Loan shark advice plz

[silentnine]

Hi guys. 

A good friend who has a small bar has a cashier who has got herself in a mess.  No serve her right comments plz and she's not my girl as I'm happily married to another Thai girl and living back in UK.

 

She has worked as a cashier in his small bar for a few months. Nice girl it seems. 

She borrowers 30,000 baht of a loan shark at 20% per month interest.  Fell behind 2 months so they lent her another 20,000 to get her up-to-date.. so kind ! 

She now owes them 50k and has to pay 10k per month interest only !@@!.

She only earns 11k per month so is considering her only option is to go forth and sell herself in town.  Shame as she has avoided doing that to date. 

There's no way her boss will lend her the money. 

 

So is she screwed? Or are there governmental assist scheme for people who fall prey to these high interest sharks.  To a degree it's her own fault as they did not force her to borrow money . But we know how good some of these girls are at finance management so not a surprise. . 

[meatboy]

first of all the bar needs a new cashier,as for help she needs to tread carefully or she might end up looking down the barrel of a .if she is good looking that might be the only way out of the mess she has got herself in.

[cornishcarlos]

As above....

 

Anyone owing money is a liability for the business owner. Sad but she has to go if he's not prepared to bail her out.

 

Sometimes you got to take responsibility for your own actions. Hopefully she can get herself out of this mess and not repeat the process again !!

[oxo1947]

11 hours ago, silentnine said:

She borrowers 30,000 baht of a loan shark at 20% per month interest.

Wow only 20% a month...she is lucky she is not living over in the UK  with you silentnine.

With the Government's blessing the loan sharks in the UK have reduced their interest rates to 30% a month....with additions (help from them if you get behind) it can rise to 1,509% a year.

 

Britain’s biggest payday loans company, Wonga, has cut the cost of borrowing to bring it into line with new rules –1% per day-- but is still able to charge an annualised interest rate with add ons of 1,509%.--https://www.theguardian.com/business/2014/dec/16/wonga-cuts-cost-borrowing-interest-rate

 

[meatboy]

TO THE OP,how did you find out about the loan.if it came from a friend of your wife,STAY WELL AWAY.

[1FinickyOne]

11 hours ago, silentnine said:

To a degree it's her own fault as they did not force her to borrow money

Only to a degree? Sounds entirely her fault. Not to defend any loan sharking tactics, but I bet they told her what the terms were... 

 

That said, it is always sad when nice people get their live's messed up - I hope she gets out of this. 

[Peterw42]

 

[BuaBS]

Could be worse : She could have been bitten by a real shark !

[GLewis]

17 hours ago, silentnine said:

No serve her right comments plz

pretty big caveat right there mate. Very silly girl indeed who is going to learn a lesson. Sometimes you have to be cruel to be kind.

[Timebandit]

I suspect the shark bite would heal faster than the mess she is in. She

needs to go find a 30 day millionaire.

[dabhand]

Having a cashier that has a serious financial problem is not a great idea for your 'good friend'.

 

The temptation to take money from the till may be more than she can resist. If that does happen the blame would partially lie with the bar operator for not taking appropriate action when the situation was known. 

[ICECOOL]

Her only option is to go to the cops and preferably the CDI or whatever they are called. Seen a few cases where they take a dim view of this scum. Or disappear

[catman20]

and there i was thinking the cashiers always went im sure she will take to it like a duck to water.

Edited October 6, 2017 by catman20

[crazykopite]

She needs to find herself a rich sugar daddy because 50,000 baht is big money especially for a Thai and there is only one way it's going and that is UP before she knows it the loan in interest alone will be a 100k . Debt in Thailand is getting very serious I really don't know how some of them manage , flash cars, KFC, Dunkin Doughnuts and the places are always full of Thai's. Hope,she manages to find a way out of her current situation 

[bazza73]

Apparently many of the girls in the brothels are there because they have fallen into debt with loan sharks. Either them, or the family.

[greenchair]

If she has proof of salary, like a payslip, she can get a credit card. 50,000 baht. but she would still have to pay back about 5000 per month. But only 1000 would be interest. The rest would pay off the loan. 

[greenchair]

And I don't know why the bar owner doesn't pay it and deduct 5000 a month from her salary. 

[MyFriend You]

Seems like a lot of the ops posts revolve around money, loans, and debts, either his or someone elses...........just sayin.  I'm still wondering what he wants with this post, an address so the cashier can report the loan shark??  Thus sealing her death warrant??   Maybe he should start a go fund me for the gal...........but seriously, 50K is not a lot of money, most mia noi's get that a month or more and even an apartment thrown in.  Maybe he should have told us what bar she works in......... not advocating prostitution dontcha know?? 

[CALSinCM]

So, it's really up to the government to implement and enforce usury laws. 

[fullcave]

What did she buy with the money?

 

[cardinalblue]

She didn't do a proper financial analysis plan....

 

and yes, she will be grinding away shortly....

[samsensam]

 

So is she screwed? Or are there governmental assist scheme for people who fall prey to these high interest sharks.

 

not a chance, you can see what would happen in thailand, or any country, if such a scheme exited, people would simply get themselves into debt then say 'ooops i seem to have been living beyond my means and got into a real financial mess with only myself to blame but..., nice government please pay off my debts...'

 

people simply have to be financially responsible, hopefully her family, friends will help her out and she'll learn her lesson. she could look for a better paid job or work as second job - many people do. or as you say work in the 'entertainment' industry or get a sucker farang bf - there seem to be plenty of them out there.

 

if i were you i'd stay well clear.

 

 

 

[mikosan]

Whatever she decides to do, she needs to do it quickly and the only way out of this, that I can see, is a rich farang.  Best place to meet one of them is working in a girlie bar and in the meantime she will be earning money.  Sad but true I am afraid and whilst my comment seems brutal, it is brutally true.  I am in sympathy with her and hope she can resolve the situation. Certainly,  reporting the matter to the Police, or other authorities, will get her nowhere other than a death sentence.  Make sure they use a condom and charge as much as you can, would be my recommendation.  Sadly......

[sawadeeken]

I can only dream that somebody like that Las Vegas shooter would someday soon go out hunting for these 'Loan Sharks' and put an end to that kind of business practice............ 

'You Can't fix STUPID'................... And too many people like this poor young lady do just as this young lady did.........

I can't recall where or who but I believe there is some parts of the Thai legal system that is working on putting these 'Loan Sharks' out of business and behind bars (in some cases).......... Seems like an article was here on ThaiVisa several months back and it was about loan sharks trying to take away one or more farms...... and seems it was in Issan near Ubon, Udon, or Kalasin.......... In my foggy recollection some agency helped it to go to court and the court adjusted the amount to legal interest rate............

If anybody knows of a 'decent' attorney you might ask what the Thai laws are and if a remedy........... In Thailand many attorneys will talk to people for free and give you some indication if you have a 'chance' at all........ 

This girl was 'stupid' but it doesn't make her 'all bad'........ I have much compassion for her and many like her........... being stupid is not a 'Capital' offense and should not carry 'Capital Punishment'.... BUT being a 'Loan Shark' Should be a 'Capital Offense'..............

I think it should be "OPEN SEASON" on Loan Sharks every day of the year....................

[joecoolfrog]

8 hours ago, greenchair said:

And I don't know why the bar owner doesn't pay it and deduct 5000 a month from her salary. 

Sadly there would be every chance that the girl would quit her job and leave the boss 50 grand out of pocket. Having said that if it were me I would bail the girl out , I might well get stung but thats life , sometimes you got to take a chance with people.

[hawker9000]

18 hours ago, kenk24 said:

Only to a degree? Sounds entirely her fault. Not to defend any loan sharking tactics, but I bet they told her what the terms were... 

 

That said, it is always sad when nice people get their live's messed up - I hope she gets out of this. 

This story is probably far more typical than most farangs can begin to comprehend.  The reason?  Most Thais simply can't get beyond the needs (or wants) of the moment.  The new phone, the new TV, the new car, the new motorbike, etc. and whatever...   Hearing "30,000B at 20% per month" just goes in one ear and out the other.  For a loan shark, it must be like fish in a barrel.   And the plot can only thicken, because as others have pointed out the usurious terms, the slavish indebtedness, the virtual serfdom eventually sinks its teeth in to other victims - family, employers, co-workers, friends...   It's sad, and I suspect that the very few cases of a loan shark actually being dealt with are really only token photo-ops intended mainly for public consumption.

 

[Redback]

For what it's worth, I know where she can borrow funds at 3% p/m, another at 6% p/m, but will require security and sign a contract. She can keep her job. My wife borrowed from the Bank of Agriculture at a fair rate as well. 

[1FinickyOne]

1 hour ago, hawker9000 said:

This story is probably far more typical than most farangs can begin to comprehend.  The reason?  Most Thais simply can't get beyond the needs (or wants) of the moment.  The new phone, the new TV, the new car, the new motorbike, etc. and whatever...   Hearing "30,000B at 20% per month" just goes in one ear and out the other.  For a loan shark, it must be like fish in a barrel.   And the plot can only thicken, because as others have pointed out the usurious terms, the slavish indebtedness, the virtual serfdom eventually sinks its teeth in to other victims - family, employers, co-workers, friends...   It's sad, and I suspect that the very few cases of a loan shark actually being dealt with are really only token photo-ops intended mainly for public consumption.

 

Yes.I live upcountry and it is common... I would say it starts more often w/a gambling debt than normal consumer consumption. The % is not important - at first - and they don't really get the math behind it. Then the troubles begin, compounded by the compounding. 

 

 

[steven100]

I have a friend .... lol

never borrow money from loan sharks.

If the owners such a good friend, you pay the 50k and she can pay you back with no interest.

Then have a camera installed over her.

Edited October 6, 2017 by steven100

[jacko45k]

It is sad but Thailand is not the only place where there are usurers. Pay day loans, short terrm loans have become commonplace and hard sell in the UK too. Such a pity this cashier has been taken advantage of, as likely she has paid more in interest than she borrowed. Anyone who borrows must realise the weekly payments are beyond them, or just paying interest just gets you nowhere.

 

Beware the husband of one like this, even a boyfriend could be put under pressure to help pay!