Stuck in debt? The UAE's new Debt Protection Law is here to help
A new law in January 2020 will protect those suffering from debts and financial constraints.
The UAE Cabinet brought about this decision to protect citizens falling into extreme financial circumstances – this will be executed as a three-year plan, during which residents can support their families whilst paying off their debts.
During this period, no additional loans can be taken, until previous debts are cleared by the resident. This ensures a smooth financial flow, and provides structure to the financial situations of residents.
Residents facing financial struggles will be protected by the law, as they support their families and pay off debts during the three years.