Jaya Ratnani, Managing Partner at Freed Financial Services Image Credit: Supplied

In the bustling, dynamic city of Dubai, the property market offers great opportunities, but it also presents significant financial challenges. Purchasing a home without a clear plan for managing mortgage payments can have serious repercussions. With real estate prices rising, many people are buying property without fully considering the long-term financial implications. In such a landscape, falling into a debt trap, where managing debt becomes overwhelming and seemingly impossible, is all too easy.

Escaping the debt trap requires a strategic approach and professional guidance. Freed Financial Services, with Jaya Ratnani's expertise, offers crucial support to those navigating financial difficulties. By understanding legal options and making informed decisions, it's possible to achieve financial freedom and regain control.

Understanding the debt trap

You have finally bought your dream home after completing loads of paperwork, choosing the best finance options available, and smiling on having achieved a huge goal. All that remains now is to pay the monthly equated instalments and live happily ever after.

Well, it doesn’t always end in a fairy tale for some. Life happens along the way; a home loan is not finished within a few months or even a year. For some, this dream nest turns into a debt noose that they can’t seem to escape and get thrown off balance.

In the face of job losses, salary cuts, and reduced business income, many borrowers find themselves unable to meet their home loan obligations. Relocating or defaulting on payments may seem like an easy way out, but these actions only worsen the problem, leading to even larger debt due to accumulating interest and penalties. Moreover, one will be closing all the doors to return in the future and work in the UAE. The banks can legally pursue various measures including taking legal action on defaulters in home countries.

It’s crucial to understand the legal rights and options available to manage obligations effectively.

Solutions for a debt-free life

For those seeking to break free from the cycle of debt, reaching out to Freed Financial Services could be the first step towards a more stable financial future. With expert guidance, even the most challenging financial situations can be transformed into opportunities for growth and stability.

Some of the solutions offered include:

• Debt settlement: It involves negotiating with creditors to pay a lump sum that is substantially lower than the total amount owed.

• Debt Restructuring: This involves modifying the terms of the existing debt based on the borrower’s financial situation and ability to repay.

• Insolvency/Bankruptcy: Declaring bankruptcy can offer protection from legal prosecution and provide a structured plan to settle financial obligations.

Role of Freed Financial Services

Negotiating with banks requires skill, tact and experience. Individual borrowers often struggle to strike a win-win deal with banks. While they may manage to achieve some results, the deal may not be conducive to them.

This is where Freed Financial Services steps in, offering expert assistance and customising solutions without resorting to legal procedures.

The fees are based on a You Win - You Pay strategy and are directly linked to the financial benefit that is secured for the client.

Jaya Ratnani, Managing Partner at Freed Financial Services, known as the Debt Doctor, provides tailored solutions to help individuals and business owners overcome their financial challenges. Jaya and her team diagnose the financial situation of their clients and offer personalised repayment plans to achieve freedom from debt.

With extensive experience in both the real estate and banking sectors, Jaya understands the unique challenges faced by property owners.

Freed Financial Services represents clients from start to finish with banks and developers until the closure of the loan.

• They represent the client at the bank, even if they must leave the country.

• They assist in selling the property and negotiate the best possible settlement with the bank.

• They help in restructuring the terms of the loan with the bank so that the payments are in line with the individual’s ability to pay.

Whether it’s debt settlement, restructuring, or advising on bankruptcy, Freed Financial Services aims to provide a clear path to financial stability.

You can reach out for one free consultation with Jaya Ratnani on +971 4369 1880 or email on jaya.r@freeduae.com