Finance not paid - and now?

[OneMoreFarang]

A Thai acquaintance just got a phone call from a Thai finance company.

They didn't tell her many details but basically they asked her to tell her friend Somchai to call the finance company.

Somchai is a guy who financed a bike and who after a few month did not pay the installments anymore.

And now Somchai moved from his apartment in Bangkok back to his village up north - obviously including his bike.

It's pretty obvious that the finance company wants money or the bike.

But I wonder how fast these companies get how aggressive with their enforcement. Maybe someone here made that experience.

 

I guess there are a few options:

a) he pays and all is fine

b) he gives back the bike, probably still has to pay, but eventually that's also fine

c) the finance company will send a representative to his home up north to explain him his options

d) the finance company will inform the police and they will come to arrest Somchai for fraud or something like that.

e) ...

 

What will happen? And how fast will it happen?

 

It's not really my problem and I told her to tell Somchai to better call them and sort it out.

But it would be interesting to know what he can expect will happen if he does not contact them and does not pay and not return the bike...

[DILLIGAD]

Why is your ‘friend’ getting involved with someone else’s problem? Are they a guarantor for the loan???


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[Crossy]

43 minutes ago, DILLIGAD said:

Are they a guarantor for the loan???

If they are the finance company will be coming to them for the money.

 

[johng]

I've seen the finance guys stake out an address waiting for a non paying financed bike to arrive...took them 2-3 days...then they loaded it into a van...think they posted a notice at the address...another one was a car repossession that caused quite a commotion about an hour of arguments the finance guys drove it away.

[OneMoreFarang]

1 hour ago, DILLIGAD said:

Why is your ‘friend’ getting involved with someone else’s problem? Are they a guarantor for the loan???

That's a good question.

She told me she never signed anything and he does not even know her official name.

I guess the finance company is just trying to call anybody who might be connected to that guy.

 

I know years ago when I bough a bike with finance the shop asked me for the name and phone number of my girlfriend. They just called her and asked her a couple of questions like if she knows me, for how long, etc. But she was never an official guarantor.

[DILLIGAD]

Like JohnG above, I believe he will be getting a visit pretty damn quickly!


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[csabo]

e) not your problem stay out of it

[stevenl]

Official finance? They will be able to get his register4ed address and go there to collect, also go after the guarantor.

 

Loan sharks? They'll do anything including violence.

[VocalNeal]

18 hours ago, OneMoreFarang said:

c) the finance company will send a representative to his home up north to explain him his options

 

Quote

Well one day I was at home threatening the kids when I looks out through the hole in the wall and sees this tank pull up and out gets one of Dinsdale's boys, so he comes in nice and friendly and says Dinsdale wants to have a word with me, so he chains me to the back of the tank and takes me for a scrape round to Dinsdale's place and Dinsdale's there in the conversation pit with Doug and Charles Paisley, the baby crusher, and two film producers and a man they called 'Kierkegaard', who just sat there biting the heads of whippets and Dinsdale says 'I hear you've been a naughty boy Clement' and he splits me nostrils open and saws me leg off and pulls me liver out and I tell him my name's not Clement and then... he loses his temper and nails me head to the floor.

 

[Expatthailover]

Try owing money to finance companies and loan sharks ANYWHERE in the world and the consequences arent for the faint of heart.

Defaults on vehicles are especually common. Unfortunately the moment you sign the dotted line the vehicle is worth less than what you owe...considerably less.

[ballpoint]

30 minutes ago, VocalNeal said:

Well one day I was at home threatening the kids when I looks out through the hole in the wall and sees this tank pull up and out gets one of Dinsdale's boys, so he comes in nice and friendly and says Dinsdale wants to have a word with me, so he chains me to the back of the tank and takes me for a scrape round to Dinsdale's place and Dinsdale's there in the conversation pit with Doug and Charles Paisley, the baby crusher, and two film producers and a man they called 'Kierkegaard', who just sat there biting the heads of whippets and Dinsdale says 'I hear you've been a naughty boy Clement' and he splits me nostrils open and saws me leg off and pulls me liver out and I tell him my name's not Clement and then... he loses his temper and nails me head to the floor.

Only one thing to do, call for Spiny Norman.

[Formaleins]

If they are anything like the banks, they will pursue him until hell freezes over, costs will rocket and now they have your phone number you can expect calls anytime anyday asking you the same questions. They will not give up.

[sawadee1947]

It's the same procedure as in your country. So I don't understand your question. 

Also..... Your "friend" will know what to do. It's not your problem 

[Belzybob]

Standby for your 'acquaintance' to try and tap you for cash to help her friend Somchai ?

[micmichd]

35 minutes ago, sawadee1947 said:

It's the same procedure as in your country. So I don't understand your question. 

Also..... Your "friend" will know what to do. It's not your problem 

Not so easy if you rely on permanent access to your European bank account and then your European bank denies you that access. I had to show up in Europe personally to get a new bank account. European bureaucracies always want a (European) bank account, but those European banks don't serve as guarantors. 

[4MyEgo]

Last year my sister-in-law purchased a bike with her boyfriend for a friend, i.e. the friend had the deposit, the sister-in-law and the boyfriend purchased the bike, however the boyfriend didn't want his name on it, so the sister-in-law purchased it, this was unbeknown to everybody.

 

When the <deleted> hit the fan, i.e. finance company rang looking for sister-in-law as no repayments were made, panic stuck, long of the short, threatened with police because she said the bike was stolen, now in Laos, we suspect the friend that gave them the deposit money, topped it up to about half of what the purchase price of the bike was and the sister-in-law and now x boyfriend spent the topped up money on yabba dabba do.

 

The finance company rep threatened the sister-in-law with police action, I made some quick enquiries and yes she could have been put in jail for what I am told, i.e. if she didn't pay the outstanding 77,000 baht, 72,000 baht for the outstanding and 5, 000 for the interest and costs.

 

Wife said what can we do, I said not our problem, then there was a family meeting and as mum has 3 blocks of land side by side, all with 20 metre frontages, each lot worth about 200,000 baht and one is for each daughter (3), they said that they would sell her half of the sister-in-laws land, not yet inherited as mum is still alive to my wife for 100,000 baht with my wife willing to buy it with her money, I said NO, you will advise the family that you will buy half the land for the money owed to the finance company, that's it, if they don't agree, they can sell it on the open market to someone else, they agreed to sell to the Mrs as they don't want anyone else living next to their lots.

 

I then spoke to the finance company and said this is the deal, we will pay the 72,000 baht, no interest, no fees, take it or leave it, and if you leave it, you can tell the cops to come and pick up the sister-in-law and take her to jail because she is an absolute burden to the family having a yabba dabba doo problem and the jail time would do her good, they declined to accept, my wife was freaking out, I told her to relax and jail wouldn't put money back to the insurers pocket and they would ride of 5,000 baht in interest and fees over getting 72,000 baht or nothing.

 

Got a phone call late that afternoon and we were to meet at the police station at 9.00am the following morning to pay the 72,000 baht in cash and have the police witness everything.

 

So the wife got an extra 10 metres of land in width to her adjoining 20 metres of width to the land she already owns for 72,000 baht which is better than paying 100,000 baht, and as I said, it's her money, so no pressure on my part.

 

So if the above story sheds some light on it, I do believe they can go to jail, here in Thailand, if it was Sydney, maybe declare bankruptcy ?

Edited June 23, 2018 by 4MyEgo

[sawadee1947]

2 hours ago, micmichd said:

Not so easy if you rely on permanent access to your European bank account and then your European bank denies you that access. I had to show up in Europe personally to get a new bank account. European bureaucracies always want a (European) bank account, but those European banks don't serve as guarantors. 

Then open a direct bank account online. Also you can verify your ID by a lawyer or a local bank here. Both ways possible. 

[OneMoreFarang]

Thanks for all the info.

I guess over the next weeks I will hear how the story continued or ended.

I am just an observer but it's interesting to see how these things progress.

[DILLIGAD]

Thanks for all the info.
I guess over the next weeks I will hear how the story continued or ended.
I am just an observer but it's interesting to see how these things progress.

Keep us posted. The experience/result, may help others.


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[JaiLai]

Slightly different but I recently got a phone bill for 46,000 baht for 2 days roaming charges.
I had a 10k limit on my account and asked why I was not cut off at that point, they said roaming takes time to register.
I offered to pay 10k they said no. I then told them I would pay nothing and asked what would happen.
I was informed s legal letter would be sent to the address from where the phone was registered ( where I no longer live ). After that if no action they basically write off the debt and blacklist me from that company and that’s it.....
I asked about legal consequences, they pretty much told me not to worry about it, all very civil tbh.


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[JaiLai]

Slightly different but I recently got a phone bill for 46,000 baht for 2 days roaming charges.
I had a 10k limit on my account and asked why I was not cut off at that point, they said roaming takes time to register.
I offered to pay 10k they said no. I then told them I would pay nothing and asked what would happen.
I was informed s legal letter would be sent to the address from where the phone was registered ( where I no longer live ). After that if no action they basically write off the debt and blacklist me from that company and that’s it.....
I asked about legal consequences, they pretty much told me not to worry about it, all very civil tbh.


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