Drowning in debt: options for my Thai friend?

[1FinickyOne]

1 hour ago, altcar bob said:

 

Yet

you could say that about any friend... some of these friends I know for decades... 

[BEVUP]

Never ever deal with a person in this situation

Half of them (being lenient ) would not have a clue about Finance

All they would know is that they have to pay a certain amount a month & wouldn't understand why they had to pay more if late

It wont matter what you do as they will see the deal at that moment in time & the rest will be history, meaning that you will no doubt lose your money & would never be able to rely on him for a loan if it was on the other foot 

 

Chock Dee

[kannot]

Like many folk, unable to control their finances, its  pretty simple, dont spend more than you earn, worked for me for 50 odd  years. My advice, dont help him, he'll learn nothing from it.

[kannot]

On 4/3/2018 at 3:27 PM, Peterw42 said:

The more Thai friends I get, the more I realise that this story is the case for a big percentage of the population. Everywhere I have lived in Thailand and you make friends or get to know the neighbours and you realise that many are in the same boat, or worse, they also owe the money lenders as well.

 

It doesnt make sense, 90% of the population earns 10k-20k a month but 90% of the population are driving around in new cars with payments of 20k a month.

And you know what, if you try and hire  staff they simply dont want to do the work I offer , they would rather do nothing, I would have done any job when I was  young just to get some cash.

Yes many are in serious debt, fools  all of them

[thailand49]

It is no different in your own country. It is call keeping up with the Jones and living beyond your means. 

You friend has a disease although your intentions are good you need to stay out of this unless you know all the specifics which I have a idea you don't.

As for the truck, it is the lenders problem since they lent the money the reason, the truck value. They can take it back have it sold and the lender if lucky gets the 248,000 that is the normal process that I know from experience.

Next up don't be surprise he hit you up for a loan, and if you do that the next victim will be you?

Be a friend and lend a ear that is my best advice.

[kannot]

22 hours ago, midas said:

And what happens if the jobs are not there in the future?

According to the the International Labour Organization  up to 98 percent of workers in Thailand could lose their jobs to automation  in what it said are the most at-risk professions: Subsistence farmers; farm laborers; retail sales assistants; stall and market salespeople; livestock and dairy producers; food counter attendants; cooks; construction workers; office clerks; and junior accounting professionals.

 

http://www.khaosodenglish.com/news/business/2017/05/31/machines-coming-take-millions-thai-jobs-report/

Id  vote for automation, trying to hire  staff to work on the land is impossible even at 500-600 baht+ a  day + a  whole host of other perks, lazy, want money for nothing to buy the stuff they really  dont need...........ooooooooooh  look at me with my new "sigh phone"

[altcar bob]

Just now, kannot said:

Id  vote for automation, trying to hire  staff to work on the land is impossible even at 500-600 baht+ a  day + a  whole host of other perks, lazy, want money for nothing to buy the stuff they really  dont need...........ooooooooooh  look at me with my new "sigh phone"

Too true,drowning in debt,there all at it,just smart phone's and channel 3 and 8 soaps on TV, but crime will rise, the Thai boy is too smart to work,just pump out endless babies

[Straight8]

5 hours ago, RichardColeman said:

 

 There you have it in one. The guy is a complete moron for signing up to losing all his entire monthly income ! And by fraud, it would have to have been by your 'friend' stating he had a higher income. 

Stay away from this fool.

TiT bud!!

[Janner1]

Sadly there is no financial education given in schools, so if you combine a low level of education with a low level of intelligence and then tell these people that they can save 125,000baht on the price of a new car, paying out 20,000baht every month from your monthly salary of 20,000 per month does not feature in common sense, only the saving is formost in the thought process.

 

Add that to the need to eat, pay for water, electricity,and all other sundries and the reality of it does not sink in until it is too late.

so now we have the situation with no knowledge of debt and repayment, they now move on to the mafia loan shark, because it is easy money, you just ask them and they give it.

 

Now because they have no idea are well and truly on that slippery road which the mafia will lead them too, Drug running and sales.

 

All of this is because the education system is so lacking largely because the successive governments just don’t care.

 

Again sadly my advice to the original poster is if this man’s debt does not impact on you do not personally involve yourself in it.

 

He did the spending so he must solve the problem because until he does, he will simply keep spending all of ( if you are not careful ) your money as well.

 

Good luck in your deliberations, I hope you choose the right path.

[BEVUP]

11 minutes ago, Janner1 said:

Sadly there is no financial education given in schools, so if you combine a low level of education with a low level of intelligence and then tell these people that they can save 125,000baht on the price of a new car, paying out 20,000baht every month from your monthly salary of 20,000 per month does not feature in common sense, only the saving is formost in the thought process.

 

Add that to the need to eat, pay for water, electricity,and all other sundries and the reality of it does not sink in until it is too late.

so now we have the situation with no knowledge of debt and repayment, they now move on to the mafia loan shark, because it is easy money, you just ask them and they give it.

 

Now because they have no idea are well and truly on that slippery road which the mafia will lead them too, Drug running and sales.

 

All of this is because the education system is so lacking largely because the successive governments just don’t care.

 

Again sadly my advice to the original poster is if this man’s debt does not impact on you do not personally involve yourself in it.

 

He did the spending so he must solve the problem because until he does, he will simply keep spending all of ( if you are not careful ) your money as well.

 

Good luck in your deliberations, I hope you choose the right path.

& don't worry hes' no doubt been doing the rounds with the family / ect & your maybe his last option

[NutsMango]

Quote

Closing, Google Translate has its issues. We haven't been able to communicate in English...

Imagine the level of English after you advance him the money

[Searat7]

I have Thai friend who had huge credit card debt (over 300,000b) with salary of 28,000. He also has car payments which are high because he had no down payment. Had his family not stepped in to help he would have been dragged into court and there would be judgements against him which could have attached most of his salary as long as he worked. Banks were previously irresponsible giving out too much credit but now there are limitations based on salary.  They really need to teach kids how to manage money before they leave school.

[Odysseus123]

29 minutes ago, Searat7 said:

I have Thai friend who had huge credit card debt (over 300,000b) with salary of 28,000. He also has car payments which are high because he had no down payment. Had his family not stepped in to help he would have been dragged into court and there would be judgements against him which could have attached most of his salary as long as he worked. Banks were previously irresponsible giving out too much credit but now there are limitations based on salary.  They really need to teach kids how to manage money before they leave school.

Whilst your statement has merit I think that I shall just retire to my hammock,sip Lao Khao and think about it.

 

Maybe there is a female relation that I can bully,lie to,cheat and plunder somewhere..

 

Sigh..life's so hard..

Edited April 4, 2018 by Odysseus123

[observer90210]

When will the revered policy makers adapt laws that forbid any loan if it's unmanageable on the person's income ? 

 

When will they crack down on loan sharks instead of wasting manpower and bureaucracy other petty issues ?

 

An exemple in Europe, some countries have laws that do not allow tenants to rent an appartment, if the rent is more then 1/3rd of the person's monthly wages....

 

Allowing people to obtain consumer loans with unadapted sources of income,  will lead to social and human disasters in the close future of Thailand !!

[jenny2017]

12 minutes ago, Odysseus123 said:

Whilst your statement has merit I think that I shall just retire to my hammock,sip Lao Khao and think about it.

 

Maybe there is a female relation that I can bully,lie,cheat and plunder somewhere..

 

Sigh..life's so hard..

Good luck that it's not a loan shark waiting for money. They don't argue. 

[Odysseus123]

1 minute ago, jenny2017 said:

Good luck that it's not a loan shark waiting for money. They don't argue. 

Yep...must get out of the hammock.

 

Just another sip..I think too much..I have headache.

[JAZZDOG]

Most likely wants to be your rent-a-buddy. Give him the money, you'll find out one way or another. Thais have no copyright on this, it's universal.

Edited April 4, 2018 by JAZZDOG
typo

[ChouDoufu]

was in a similar situation with the girlfriend, owing around 300K to various credit cards.  after a time spent taking advances from card A to pay card B, then from

card B, etc.....she was overextended on all.  could not even make the monthly interest payments.

 

following the advice from wise gentlemen here, i did not pay it for her.  took all her cards away and put her on a financial diet.  we picked 3 cards she could pay, and only paid those.  waited for the rest to contact us.  she went to court a few times, made lump-sum settlements with most, and rescheduled with two others.

 

took just under two years.  she's now debt-free and she did it herself.  she's now living within my means, and saving at least half her salary, buying mutual funds and etf's, bought a real health insurance policy......just takes education and willpower.

 

how many payments has your friend missed?  if he owes 248 on a 260 purchase after two years.....something doesn't sound right.

 

he needs to talk the fine folks at the car dealership.  they want money.  they don't want another truck, especially not one two years old.  they will make a deal, but your friend has to be willing to make sacrifices.

[NutsMango]

1 minute ago, ChouDoufu said:

he's now living within my means, and saving at least half her salary

Well not bad life for her... living within your means + spending half of her salary 

[JAZZDOG]

7 minutes ago, ChouDoufu said:

was in a similar situation with the girlfriend, owing around 300K to various credit cards.  after a time spent taking advances from card A to pay card B, then from

card B, etc.....she was overextended on all.  could not even make the monthly interest payments.

 

following the advice from wise gentlemen here, i did not pay it for her.  took all her cards away and put her on a financial diet.  we picked 3 cards she could pay, and only paid those.  waited for the rest to contact us.  she went to court a few times, made lump-sum settlements with most, and rescheduled with two others.

 

took just under two years.  she's now debt-free and she did it herself.  she's now living within my means, and saving at least half her salary, buying mutual funds and etf's, bought a real health insurance policy......just takes education and willpower.

 

how many payments has your friend missed?  if he owes 248 on a 260 purchase after two years.....something doesn't sound right.

 

he needs to talk the fine folks at the car dealership.  they want money.  they don't want another truck, especially not one two years old.  they will make a deal, but your friend has to be willing to make sacrifices.

saving at least half her salary, buying mutual funds and etf's, bought a real health insurance policy......just takes education and willpower.

 

What exactly does your gf do for a living? job ?

[ChouDoufu]

Just now, NutsMango said:

Well not bad life for her... living within your means + spending half of her salary 

haha, put that in to see who was watching.  you win the internets today.

 

[manarak]

from what I could observe around me - don't help Thais who are in debt.

as soon as their burden is relieved, they will take on more debt.

[RoyDee]

10 minutes ago, ChouDoufu said:

was in a similar situation with the girlfriend, owing around 300K to various credit cards.  after a time spent taking advances from card A to pay card B, then from

card B, etc.....she was overextended on all.  could not even make the monthly interest payments.

 

following the advice from wise gentlemen here, i did not pay it for her.  took all her cards away and put her on a financial diet.  we picked 3 cards she could pay, and only paid those.  waited for the rest to contact us.  she went to court a few times, made lump-sum settlements with most, and rescheduled with two others.

 

took just under two years.  she's now debt-free and she did it herself.  she's now living within my means, and saving at least half her salary, buying mutual funds and etf's, bought a real health insurance policy......just takes education and willpower.

 

how many payments has your friend missed?  if he owes 248 on a 260 purchase after two years.....something doesn't sound right.

 

he needs to talk the fine folks at the car dealership.  they want money.  they don't want another truck, especially not one two years old.  they will make a deal, but your friend has to be willing to make sacrifices.

I would have simply changed the tilak !!

[ExpatOilWorker]

5 hours ago, Krataiboy said:

Join the crowd. . . 

 

Headlines from a lead story in the Bangkok Post:

 

NCB concerned about delinquent debt

Personal borrowing by Gen Y raises alarm 

 

For the full story:
https://www.bangkokpost.com/business/finance/1440263/ncb-concerned-about-delinquent-debt

Look like we are looking at the opening stage of a sub-prime credit crises, maybe within the next 1-2 years:

 

Non-performing loans (NPLs) of credit cards held by Gen Y jumped to 20 billion baht last year from slightly over 15 billion in 2016. 

Total debt restructuring still climbed to 540-550 billion baht at the end of 2017 from 150 billion at the end of 2014. 
 

[ChouDoufu]

4 minutes ago, JAZZDOG said:

saving at least half her salary, buying mutual funds and etf's, bought a real health insurance policy......just takes education and willpower.

 

What exactly does your gf do for a living? job ?

i'm paying the rent...which i'd be paying if i lived in her apartment or in my own.  she pays the utilities.  no alcohol, no ciggies, no lottery tickets.

 

health insurance with bupa has a reasonable policy for 10K/year which can be paid in monthly installments.

 

mutual funds/etf's can be purchased for a minimum of 500 baht.

 

she's mid-level admin.

[theguyfromanotherforum]

34 minutes ago, ChouDoufu said:

was in a similar situation with the girlfriend, owing around 300K to various credit cards.  after a time spent taking advances from card A to pay card B, then from

card B, etc.....she was overextended on all.  could not even make the monthly interest payments.

 

following the advice from wise gentlemen here, i did not pay it for her.  took all her cards away and put her on a financial diet.  we picked 3 cards she could pay, and only paid those.  waited for the rest to contact us.  she went to court a few times, made lump-sum settlements with most, and rescheduled with two others.

 

took just under two years.  she's now debt-free and she did it herself.  she's now living within my means, and saving at least half her salary, buying mutual funds and etf's, bought a real health insurance policy......just takes education and willpower.

 

how many payments has your friend missed?  if he owes 248 on a 260 purchase after two years.....something doesn't sound right.

 

he needs to talk the fine folks at the car dealership.  they want money.  they don't want another truck, especially not one two years old.  they will make a deal, but your friend has to be willing to make sacrifices.

 

I find your story very, very hard to believe. Creditors in Thailand do not forgive debt or make deals with payments. In Thailand debt stays until the rest of your life if not paid.

[BEVUP]

2 minutes ago, theguyfromanotherforum said:

 

I find your story very, very hard to believe. Creditors in Thailand do not forgive debt or make deals with payments. In Thailand debt stays until the rest of your life if not paid.

I think he's leaving half the story out

I'm talking about the Tilak here

Just doing sum rough calks he has put money forward & she has ended up on 6000 a month minus Bupa & having food  rent paid for

[altcar bob]

32 minutes ago, ChouDoufu said:

 to court a few times, made lump-sum settlements with most, and rescheduled with two others.

 

took just under two years.  she's now debt-free and she did it herself.  she's now living within my means, and saving at least half her salary, buying mutual funds and etf's, bought a real health insurance policy......just takes education and willpower.

 

 

This is a load of crock...just how long this girlfriend will hold onto her money?  not long,it will soon get around she has money,it will,all the deceit ,lies  come pouring out from friends/family....better if she gets shut before the inevitable happens

[ChouDoufu]

that's fine.  you don't need to believe.  up to you.

 

no point in going into the whole story, that's on another thread.

i loaned her 10K at first to break the cash advance cycle.  that was

paid off, then made 50k available as needed, also paid back.

 

creditors don't like to forgive debts.  but they will make deals if

you can show you have no money and no assets.  most in our

experience will waive the accrued interest and accept a lump

sum, which may me lower than the original balance owed.

 

krung thai just a few months ago had a major promotion offering discount

payoff options to delinquent cardholders.

 

sorry if a positive experience offended you.  didn't mean to derail the topic.

point was that the friend needs to negotiate with the bank or dealership.

 

[altcar bob]

Just now, ChouDoufu said:

that's fine.  you don't need to believe.  up to you.

 

no point in going into the whole story, that's on another thread.

i loaned her 10K at first to break the cash advance cycle.  that was

paid off, then made 50k available as needed, also paid back.

 

creditors don't like to forgive debts.  but they will make deals if

you can show you have no money and no assets.  most in our

experience will waive the accrued interest and accept a lump

sum, which may me lower than the original balance owed.

 

krung thai just a few months ago had a major promotion offering discount

payoff options to delinquent cardholders.

 

sorry if a positive experience offended you.  didn't mean to derail the topic.

point was that the friend needs to negotiate with the bank or dealership.

 

Have no fear,it wont be  a very positive experience for too long!