Advice for Dealing with Loan Sharks

[The Deerhunter]

On 6/9/2018 at 6:34 PM, smotherb said:

These sharks are commonly referred to as 5-6; meaning, for every 5 you borrow you pay back 6. That is 20% and is usually based on payback in a week.

Yes I have come across the 20% a week as well as a month.  Most of the ones we see here are a month.  But back home we had a Thai import business and that put us in contact with a lot of thais.   We met expatriot Thais lending to their Thai "friends" at 20% a week.   With friends like that....................

[jenny2017]

15 minutes ago, The Deerhunter said:

Yes I have come across the 20% a week as well as a month.  Most of the ones we see here are a month.  But back home we had a Thai import business and that put us in contact with a lot of thais.   We met expatriot Thais lending to their Thai "friends" at 20% a week.   With friends like that....................

........then you don't need enemies.......

 

 

  My wife was just recently asking a "good friend" and we thought that we'd get 10 K for a month, but it turned out that she takes 5 %. 

 

  I don't really know now who our Thai friends really are. 

Edited June 10, 2018 by jenny2017

[Dick Crank]

11 hours ago, jenny2017 said:

........then you don't need enemies.......

 

 

  My wife was just recently asking a "good friend" and we thought that we'd get 10 K for a month, but it turned out that she takes 5 %. 

 

  I don't really know now who our Thai friends really are. 

You got to remember that most of these bozos can't even read or do math, so even if you did want a deal it's unlikely you would come up square even if you did pay it back as agreed.

 

They don't know wft they are doing has to be considered with any kind of deal here no matter what it is.

Edited June 11, 2018 by Dick Crank

[NetJunkie]

On 6/9/2018 at 11:32 AM, simon43 said:

As I lived just up the road, I made sure that these guys understood that her debts were nothing to do with me.

 

On 6/9/2018 at 11:32 AM, simon43 said:

I speak from personal experience (which is why I now live in Myanmar....)

 

If you made sure they knew her debts were hers, why did you feel the need to move to Myanmar?

[simon43]

If you made sure they knew her debts were hers, why did you feel the need to move to Myanmar?
[//quote]

My move to Myanmar was not due to her debts - they were as a result of an incident with the local police that was related to 'low-lifes' in general. Can't say more or I'd have to kill you... :)

[timewilltell]

On 6/9/2018 at 12:02 PM, jenny2017 said:

Some years ago, there was a loan shark who just wanted to eat some Somtham. He went to a little restaurant near a private hospital when a black motorcycle stopped in front of the place.

 

Two guys wearing full-face helmets approached him, two shots to his head were fired and the loan shark was history. OP, if you're planning to take money from them, forget it. It's a very serious business. 

 

These people are the lie life's of the world, preying on anyone regardless and are violent €¥#£$. They destroy families and are connected to authorities including abrogation of the justice system which is the final betrayal. They do not deserve life whatever their apparent standing in this screwed up place

[samsensam]

 

a good friend of mine's family is involved in this industry, they are well covered by lining all the right pockets so be very careful who you report them to.

 

to be honest for most of their customers they provide a valuable and reliable service, the terms and conditions are very clear, and as long as you're smart and ensure you can keep up with repayments you're fine. but... the best advice, the same as in any country; dont use them.

[jenny2017]

1 hour ago, samsensam said:

 

a good friend of mine's family is involved in this industry, they are well covered by lining all the right pockets so be very careful who you report them to.

 

to be honest for most of their customers they provide a valuable and reliable service, the terms and conditions are very clear, and as long as you're smart and ensure you can keep up with repayments you're fine. but... the best advice, the same as in any country; dont use them.

It's usually only the last resource and people know that. Some are trying to keep their pickups before the bank is taking them away.

 

Unfortunately, are many local people not the brightest in math, it's easy to do the math that it's impossible to pay 25 K if you've only got 10 K.   

[Destiny1990]

Learn from the locals.

borow lots from foreigner loansharks then report them for demanding exorbitant rates.