In November 2019, the UAE Government announced a new law for personal insolvency, to assist people with debt problems, and this has now come into effect. This is a real game changer as it will give people in difficulties an opportunity to repay what they owe with manageable payments and removes the threat of jail time.
In this article I will cover some of the main points and requirements but I will also update it, if and when there are any changes.
A few weeks ago I asked people to complete a survey to see how 2019 is going for them, from a largely financial and work perspective. Everyone was asked a series of questions about stability of work, the property market, what was impacting their personal finances, personal debts and how they felt about their life going into the second half of 2019.
Over 400 replied with just over 51% being in the 31 to 45 age group. The next largest group of respondents was aged 46 to 60 years (35%) and 70% of total respondents were married.
We’re nearly half way through the year, (and isn’t it going fast?) so I’d like to take a look at how UAE residents are finding it so far from a personal financial perspective. I would therefore be grateful if you could take just a few minutes to complete this survey.
Survey. 2019: how is it going for you?
The information gathered will be used in a future article on this website and for a show on Capital Radio UAE ( http://www.cruae.ae) on 30th June, as one of my weekly Everything UAE segments which are broadcast every Sunday, just after 6pm.
Your input is very much appreciated. Thank you.
I write articles such as this one as part of the holistic personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, on Capital Radio UAE and on the Facebook group British Expats Dubai. If I can assist you with any personal financial issues, please contact me at keren@holbornassets.com You will find many other useful articles on this website.
If you have yet to come across Capital Radio UAE, the station re-launched in the UAE in September 2018. You can listen online at http://www.cruae.ae or is the MyTuner Radio app with FM coming soon. The station, a franchise of London’s famous Capital Radio, is aimed at the over 35s so plays the songs you know from the 60s, 70s, 80s and 90s.
Verified listeners for my weekly segment on Capital are in excess of 315,000 and growing fast so listen in to hear useful information every week.
It’s the time of year for seasonal cheer and goodwill to all men so for a little fun I’ve put together something a little different. It can be tough to decide what to buy for your significant other, particularly when they seem to have everything, so sometimes you just need to be creative. Most people know the song The Twelve Days of Christmas so to show someone that they really are your true love you could go all out and recreate it!
Here is your guide to how to find the appropriate gifts for all 12 days to your beloved. This is the UAE so we just have to do things a little differently but if you really want to impress the love of your life this Christmas here’s how you can do it, and most importantly what it is likely to cost you.
The sad and somewhat worrying fact is that anyone can suffer from a serious illness at any time. It doesn’t matter how healthy you feel, and serious illness does not discriminate by gender, age, nationality or income.
Have you considered how you are your family would manage if you were seriously ill, or if your partner became ill and unable to work for an extended period? Not happy thoughts but ones that need to be addressed.
The statistics for serious illnesses in the UAE are significant, even for a relatively young population, when compared to countries with large numbers of retired residents.
Your medical insurance should cover the cost of treatment but it won’t replace an income. That’s where critical illness cover comes in. This is a plan that will pay out a cash lump sum in the event that the policyholder is diagnosed with a serious illness and this insurance is both important and worthwhile.
Consider the statistics for the UAE:
Money is a fact of life, we all need it, and we all need to know how to manage it smartly so the earlier we start learning this the better.
The importance of managing money or saving is not taught in schools and many of us find that as adults, we have to fend for ourselves. We can make sure the next generation gets a better start by teaching children the importance of understanding money from a young age.
Here are the links to the podcasts of the last two guest slots on the Nightline show on Dubai Eye 103.8FM
On 24th April we talked about questions and answers in my On Your Side column in The National newspaper and then about how not to invest.
http://nightline.podomatic.com/entry/2011-05-24T23_57_08-07_00
On 27th June we again chatted about popular column queries and then touched upon what can go wrong when investing and how to avoid it, as well as planning financially for the summer break and your holidays.
The next new broadcast from the Nightline show will be in September, but there will be reruns in the Nightline slot (8-10pm Sunday to Wednesday) including several of my appearances. I will continue to appear on the Dubai Today programme on the same station on the first Monday of every month at 11.00am.
Here is the podcast of the radio show broadcast on 29th March 2011. Our topic was Money and Gender and we discussed whether the sexes have different attitudes towards money, if they handle it different and view risk and investing in different ways.
We also touched on the recent ruling from the European Court of Justice which announced that insurance companies are acting illegally by using gender to calculate insurance premiums as it is deemed sex discrimination.
http://dubainightline.blogspot.com/2011/03/keren-bobker-on-your-finances.html
As usual, a serious topic, but treated in a fun and light-hearted manner.
The next radio show will be on 19th April.
On 7th February I appeared in my usual guest slot on the Nightline show on Dubai Eye 103.8FM.
This month we talked about the most popular topics in the letters and emails I receive from readers of my newspaper column, as well as medical insurance in the UAE and what you need to know.
Use the link below to listen or download the podcast of the show (40 minutes)
http://nightline.podomatic.com/player/web/2011-02-08T01_09_25-08_00
It is a lighthearted show, but contains useful information and facts presented in an easy listening way.
Please contact me if you have any queries related to these topics or any other issues.
Many people make New Year resolution, but how many of those are about your finances?
It makes sense to get your finances in order and deal with the priorities so you can get on with enjoying your life. On 3rd January I guested on the Nightline show on Dubai Eye 103.8FM and as well as doing a round up of 2010 we spoke about what you should do to get yourself organised financially.
A link to the podcast can be found below so have a listen. It’s a serious topic but presented in a light-hearted way. I hope you find it useful.
