Loan shark advice plz

[mstevens]

12 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. 

Unfortunately there is no guarantee that she will stick around and pay the loan to the bar owner back.  Thais don't always have the best reputation when it comes to paying back loans, especially when the lender is a Westerner.

[Icha]

Sad... Sure, it is her fault but they are not educated nor have role models who can show how to manage the life. This hand-to-mouth mentality or culture keeps otherwise a nice person into deep shit. You can judge her as you want, as if she is one of your own people, but that is not fair. I am not suggesting we should help those who were screwed up by ignorance, but why stamp on them? 

[oldcarguy]

one thing with poor people , they think that they can buy "time"

 

and with this extra "time"  LUCK   will find them......

 

too bad this does not work for 99.9%  and the interest catches up to them ,

 

it is horrible that the UK and the USA  allow this too ,

[impulse]

4 hours 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.

 

While I don't disagree, it's a little difficult for people who come from a country with 10x the GDP per capita to pass judgment.  I pissed away more money every month than the average Thai employee can even make, with the only saving grace that it was only a few percent of my salary.  So I'm not in a position to judge.

 

I'll repeat my well worn suggestion for anyone who wants to understand how it works (and is willing to make the effort to understand).  Every day for the next 6 months, put 50 baht in your pocket and limit your discretionary spending to that 50 baht that day, and no more.  Because that's about all the discretionary money that's left of a typical Thai salary after paying for necessities like food, shelter, clothing, health care, transportation, etc.  See if you can last 6 months, let alone an entire lifetime. 

 

To be clear, that's not aimed specifically at Hawker9000.  His was just a convenient post to quote.

 

Edited October 7, 2017 by impulse

[jgarbo]

23 hours ago, cornishcarlos said:

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 !!

Sorry. She can count to 100 & divide by 5, right? The vig is almost her whole salary, without the principal. She's stupid. It's legal. Have a nice day. 

[meatboy]

23 hours ago, meatboy said:

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

35 posts and no response from the OP.

could it be she is NIGERIAN ?

[cornishcarlos]

33 minutes ago, jgarbo said:

Sorry. She can count to 100 & divide by 5, right? The vig is almost her whole salary, without the principal. She's stupid. It's legal. Have a nice day. 

 

What ? Didn't understand 1 word of that....

[impulse]

1 hour ago, jgarbo said:

Sorry. She can count to 100 & divide by 5, right? The vig is almost her whole salary, without the principal. She's stupid. It's legal. Have a nice day. 

 

Except the vig refers to betting, not loan sharking.  Get your terminology right before you call someone else stupid.  Or better yet, listen to your Mom and don't call anyone stupid.   You may not care, but it reflects badly on her.

 

Edited October 7, 2017 by impulse

[Xaos]

Leave the town do a runner simple

Sent from my SM-G955F using Tapatalk

[oxo1947]

16 hours ago, greenchair said:

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

Show a pay slip and get 50,000 Baht from the bank..............yer sure...do you actually live here greenchair....love to see the link your going to post for us all on that.

-------------------------

I recently got one of those Wonga doorstep loans with the ridiculous interest rates. I've used it to buy a new settee to hide behind on collection day....................

Edited October 7, 2017 by oxo1947

[greenchair]

9 hours ago, oxo1947 said:

Show a pay slip and get 50,000 Baht from the bank..............yer sure...do you actually live here greenchair....love to see the link your going to post for us all on that.

-------------------------

I recently got one of those Wonga doorstep loans with the ridiculous interest rates. I've used it to buy a new settee to hide behind on collection day....................

 

 

I see the motorcy rubjarngs lined up at big c for cards. 

They are allowed 3 times the amount of their  salary 

[oxo1947]

11 hours ago, greenchair said:

I see the motorcy rubjarngs lined up at big c for cards. 

They are allowed 3 times the amount of their  salary

Sorry greenchair you would have to translate that for me..

Do you mean 300% of their monthly wage ? because you were quoting the young girl as being able to get nearly 500% of her monthly 11K wage, just by showing a wage slip.

Will have been 18 years for me here next month--I usually bring about 2 million a year in, have CCs for UK & Oz with history-- credit cards in Thailand was not an easy thing to get, I only took them for convenience of payment...Agoda/Hire car etc...because I had to have a separate account with funds in to cover that. So its not really even credit as such. Same with my wife (owned  property since she was quite young) same with my Daughters (all professionals )

I find on the CC side that the banks here seem a lot tighter than back in the west.

 

The short term loan culture is really quite prevalent in the west as well, with higher rates than what that girl has to pay, as I quoted 30% a month--but because its wrapped up in legitimacy it doesn't get the cover of a man in a black shirt knocking on the door.

 

 

[tomwct]

Tell your wife to come up with the 30,000 baht and go to the police and have them call in the loan shark. Give the loan shark the 30K and no more loans to your wife! Problem finished. Now that was easy.