Exodus of expats head back with unpiad loan or credit card from UAE, Saudi, Bahrain, Qatar, Kuwait.
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Over 1.1 million expat Keralites return home in the last 10 months from UAE, Saudi, Oman, and Bahrain most after losing their jobs and multiple liabilities and unpaid loans in UAE.
As the emigrants pour back in for the first time they return empty-handed.
In the single biggest reverse migration in more than 50 years, workers from the Gulf have streamed back to Kerala in the past year. They are propelled by a pandemic that deflated dreams of overseas riches and changing family fortunes.
Whilst once they came home wealthy and revered, bearing gold, sunglasses, clothes and funds to buy homes. Now they have returned sheepish and penniless.
“Prior to COVID, we were celebrating them as heroes. Now they have nothing,” said Irudaya Rajan, a professor who has studied migration patterns in Kerala.
“This is the first time they have returned empty-handed and will end up borrowing and selling assets,” said Mr. Rajan, professor at the Centre for Development Studies in Kerala.
To top it off most of them have pending liabilities and unpaid loans back in the gulf namely UAE, Saudi Arabia, and Qatar as the number of expat people leaving home for these countries is higher.
These banks or NBFCs will eventually do everything in their power to have these bad debts repaid. Which would include a travel ban, an immigration ban, or a GCC-wide travel ban. And also simultaneously hire a debt recovery agency in India or your country of origin.
We at GCCDEBT can help you avoid these collection agencies & debt recovery agents to get best offers directly from the bank. Because costs incurred by the collection agencies will pass on to you as a discount. To learn more and understand what your possible options might be book your first free consultation here.