Sharjah: His Highness Dr Sheikh Sultan Bin Mohammed Al Qasimi, Member of Supreme Council and Ruler of Sharjah, has stopped the auction of a house of an Emirati in debt who has fallen on hard times.
Sheikh Sultan also directed a close follow up on the man’s difficult circumstances, which had led to his house being put up for auction.
The quick action came after the man contacted the Direct Line programme broadcast via Sharjah TV and Sharjah Radio and spoke of his ordeal. He said he used to have recycling company that was completely destroyed in a fire. He added that he had not taken out a fire insurance policy on the company.
Loans and instalments
The man had obtained a bank loan of Dh3.5million for his company but in the last two years he could not pay the bank instalments of Dh80,000 due to the financial impact of the COVID-19 pandemic. As a result, he was unable to pay the remaining instalments to the bank.
The caller affirmed he had being paying the monthly instalments to the bank regularly, but he could not continue because of his losses and financial crises.
The bank had then sued him in court, and the house was offered for sale in an auction by a court decision on November 10, after the end of the specified period of six months.
He became required to pay the full amount he owed. He pleaded for intervention to stop the auction, reschedule the remaining amount due from him from the value of the house, and reduce the monthly instalment to Dhs10,000.
Nowhere left to go
The caller said he has a family comprised of his mother, two wives and four children. He has no other place for himself and his family to live in other than this house, which was about to be auctioned off.