Credit Card Problems
Credit Cards Law in the Emirates Many people wonder whether or not they should get a lawyer if a case is filed against them by their credit card company. It is a widely asked question and there are various benefits to hiring a lawyer to help you in such a case. There are many reasons to consider hiring the services of a lawyer in such a case especially since there might be certain laws and provisions favoring you in your situation that you could be completely unaware of. Seeking professional help and guidance especially in the time of a crisis is always wise.
One of the laws that a lawyer might use to defend you against your credit card company is the ‘Statute of Limitations.’ This law states that your Bank or Financial Institution has to file its suit against you within a certain amount of time. Otherwise the debt becomes ‘time-barred.’ A lawyer will know whether or not it is wise to try and invoke this Statute to get out of trouble. A lawyer will also explore several other possible defenses that can be applied depending on the specifics of your situation.
A lawyer will use some special jargon to explain when you can use the ‘Statute of Limitations and when you have to look into other things. Here are the three words:
Waiver
When you consent to paying your previously owed debt, you waive your statute of limitations. You can make this waiver in writing. But a verbal waiver is invalid in some states.
Lawyers will explain all the options that are available to you. There are different ways of approaching the case that the credit card company has filed against you and each has its own pros and cons. Some situations are more favorable to certain courses of action and a lawyer will help you choose the wisest course of action for your situation.
A lawyer might help you in negotiating with the Bank or Financial Institution filing a case against you to arrive at a reasonable settlement. A lawyer can help you when you lack the experience in dealing with such a suit against you.
The lawyer has the experience and smarts to handle it. A lawyer will help you to understand all the implications of any cause of action you take, helping you to make a more informed decision.
A lawyer will also help you to be aware if a debt can prevent you from traveling outside the country or getting a work visa abroad.
Can you Afford a Lawyer – Credit Cards Law in the Emirates
A better question to ask is ‘Can you afford the wasted money, time and loss of opportunities that comes with debt. Think about the extra interest your debt is incurring. Consider the possible loss of travel and job opportunities. Think about how it might negatively affect your earning potential in the long run. In certain professions, a clean criminal record is not optional. When you look at the situation in perspective, it might even be more expensive not to hire a lawyer than to get one.