• November 22, 2017
    Last updated 2 minutes ago

complaints

Loan access pending

Reader needs access to the loan he applied for after some clearance letter issues

Readers Desk
19:51 July 14, 2017

I hope you can assist me in pushing my Commercial Bank of Dubai (CBD) complaint to release my on-hold funds. As a prerequisite for loans, I had to transfer my salary account from Abu Dhabi Commercial Bank (ADCB) to CBD and settle anything I had outstanding. I did and everything was cleared.

The issue is, I also had a small amount with First Abu Dhabi Bank (FAB), which I also personally settled. Because of this issue, the loan funds were not release and are on hold. Before I settled everything with FAB, according to the sales agent from CBD, CBD’s policy will change with regards to clearance letters. I was informed that a screenshot from the SMS from FAB and also the notification that my account was cleared is enough from them to release my funds and the clearance letter can be waived until it is received. Because of this promise, I went ahead to settle my account with FAB personally. I paid my last outstanding on May 8 and I received the message from FAB that my account was now closed on May 17. Upon receipt of these, I immediately sent it to CBD so that the agent could process the release of funds that I needed. A few days later, he informed me that they needed the clearance letter. This clearance letter will be released 45 days from the day I settled my account with FAB – from May 17.

Now, I greatly need the funds that are on hold, after all that is why I took out a loan in the first place.

Please, Gulf News, help me get my funds released even before the clearance letter from FAB is released. I only settled my account by myself because of the CBD agent’s promise that their policy will change.

From Mr Montagni Navarro

Abu Dhabi

The management of CBD responds:

Please note that the concerns raised by Mr. Navarro have been investigated and he availed of a buyout loan with CBD for settlement of his other Bank liabilities in April 2017.

Based on a standard process for buyouts, customers are required to provide the bank with clearance/no liability letters from their existing banks in order to have the remainder loan proceeds released for their usage. The bank had exceptionally arranged to release the remaining proceeds to the client’s account based on the email confirmation of the card closure provided by Mr Navarro on June 13.

Mr Navarro has been contacted and apologies have been extended for any inconvenience experienced by him in this regard.

Mr Navarro responds:

Thanks for the follow up, Gulf News. The issue has been resolved despite the delay.

(Process initiation: May 31. Response from organisation: June 15. Reader Confirmation: June 22.)

Editor’s note: Do you have similar issues that you would like to raise with us? You can write to us at readers@gulfnews.com.