x Abu Dhabi, UAESunday 23 July 2017

Bank says it has made 'tangible offers'

In an email, an Emirates NBD spokesperson says the bank will halt its case against Nicholas Warner as soon as an agreement is reached.

Did anyone at the bank contact Nicholas Warner to let him know that his passport was going to be confiscated? The bank would like to place on record that it does not hold any customer's passport including that of Mr Warner. The bank had merely pursued legal action against Mr Warner as he had defaulted on several payments. This is in accordance with the bank's rights under the applicable laws of the country. When Mr Warner was apprehended at the airport, he bailed himself by relinquishing his passport, pending the outcome of the case.

Mr Warner says on at least two occasions, a bank employee told him he could settle the debt by paying a specified amount. When he collected the money and tried to submit it, he was told the total amount due had increased. Is this true? That's not the case. Mr Nicholas Warner has several liabilities with the bank. His actual debt with the bank is substantially higher than what has appeared in the media. The bank has been in touch with Mr Warner constantly over the last six months and has made several efforts to find a reasonable solution, although Mr Warner has reneged on all such offers.

In fact, in the last month alone, the bank has met with Mr Warner six times and has made him at least three tangible offers. We believe that if he truly wants to resolve his situation, he has the opportunity to do so with the fair option that the bank has offered him. What could Mr Warner have done to avoid this situation? Borrowers have a responsibility towards managing their finances. At the first sign that they may be approaching a default situation, they should seek the advice of their bank, which can then assist them in finding a manageable solution, tailored to meet their new circumstances.

It is advisable that customers who find themselves in a debt default situation inform their bank that they plan to travel outside the country. Emirates NBD is certainly committed to assisting all customers, who seek the bank's advice when they find themselves in difficult financial situations. Where does this stand now? What does Mr Warner need to do in order to get his passport back? As a result of the bank's ongoing talks with Mr Warner, he has been made several tangible offers over the last six months, designed to resolve the issue. The most recent offer was presented to him on July 19, 2010, which in his own words, "could represent a breakthrough".

Once the offer is confirmed and accepted by Mr Warner, the bank has agreed to release the case filed against him.