Dunia Finance a worst nightmare.
Since 2013 I always heard my friend complaining about her financial situation, that she has a loan which increase for almost 70% only because of the interests.
She was open in discussing it, how it happens and why she is in that situation. Something too personal which involves her family’s health that’s why she had over used the card.
Before that everything was fine with her. She manages to survive despite of having low salary as she is practical person and not impulsive.
She is confident to herself that she will never ever get in a bad debt but of course life in Dubai is so unpredictable she faced some difficulties. Like unexpected expenses, emergencies, delays of salary etc.
She was thankful when someone approached her and offers a credit card, it is from “DUNIA Finance” the offer seems good and required documents are easy to provide and she is eligible on the qualifications. She got attracted to it and applied for it.
At first having that card looks a good idea, it helps her a lot in managing her expenses. It serves as her back up every time she is strapped for cash.
Farthest to her imagination that little plastic card is treacherous, and has power of either to help you or worst to wreck you.
When she reached the maximum limit of the card she was so worried on what to do, most people advised her to convert it to loan to minimize the interest and at least the amount she will be needing to pay monthly would be in fixed rate.
So she coordinate with Dunia Finance and asked their opinion for a best solutions, and the agent suggested to convert it to loan. After the discussion and explanation she is convinced that it will be the best for her situation. She agreed to have the 60 months terms as based on the given details it would be more affordable for her. And anyways she doesn’t have any options that time.
To cut it short her initial credit was AED36k, it reached to AED42k after adding the applicable interest for the terms she requested, thinking she would only need to pay AED700 a month (During that year every request can be done over the phone and no necessary documents to fill out as long as you have an existing account with them i’m not sure if same rules applies today)
In her shocked upon receiving the first statement, she needs to pay an amount of AED1967 per month. She double check everything and the figure is right, she tried to renegotiate it but Dunia Finance is not cooperative at all whatever valid reasons she has and no matter how hard she explained that this is not the amount they agreed on.
Now 3 years passed and she still paying for that, imagine how greedy this financing company is. 22 more months and she will be free from this Hunger Beast institution.
She really regret her decision, but she is a brave girl, a fighter. She knows there is a negligence in her part and she need to face the consequences, but the credit interest is really too much and unacceptable.
For a wrong move its like she was robbed an amount of AED76,020 🙁
One more stupid thing that she experienced from Dunia Finance is, they have online portal where you can check and monitor how much you need to pay for the credit card, but the actual statement of account which is forwarded to your email is different its either higher or lower. So if you overlooked it and mistakenly paid for a lower amount congratulations another penalty will be added in you, then when you call them and complaint you just totally waste your energy and time as nothing will happen at all.
So as her advice to all OFW here in UAE, be careful in every decision you will do. Specially in financial matters. There is no wrong in having loan as long as you know how to use it properly and you are able to pay your dues. Most importantly as long as you can avoid dealing with a Lending company or Financial Institution specifically Dunia Finance, Once you missed one payment, a huge penalty will be imposed and no chance to negotiate with them, even you lost your job, you got sick, you will never ever get a support from them, no matter how big they earned from you.
If you can survive without taking credit card or loan good for you be proud of yourself! but if not and really need to apply for it, deal only with Bank. It is more safe, some banks are flexible and of course their terms are more transparent than financing company.
Do a background check and comparison in terms of the loan/credit interest and visit some forum page to see if that entity has a good reputation in market.
But in case you don’t have any choice, and the only option is to deal with Dunia Finance, please remember below description according to each letter of their name to help you decide whether to deal with them or not.
D – Debt trap
U – Unprofessional staff
N – Night mare of your life
I – Inconvenient
A –Animalistic, the amount of interest they are adding is really inhuman!
She is not the only person I know suffering from this company, I heard a lot of Filipinos are having a problem with them.
However if you are already drowned in this kind of problem, be positive and strong you can find a way to solve it and it will end eventually, never lose hope.