAE at Abu Dhabi Islamic Bank; Ambareen Musa, the founder and chief executive of the comparison website Souqalmal.com; Rasheda Khatun Khan, a wealth and wellness planner and founder of Design Your Life; and Keren Bobker, The National's On Your Side columnist and an independent financial adviser with Holborn Assets in Dubai. Together they answer queries in a weekly online column to help readers better tackle their debts. If you have a question for the panel, write to pf@thenational.ae.
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Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
COMPANY%20PROFILE
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
PROVISIONAL FIXTURE LIST
Premier League
Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm
Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm
Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm
Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm
Monday, June 22 Manchester City v Burnley 11pm (Sky)
Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm
Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm
Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm
Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm
Monday June 29 Crystal Palace vs Burnley 11pm
Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm
Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm
Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm
COMPANY%20PROFILE
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Bharatanatyam
A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.
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COMPANY%20PROFILE
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Company%20profile
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Killing of Qassem Suleimani
HWJN
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Company%20Profile
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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The%20National%20selections
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
PLAY-OFF%20DRAW
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
COMPANY%20PROFILE%20
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A%20MAN%20FROM%20MOTIHARI
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QUARTER-FINAL
Wales 20-19 France
Wales: T: Wainwright, Moriarty. Cons: Biggar (2) Pens: Biggar 2
France: T: Vahaamahina, Ollivon, Vakatawa Cons: Ntamack (2)
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
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Royal wedding inspired menu
Ginger, citrus and orange blossom iced tea
Avocado ranch dip with crudites
Cucumber, smoked salmon and cream cheese mini club sandwiches
Elderflower and lemon syllabub meringue