webfact Posted July 19, 2018 Share Posted July 19, 2018 GSB ready to sue teachers over loan delinquency By The Nation The Government Savings Bank (GSB) has told staff to proceed next month in filing lawsuits against teachers and other education personnel who have not acceded to measures for relaxing debt-repayment conditions introduced by the bank in May. The directive issued to executives and branch-office directors on Wednesday comes after 100 teachers vowed on July 14 to stop repaying loans from the Funeral Service Welfare Fund for Teachers and Education Personnel and the GSB, starting on August 1. They urged 450,000 other debtors to join them in halting debt repayments to pressure the government and GSB to place a six-month moratorium on pay-back instalments. Saying they’re willing to make good on their debts, they ultimately want the annual interest rate lowered from the current 5-7 per cent to 1 per cent, the same rate applied to farmers repaying government loans. Finance Minister Apisak Tantivorawong said he didn’t want the matter to reach the point where the bank was suing teachers, saying it could hurt their standing in the civil service. Justice Ministry deputy permanent secretary Thawatchai Thaikhiew had said earlier that teachers who failed to repay loans exceeding Bt1 million could be forced into bankruptcy for three years, along with any guarantors. He said bankruptcy would disqualify the teachers for positions in the civil service under the Government Teacher and Education Personnel Act 2004. Source: http://www.nationmultimedia.com/detail/national/30350391 -- © Copyright The Nation 2018-07-19 Link to comment Share on other sites More sharing options...
Juan B Tong Posted July 20, 2018 Share Posted July 20, 2018 Gotcha you overspending teachers! Link to comment Share on other sites More sharing options...
Srikcir Posted July 20, 2018 Share Posted July 20, 2018 21 hours ago, webfact said: Saying they’re willing to make good on their debts, they ultimately want the annual interest rate lowered from the current 5-7 per cent to 1 per cent, the same rate applied to farmers repaying government loans. A good point. Farmers have also been getting debt forgiveness, new loans and subsidies to help meet their debt burden. Why would teachers be any less important? Link to comment Share on other sites More sharing options...
greenchair Posted July 20, 2018 Share Posted July 20, 2018 Actually the loan in itself is an honest scam. I have come across these dodgy loans often, when looking at government housing or condo loans. The classic thai 30 years loan. You borrow 1.2 million, but only pay back 5000 baht a month for 1 year. After that you pay 7000 for 2 years. After that you pay 10000 for 10 years. After that you pay 12000 per month for thirteen years. You end up paying 3 times the value of the loan. The property even with appreciation will never be worth what you paid. Most people just abandon the house. But these people are government workers. So well and truly screwed. Part of the scam is that you are not allowed to pay back the loan before the 30 year time frame. All these people saw is 3 million baht. They will probably pay back 9 million. I think it has just dawned on them, what they have been scammed into. Loansharks have got nothing on these deceitful 30 year packages from the banks and the government. Link to comment Share on other sites More sharing options...
mfd101 Posted July 20, 2018 Share Posted July 20, 2018 I guess they're not maths teachers ... Link to comment Share on other sites More sharing options...
happy chappie Posted July 20, 2018 Share Posted July 20, 2018 The deals done,now pay up. Link to comment Share on other sites More sharing options...
Wake Up Posted July 20, 2018 Share Posted July 20, 2018 3 hours ago, Srikcir said: A good point. Farmers have also been getting debt forgiveness, new loans and subsidies to help meet their debt burden. Why would teachers be any less important? Teachers get a salary and benefits and don’t depend on the weather and don’t have to buy machinery for their work and don’t feed the nation among many other differences. Link to comment Share on other sites More sharing options...
Wake Up Posted July 20, 2018 Share Posted July 20, 2018 3 hours ago, greenchair said: Actually the loan in itself is an honest scam. I have come across these dodgy loans often, when looking at government housing or condo loans. The classic thai 30 years loan. You borrow 1.2 million, but only pay back 5000 baht a month for 1 year. After that you pay 7000 for 2 years. After that you pay 10000 for 10 years. After that you pay 12000 per month for thirteen years. You end up paying 3 times the value of the loan. The property even with appreciation will never be worth what you paid. Most people just abandon the house. But these people are government workers. So well and truly screwed. Part of the scam is that you are not allowed to pay back the loan before the 30 year time frame. All these people saw is 3 million baht. They will probably pay back 9 million. I think it has just dawned on them, what they have been scammed into. Loansharks have got nothing on these deceitful 30 year packages from the banks and the government. Most people abandon the house. Maybe one reason the loans may be higher? But all loans have interest. They are not gifts or inheritances. If you borrow for 30 years the accumulated interest will be higher because money in 30 years is worth less than money today. But I am sure the bank made you or your wife take out the loan so of course loaning you money is the banks fault. The only problem with the bank is it is impossible to 100 percent predict who will not pay back the loan so those of us that do are paying for your bad decision to not repay the loan you agreed to. I hope they blacklist all of the people that don’t pay back their loans and prevent them from doing this again to other lenders. Link to comment Share on other sites More sharing options...
seajae Posted July 20, 2018 Share Posted July 20, 2018 taking out a loan is a personal decision, all the payments and figures are produced before you agree to it so the only ones at fault are the ones signing. What we see here are teachers that do not want to pay back the loans and are trying to get others to join them in the hope of getting away with it. Living within ones means is how you are supposed to do it, spending more than you can afford is your own problem and blaming others isnt the answer. If they couldnt afford the repayments they should not have taken the loan, as for the farmers, they are the poorest people with bugger all income and need help when weather etc stops them planting/harvesting, they are not employed by the govt with a guaranteed monthly wage like teachers Link to comment Share on other sites More sharing options...
robblok Posted July 20, 2018 Share Posted July 20, 2018 4 hours ago, Srikcir said: A good point. Farmers have also been getting debt forgiveness, new loans and subsidies to help meet their debt burden. Why would teachers be any less important? Where does it stop ? Why not the 711 girl and the MC taxi guy ? That is the whole problem with government stepping in helping farmers others will want support too. That is what you get for giving in to any group who has some voting power. I always felt that farmers were constantly getting bailed out.. guess I am not alone. Link to comment Share on other sites More sharing options...
Cadbury Posted July 20, 2018 Share Posted July 20, 2018 On 7/19/2018 at 2:21 PM, webfact said: GSB ready to sue teachers over loan delinquency The teachers and the GSB and the Ministry seem to be playing some deadly bluffing game. If the teachers go on strike they will get no pay to help reduce the loan. Similarly if they go bankrupt the government can/will dismiss them under the terms of their contract. Thus the government will have to recruit an army of new and possibly untrained teachers at great expense. If the GSB force them into bankruptcy they will have to write off a truckload of debt and be stuck with a heap of unsaleable or valueless assets. At the moment it is two government institutions versus the teachers. With a hard headed inflexible military government calling the shots this could easily turn into a lose/lose/lose situation. Link to comment Share on other sites More sharing options...
coulson Posted July 20, 2018 Share Posted July 20, 2018 On 7/19/2018 at 3:21 PM, webfact said: He said bankruptcy would disqualify the teachers for positions in the civil service under the Government Teacher and Education Personnel Act 2004 Good. If they couldn't be bothered to understand what they signed up for then they shouldn't be educating others. Link to comment Share on other sites More sharing options...
coulson Posted July 20, 2018 Share Posted July 20, 2018 4 hours ago, Srikcir said: A good point. Farmers have also been getting debt forgiveness, new loans and subsidies to help meet their debt burden. Why would teachers be any less important? That is their argument and it makes perfect sense. The problem being the farmers make up a massive voter base who are used to handouts, and are respected for providing sustenance to the Nation with hard work. You could forgive them at grass roots level for not being able to crunch numbers and need a helping hand. Maybe they weren't educated properly in their youth. The educators cannot hold up the same argument, and expect to get as much sympathy. If it was a pay hike that would be another story, but they really chose the wrong comparison. Shows them up to be what they are, dumb as a bag of hammers. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.