Student Loans Fund to sue 120,000 borrowers for defaults

By Thai PBS

 

 

The Office of Student Loans Fund is considering suing 120,000 borrowers who have defaulted their loan repayments averaging 100,000 baht each this year, said Mr Chainarong Katchapanan, the loan manager.

 

He disclosed that 3.5 million borrowers of student loans are due this year to service their loan repayments with total debts amounting to400 billion baht.  In the meantime, he said the office would take legal actions against 120,000 borrowers who defaulted their repayments of debts totaling 12 billion baht, averaging 100,000 baht each.

 

In the past decade, the Office of Student Loans Fund has taken legal actions against 1.2 million borrowers who owe the fund to the tune of 48 billion baht.

 

Full story: http://englishnews.thaipbs.or.th/student-loans-fund-sue-120000-borrowers-defaults/

 

-- © Copyright Thai PBS 2018-06-07

o c'mon , you mean i really have to pay that loan money back ?!

10 minutes ago, YetAnother said:

o c'mon , you mean i really have to pay that loan money back ?!

I know right?  The fluff powder puff degree they got has no practical use at all?  Why should I pay? 

 

    In the USA, bankruptcy laws basically do not allow student loans to be discharged.  They will automatically attach one's wages and/or deduct from any Tax refunds.

18 minutes ago, gk10002000 said:

I know right?  The fluff powder puff degree they got has no practical use at all?  Why should I pay? 

 

    In the USA, bankruptcy laws basically do not allow student loans to be discharged.  They will automatically attach one's wages and/or deduct from any Tax refunds.

Garnisheeing wages and salaries happens here too and the student loan fund is in the process right now of taking garnishee action against more defaulters.

 

My Thai son's sister in law received a notice on this from the student loan fund about 2 months ago, and they told her no payments within 60 days and the garnishee order automatically kicks in, she's a bank manager.  

 

She owes close to 300,000Baht, finished study some 12 years ago, never made even 1 baht repayment. She refuses to do so on the basis of 'other people don't repay student loans why should I'.

 

The fund is closing in on her father too because he's the guarantor. 

 

 

Oh, dishonesty over money in the education system,  this is most unusual and shocking to the core. 

But they do have the best  role models, some have been in the news in the last few weeks. 

 

Ps, Good to see they learn this trait,  from an early age, it serves them so well later in life. 

Edited June 7, 20188 yr by stanleycoin

27 minutes ago, scorecard said:

Garnisheeing wages and salaries happens here too and the student loan fund is in the process right now of taking garnishee action against more defaulters.

 

My Thai son's sister in law received a notice on this from the student loan fund about 2 months ago, and they told her no payments within 60 days and the garnishee order automatically kicks in, she's a bank manager.  

 

She owes close to 300,000Baht, finished study some 12 years ago, never made even 1 baht repayment. She refuses to do so on the basis of 'other people don't repay student loans why should I'.

 

The fund is closing in on her father too because he's the guarantor. 

 

 

 

Did you post this on another thread also? I am trying to find that thread, but can't.

Student Loans are some of the most predatory lending practices in the entire world. 

It's a "catch me if you can" mentality... borrow the money, graduate & then disappear!!

Maybe the top officials of this fund are getting itchy feet because there is no money for them to embezzle any more 

13 hours ago, scorecard said:

Garnisheeing wages and salaries happens here too and the student loan fund is in the process right now of taking garnishee action against more defaulters.

 

My Thai son's sister in law received a notice on this from the student loan fund about 2 months ago, and they told her no payments within 60 days and the garnishee order automatically kicks in, she's a bank manager.  

 

She owes close to 300,000Baht, finished study some 12 years ago, never made even 1 baht repayment. She refuses to do so on the basis of 'other people don't repay student loans why should I'.

 

The fund is closing in on her father too because he's the guarantor. 

 

 

Oooh, I so hate to hear the "others don't repay so why should I".  That is so typical of the frequent Thai rationalization I hear.  Total disregard for the state and system.  But I am not surprised given that Thailand keeps having coups and gets use to the idea that if you can get away with it , to it

15 hours ago, webfact said:

total debts amounting to 400 billion baht

Another side of it. That's a significant amount which could be put to good use by the Junta Party in the coming election campaign. Screw them! We also need the money for satellites and tanks and submarines and planes. Money is running short.

54 minutes ago, gk10002000 said:

Oooh, I so hate to hear the "others don't repay so why should I".  That is so typical of the frequent Thai rationalization I hear.  Total disregard for the state and system.  But I am not surprised given that Thailand keeps having coups and gets use to the idea that if you can get away with it , to it

To me, if they want the money back, they should go to get it! It's the same with traffic fines posted in the mail. Hardly anyone pays them because there is no system of consequences in place (yet). Why bother following the law when there are no consequences? 

20 hours ago, scorecard said:

Garnisheeing wages and salaries happens here too and the student loan fund is in the process right now of taking garnishee action against more defaulters.

 

My Thai son's sister in law received a notice on this from the student loan fund about 2 months ago, and they told her no payments within 60 days and the garnishee order automatically kicks in, she's a bank manager.  

 

She owes close to 300,000Baht, finished study some 12 years ago, never made even 1 baht repayment. She refuses to do so on the basis of 'other people don't repay student loans why should I'.

 

The fund is closing in on her father too because he's the guarantor. 

 

 

12 years!!!!! They sure move fast here!!

6 hours ago, gk10002000 said:

Oooh, I so hate to hear the "others don't repay so why should I".  That is so typical of the frequent Thai rationalization I hear.  Total disregard for the state and system.  But I am not surprised given that Thailand keeps having coups and gets use to the idea that if you can get away with it , to it

But honestly can you blame them when Prawit has all those dead mens watches, I know Id certainly think "ferk u" when you read that kind of story about govt ministers............of an un elected bunch of thugs.

6 hours ago, DavisH said:

To me, if they want the money back, they should go to get it! It's the same with traffic fines posted in the mail. Hardly anyone pays them because there is no system of consequences in place (yet). Why bother following the law when there are no consequences? 

 

Agree, and I would add more, there is no respect whatever for the concept let alone specific items of law, plus there is no real concept of responsibility.

 

Perhaps even worse parents (at least current and last few generations) haven't taught any of these subjects to their kids, in fact they don't even discuss even simple matters, items in the news etc., what is right and why and what is wrong and why, with their kids.

 

My son's uni buddies used to come in small groups to our big condo to do projects together, have a swim etc., they were every time shocked to see my son discussing many things with me (his father). If I was home first he would come straight to me and we would talk (in English two-way conversation) for 5 or 10 minutes then he would get on with making his buddies more comfortable etc. 

 

Or, he would sometimes ask me if I had time to make some fresh coffee and a snack for his friends, he had no hesitation to ask me because that's the relationships we have, all coming from our long-term conversations, my explanations /teachings about responsibility, sharing, supporting, taking care of each other etc., and he understands what the law is and why it exists, as a bastion of building and maintaining a civil society. 

 

Several times I heard one or several of his buddies ask my son (always in Thai and they didn't know that I could understand them); 'xxxx do you talk to your father?'

 

A lot of people won't take responsibiulity and you can see lots of them still living

in their parents basement, because their arts degree did nothing for them and a

career. This certainly is not just a Thailand thing or an Asian thing.