Thai student loan taker failure to repay loan, what will happen ?

[gamesgplayemail]

Hello,

 

Wondering how a person who still has a student loan to pay at the age of 40 could escape her debt ?

 

What will happen if any property is secured in different names, not allowing government to seize anything ?

 

Thank you.

[Just Weird]

Hello,

 

The best way for her to "escape her debt" would be to pay it off like any decent person would.

 

Why would you want to assist a debtor escape her liability and obligations to repay the tax payers who helped her out in the first place?

 

Thank you.

Edited March 4, 2018 by Just Weird

[Rhys]

Hmmm , scholarship in the west, does not come back to Thailand......Must be like that Dentist like from the Past.... left her guarantors holding the bag as she decided not pay off her Student loan.

[jackdd]

A student loan in Thailand? This will not be more than a few hundred thousand at most, so i would advise to work and pay it back over the years

[Halfaboy]

32 minutes ago, jackdd said:

A student loan in Thailand? This will not be more than a few hundred thousand at most, so i would advise to work and pay it back over the years

 

From a salary between 10.000 and 20.000 baht per month will not be easy....

[NanLaew]

They did student loans here?

 

Or is this a 40 year-old's latest, rather inventive variation on the age-old sick buffalo gambit?

[billd766]

6 hours ago, Halfaboy said:

 

From a salary between 10.000 and 20.000 baht per month will not be easy....

 

When my niece left uni with a degree in business studies the first 2 jobs she was offered paid 13,000 baht a month.

 

She quit them both and started working for herself and now makes 30,000 baht a month and is paying off her student loan.

[jackdd]

12 hours ago, NanLaew said:

They did student loans here?

 

Or is this a 40 year-old's latest, rather inventive variation on the age-old sick buffalo gambit?

Yes, they have student loans here, but i don't know exactly by who

That the person who has a student loan is 40 years is indeed a bit strange

My ex GF also had such a student loan, she studied nursing at an "international" university, had to pay back something like 300 or 400k. But there is a 1 or 2 years grace period after you finish your studies until you have to pay it back. And after 2 years in the job she was at 30k salary (of course with overtime) + bonus at end of year already, so paying back the credit at a rate of 10k is no big problem.

If you took let's say a credit of 300k and studied something useless (see the example with business studies before) where you get payed 10k a month when you are working, that's of course a problem.

Edited March 5, 2018 by jackdd

[RichardColeman]

Daddy Farang usually pays it off !

[billd766]

2 hours ago, jackdd said:

Yes, they have student loans here, but i don't know exactly by who

That the person who has a student loan is 40 years is indeed a bit strange

My ex GF also had such a student loan, she studied nursing at an "international" university, had to pay back something like 300 or 400k. But there is a 1 or 2 years grace period after you finish your studies until you have to pay it back. And after 2 years in the job she was at 30k salary (of course with overtime) + bonus at end of year already, so paying back the credit at a rate of 10k is no big problem.

If you took let's say a credit of 300k and studied something useless (see the example with business studies before) where you get payed 10k a month when you are working, that's of course a problem.

 

My niece is the first person in the BKK part of the Thai family ever to have gone to Uni. Her brother is far smarter than she is, so he believes.

 

He quit school at 15 as he didn't need any more education and lived with us for a while as a labourer up in the Mae Wong national park on 6,500 baht a month while sponging from us. Even they fired him as he was too lazy.

 

He has some sort of a job in BKK now but he wants to become a monk with little to do all day.

[patrick kennedy]

Regardless how much the loan is ,or was.She should appreciate the position that she was in and now the position she is in,because of the loan.Any body with a bit of decency about them would pay back the loan,after all if she does not pay back,she is telling all her friends and fellow workers,and tax payers that they can go and kiss her a--e.Not a nice person but a very selfish one and not one that should be in our society.But we are in Thailand,so????

[billd766]

3 minutes ago, patrick kennedy said:

Regardless how much the loan is ,or was.She should appreciate the position that she was in and now the position she is in,because of the loan.Any body with a bit of decency about them would pay back the loan,after all if she does not pay back,she is telling all her friends and fellow workers,and tax payers that they can go and kiss her a--e.Not a nice person but a very selfish one and not one that should be in our society.But we are in Thailand,so????

 

And further news from the UK

 

https://www.theguardian.com/uk-news/2016/feb/12/student-loans-we-will-trace-prosecute-borrowers-dont-pay

 

It is in the Guardian so it must be true.

 

quote " About 123,000 of the SLC’s debtors live overseas, out of 5.5 million people who have loans. Those overseas owe a total of £1.5bn, of which just £368m in debt belongs to “unverified” British borrowers for whom the SLC does not have contact details. More than 72% of UK borrowers overseas had up-to-date contact details on file last year.

But the SLC says: “Not all unverified borrowers will owe money. While some do, others may not be working, may be in receipt of benefits, not earning enough to repay or may be between jobs.”

Universities in England and Wales can charge students up to £9,000 a year to attend, with undergraduates able to take out a loan from the Student Loans Company to pay for the fees. Students who took loans out after 2012 start repaying their debt once they earn £21,000.

 

[thailand49]

So much is missing from the post?

First is the student loan in Thailand?  Because in the West it is basically impossible to escape.

If in Thailand, was it done with a loan shark or government?

It is mentioned 40, did she just recently go back to school or this is a story being given to you so you will help her out BUT YOU AREN'T EVEN IN THAILAND! you are just being told that?  because getting a student loan let alone go back to school in Thailand at that age is rare and even if they do I wonder what she was con into studying such when she finish can't even pay the loan off.

The reason for my comments is I know first hand over a dozen stories given that end up not well the only people making out like bandits are the one's selling the Brooklyn bridge, thus the buffalo comments.

Here is a recent case,  hair dresser lady sells a small piece of her land to go to school to be a insurance agent or broker?  The cost 200,000 baht, she ask me for advice I tell her not just no but hell no!  she of course didn't listen did it anyways after the course try to sell insurance with her hair salon.  Show me the policy with AIA,  not sure what she learn but I found out I knew more than her.

Hope this provides a bit of insight although assumptions the poster didn't provide enough in my opinion.

 

[jackdd]

1 hour ago, billd766 said:

 

My niece is the first person in the BKK part of the Thai family ever to have gone to Uni. Her brother is far smarter than she is, so he believes.

 

He quit school at 15 as he didn't need any more education and lived with us for a while as a labourer up in the Mae Wong national park on 6,500 baht a month while sponging from us. Even they fired him as he was too lazy.

 

He has some sort of a job in BKK now but he wants to become a monk with little to do all day.

Of course quitting school at 15 is not what i meant

Thailand has the same "problem" as most western countries: Everybody thinks it's important to study at a university, but they don't understand that it's important what you study.

So many people here in Thailand study something useless (in regards to finding a job that pays good money) at a university for 3 or 4 years and then when they are looking for a job they get hardly more than 10k THB.

On the other hand there are people who went to college for a year or two after school and they make way more money than that.

[billd766]

1 hour ago, jackdd said:

Of course quitting school at 15 is not what i meant

Thailand has the same "problem" as most western countries: Everybody thinks it's important to study at a university, but they don't understand that it's important what you study.

So many people here in Thailand study something useless (in regards to finding a job that pays good money) at a university for 3 or 4 years and then when they are looking for a job they get hardly more than 10k THB.

On the other hand there are people who went to college for a year or two after school and they make way more money than that.

 

I do understand what you mean but he is just one example of lazy Thai kids compared to studious ones. Part of the problem IMO is that quite a few parents don't take much interest in their childs education nor in their future career.

 

My 13 year old son (just finishing M1) says he wants to be an engineer but doesn't know what kind. I am trying to gently edge him to electronics and robotics because in a few years time there will be a big need for robotics engineers in the design, build and maintainence fields.

 

He will need good grades in English (as a common engineering language), Maths and Science. He has until the end of M3 to choose which way to go in M4, 5 and 6 and then to either tech college or uni.

[connda]

On 3/4/2018 at 2:01 PM, Just Weird said:

Hello,

 

The best way for her to "escape her debt" would be to pay it off like any decent person would.

 

Why would you want to assist a debtor escape her liability and obligations to repay the tax payers who helped her out in the first place?

 

Thank you.

A lot of the problem with student loans is that they are predatory bank and educational institution practices.  Loans are extended to people without established credit, and here in Thailand, are extended to people who lack the sophistication to plan, budget, and make paying the debt a priority.  This goes beyond Thailand.  The banks get their government's involved to act as their enforcers.  Universities, textbook publishers and others business associated with higher education jack up their prices and the banks keep extending risky loans to students who may never be able to pull themselves out from underneath that burden.  Back when I went to university, there we're numerous checks on how much money you could receive and how it was spent.  Not today.  These days the banks, education system, and governments form a vicious circle that essentially feeds off the lower and middle ends of the economic spectrum, many whom will never be able to discharge their debt.
Imho, it's a really seedy, amoral business in this day an age.  And it is highly predatory.  A pack of wolves not just culling the herd, but decimating it.

Edited March 5, 2018 by connda

[Just Weird]

3 minutes ago, connda said:

A lot of the problem with student loans is that they are predatory bank and educational institution practices.  Loans are extended to people without established credit, and here in Thailand, are extended to people who lack the sophistication to plan, budget, and make paying the debt a priority.  This goes beyond Thailand.  The banks get their government's involved to act as there enforcers.  Universities, textbook publishers and others business associated with higher education jack up their prices and the banks keep extending risky loans to students who may never be able to pull themselves out form underneath that burden.  Back when I went to university, there we're numerous checks on how much money you could receive and how it was spent.  Not today.  These days the banks, education system, and governments form a vicious circle that essentially feeds off the lower and middle ends of the economic spectrum, many whom will never be able to discharge their debt.
Imho, it's a really seedy, amoral business in this day an age.  And it is highly predatory.  A pack of wolves not just culling the herd, but decimating it.

Nonsense.

[connda]

23 hours ago, jackdd said:

A student loan in Thailand? This will not be more than a few hundred thousand at most, so i would advise to work and pay it back over the years

A person making 15K out of university paying off a multi-hundred thousand baht debt?  Do the math:  My guess is that they can barely make the interest payments let alone paying off the principle.  Banks know this but still extend the credit, or should I say, over-extends the credit.  The banks don't care if a citizen is in debt servitude to the bank the rest of their lives. 

[connda]

9 minutes ago, Just Weird said:

Nonsense.

It is anything but nonsense.  Do your homework.

[jackdd]

19 minutes ago, connda said:

A person making 15K out of university paying off a multi-hundred thousand baht debt?  Do the math:  My guess is that they can barely make the interest payments let alone paying off the principle.  Banks know this but still extend the credit, or should I say, over-extends the credit.  The banks don't care if a citizen is in debt servitude to the bank the rest of their lives. 

Usually after they graduate from university (with a useful degree) they start with 20k, which rises over the years, at 30 most have reached 30k a month. So paying back 5-10k a month is reasonable and it won't talk half of a lifetime to pay back the few hundred thousand.

[Rimmer]

A couple of posts advocating breaking the law have been removed, as it seems the entire topic is looking for a way around a legal obligation it can be closed.

 

3) You will not post about activities or links to websites containing such material that are illegal in Thailand. This includes but is not limited to: gambling, betting, pornography, illegal drugs, fake goods/clothing, file sharing of pirated material, pyramid schemes, etc. Discussion of the above is permitted only as news items, but never as a "how to" topic.

 

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