I applied for a loan with First Abu Dhabi Bank (FAB) in April 2017. It was denied several times, due to a liability letter issue.
I then contacted the bank representative to cancel the processing of the loan on June 5, 2017.
I hoped that the said application had been stopped, unfortunately, I received a WhatsApp message stating that my FAB credit card had already been through a buyout by National Bank of Abu Dhabi (NBAD, which later merged with First Gulf Bank to form FAB), although I did not provide the bank with any such permission.
I then replied to them in an email that this was absurd. Why would they charge me that much, when in the first place, I did not request them to buy out my liability?”
- Ms Liberty Calma | Abu Dhabi
Supposedly, there shouldn’t have been any buyouts, as I had already cancelled my loan application.
I called NBAD’s customer service, and manage to speak to their team leader wherein he advised that I would have to provide a liability letter to continue the processing of my loan application. I then told him that I was no longer willing to apply for a loan, as my visa was subject to renewal and I didn’t want to have any financial obligations with the bank, because I was not sure if my visa would be renewed or not.
I then spoke to NBAD officials, telling them that I would pay the entire amount that they have paid to buy out my credit card liability from FAB, amounting to Dh17,000. Unfortunately, NBAD offered to settle the amount on instalment basis for eight months for Dh3,144, which would reach Dh25,152.00 at the end of the duration.
I then replied to them in an email that this was absurd. Why would they charge me that much, when in the first place, I did not request them to buy out my liability?
I appeal to NBAD to waive all charges because I don’t have any standing instructions; I did not provide any permission to buy out my liabilities. I am willing to pay the total outstanding only.
From Ms Liberty Calma
The management of FAB responds:
FAB supports the growth ambitions of its stakeholders and goes beyond financial products and services, and as such, we are grateful for all customer feedback as we strive to consistently deliver the highest standards of service. The bank has been in contact with Ms Calma, and explained that the loan request was approved and processed based on the signed application submitted by the customer. FAB has informed Ms Calma that the loan cancellation request can be taken forward once the outstanding balance is cleared. The bank has provided a repayment plan and we are continuing to work with the customer to resolve the matter.
Ms Calma responds:
After I sent many emails to discuss with NBAD about my willingness to pay them in full, they then manage to reply to me, by offering a payment scheme. However, the payment scheme they have offered is a one-sided offer and I believe only the bank would benefit. It states that I need to pay the insurance and processing fee, which is an additional amount of Dh8,000 from my outstanding of Dh17,300 only, which is now totalling to Dh25,000.
I immediately replied through email, to request from them to remove the processing and insurance fee and all accrued interest, as I had not requested for their services, and I repeatedly mentioned that I had requested to cancel the loan application since May 2017. I officially sent the email on June 5, 2017, as per their instructions to proceed with the cancellation of the loan at their office.
When I didn’t receive any response to my email, I went to their Collections Department, located in Al Mussaffah, to inform them that I was willing to pay the full amount of Dh17,300 on that day, but they declined my request for full payment and emailed me, insisting that I pay the entire Dh25,000, which included all charges.
Also, I am continuously receiving threats from NBAD agents about a travel ban and being blacklisted in Al Etihad Credit Bureau, which I believe is outrageous and inappropriate. Other agents from NBAD assured me that they would contact me to settle the issue and come up with a solution but after months of waiting, there has been no better solution that they can offer.
Now, I have come to know that NBAD managed to degrade my credit score with the Bureau, after all the coordination, the willingness, the support and being able to maintain an excellent credit score for almost 11 years in the UAE. They have ruined it for just Dh17,000, even though I am willing to pay them in full.
FAB supports the growth ambitions of its stakeholders and goes beyond financial products and services, and as such, we are grateful for all customer feedback as we strive to consistently deliver the highest standards of service. The bank has reached a settlement agreement with the customer and the customer has agreed to pay the amount to close the loan and release the blocked amount.
Ms Calma responds:
I already received my clearance documents from FAB. Thanks Gulf News, for your assistance.
(Process initiation: September 17, 2017. Response from organisation: December 7, 2017. Process completion: February 1, 2018.)
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