Make sure you don’t get tricked into giving away your hard-earned dirhams to scam artists. Here are some things to keep in mind when managing your finances:
• Don’t sign a blank cheque. “It simply goes against common sense to hand over a blank cheque to someone,” notes Rupert Connor, senior consultant at Acuma Independent Financial Advice. “One is not protected should an amount not agreed upon is inserted. The receiver could forge all the other required details.”
• If you don’t understand the agreement or you find the terms too complex, don’t go ahead with the financial deal. “Common sense should dictate that one does not enter into a financial agreement without fully understanding the risks involved,” Connor said. “There’s no need to enter into a complicated investment when there are simpler forms of investment out there, which are easier to grasp. If something offers you a much higher rate of return than you can get elsewhere, there’s risk involved. Are you prepared to take it?”
• Be wary when buying from an unfamiliar agent or company. If you don’t know who you’re dealing with, ask around and do some research. It’s in your best interest if you seek advice from someone who was recommended by a friend or colleague. “Try and use familiar branded names that have been in the market place sometime and have a track record and good past performance. Do your own due diligence by researching online and asking friends and colleagues,” advises Connor.
• Always make sure the company or individual involved has a valid license to conduct business dealings in the UAE. You could be dealing with a company based in the Freezone without the requisite insurance, finance or property licenses and if you look up the name online, you could find dozens of complaint cases.
• Whether you’re buying a new house or looking to rent a new apartment, don’t sign on the dotted line without obtaining the salesperson’s personal details or verifying their identification papers. “This should seem pretty obvious to anyone looking to take financial advice or purchase a property – always ask to see their business card and what qualifications they have obtained. Again, always best to use someone who has come from a recommendation,” adds Connor.
