Indebted teachers appeal to Thai government for solution

[Sir Dude]

So many people simply don't live in the real world anymore and complain about their misjudgments regarding greed and thinking that the rules don't apply to them because they are somehow special. It's not just the teachers, it's the rice and rubber farmers, students et al and all. Live within your means and don't take out loans if you can't afford them. No sympathy really from me for any of them as the levels of entitlement and fantasy are simply breathtaking everywhere these days (and not just Thailand). People have to drop this nonsense charade about looking so fantastic when behind it is a mountain of debt. The banks are also to blame for predatory lending to totally unsuitable borrowers just so that they can catch them all in a never-ending web of debt repayments. I hope reality crashes in on the banks, the government and the borrowers...high time imo and if it does then I'll be fine as I am debt free other than a house that I can afford.

Edited July 24, 2018 by Sir Dude

[dorchester]

I wonder if there might be a math teacher among the group?

[GOLDBUGGY]

If these Bank Loans are supposed to be some benefit for underpaid teachers to get, then I agree that there Interest Payments are too high. Consider that Teachers are not paid very well in this country. But yet still have to graduate from a University Program, which many had to take out Student Loans to even get that.

 

But after graduation and working for awhile and perhaps paying off there Student Loans, they now wish to purchase a modest house for 1.2 M Baht. There payment is now about 7,500 Baht a month, which may be equal to half of there salary. Of which 6,000 Baht just goes for the Interest on this borrowed money, and only 1,500 Baht towards there Loan.

 

On the initial 1.2 M Baht the Interest Payment works out to be 6%. Rather high when you consider this is supposed to be some benefit to he Teachers. Why not 2% and like they give you in a Savings Account (or less)? But since this loan is not ammortized then this 6% is actually a false Interest Rate. When half of this loan is paid off, you are still paying the same towards your Interest Payment, which then would be 12%. When 3 quarters are paid off this then becomes 18%, and so on. 

 

Since they pay half there salary and about 7,500 Baht a month, and only 1,500 Baht a month goes towards paying of this Bank Loan (Principle) it would take an average teachers about 66 years to pay off this mortgage. That's a bit crazy don't you think? No small wonder that even Retired Teachers are losing there homes when it takes them 66 years of work and half there salary to pay off this loan. 

 

These Teachers are not looking for handouts here. All they are asking for is reasonable Interest Rates as part of there Benefit Package. If they dropped the Interest Payment to 2%,  and now only had to pay 5,000 Baht a month on payments, they would have an extra 2,500 Baht a month to live off of, and yet have this loan paid off in 33 Years. If they used this extra 2,500 Baht a month to pay off there Bank Loan they would pay this off in 20 years. 

 

I don't see anything unusual for them to ask for a lower Interest Rate to a Benefit Package that they were supposed to have.    

[tryasimight]

The owners of thaifriendly must be rubbing their hand with glee. All those new profiles popping up looking for a farang husband.

[GOLDBUGGY]

1 hour ago, Sir Dude said:

So many people simply don't live in the real world anymore and complain about their misjudgments regarding greed and thinking that the rules don't apply to them because they are somehow special. It's not just the teachers, it's the rice and rubber farmers, students et al and all. Live within your means and don't take out loans if you can't afford them. No sympathy really from me for any of them as the levels of entitlement and fantasy are simply breathtaking everywhere these days (and not just Thailand). People have to drop this nonsense charade about looking so fantastic when behind it is a mountain of debt. The banks are also to blame for predatory lending to totally unsuitable borrowers just so that they can catch them all in a never-ending web of debt repayments. I hope reality crashes in on the banks, the government and the borrowers...high time imo and if it does then I'll be fine as I am debt free other than a house that I can afford.

So as a Bright Thai Student from a Farming Village, what are your options then when you graduate from High School? Work the same Family Farm that your Parents did and hardly making a living from it? Go work in some factory or be a waitress someplace, for minimum wage of 300 Baht a day, and where more than half your money goes towards your personal living expenses? Or perhaps take out a Student Loan in hopes of improving your education and future employment position? 

 

It is obvious that many take out Stduent Loans in hopes of improving there future employment possibilites. But Hey! This goes against your philosophy of borowing money you can't afford to pay back.

 

It is easy to sit in your arm chair and judge other people and call them stupid for borrowing needed money. But for a moment put yourself in there shoes. Where you come from a poor family who can't help you with your education. That the only way you can get it is by borrowing money on a Student Loan. So what would you do if you were one of them?  

[Sir Dude]

1 minute ago, GOLDBUGGY said:

So as a Bright Thai Student from a Farming Village, what are your options then when you graduate from High School? Work the same Family Farm that your Parents did and hardly making a living from it? Go work in some factory or be a waitress someplace, for minimum wage of 300 Baht a day, and where more than half your money goes towards your personal living expenses? Or perhaps take out a Student Loan in hopes of improving your education and future employment position? 

 

It is obvious that many take out Stduent Loans in hopes of improving there future employment possibilites. But Hey! This goes against your philosophy of borowing money you can't afford to pay back.

 

It is easy to sit in your arm chair and judge other people and call them stupid for borrowing needed money. But for a moment put yourself in there shoes. Where you come from a poor family who can't help you with your education. That the only way you can get it is by borrowing money on a Student Loan. So what would you do if you were one of them?  

Well, I guess swamping yourself in debt that enslaves you is the answer then...guess you are right.

[tryasimight]

21 minutes ago, GOLDBUGGY said:

If these Bank Loans are supposed to be some benefit for underpaid teachers to get, then I agree that there Interest Payments are too high. Consider that Teachers are not paid very well in this country. But yet still have to graduate from a University Program, which many had to take out Student Loans to even get that.

 

But after graduation and working for awhile and perhaps paying off there Student Loans, they now wish to purchase a modest house for 1.2 M Baht. There payment is now about 7,500 Baht a month, which may be equal to half of there salary. Of which 6,000 Baht just goes for the Interest on this borrowed money, and only 1,500 Baht towards there Loan.

 

On the initial 1.2 M Baht the Interest Payment works out to be 6%. Rather high when you consider this is supposed to be some benefit to he Teachers. Why not 2% and like they give you in a Savings Account (or less)? But since this loan is not ammortized then this 6% is actually a false Interest Rate. When half of this loan is paid off, you are still paying the same towards your Interest Payment, which then would be 12%. When 3 quarters are paid off this then becomes 18%, and so on. 

 

Since they pay half there salary and about 7,500 Baht a month, and only 1,500 Baht a month goes towards paying of this Bank Loan (Principle) it would take an average teachers about 66 years to pay off this mortgage. That's a bit crazy don't you think? No small wonder that even Retired Teachers are losing there homes when it takes them 66 years of work and half there salary to pay off this loan. 

 

These Teachers are not looking for handouts here. All they are asking for is reasonable Interest Rates as part of there Benefit Package. If they dropped the Interest Payment to 2%,  and now only had to pay 5,000 Baht a month on payments, they would have an extra 2,500 Baht a month to live off of, and yet have this loan paid off in 33 Years. If they used this extra 2,500 Baht a month to pay off there Bank Loan they would pay this off in 20 years. 

 

I don't see anything unusual for them to ask for a lower Interest Rate to a Benefit Package that they were supposed to have.    

I do. 

If teachers can get a lower rate the EVERBODY  should get a lower interest rate. If not then the people who can manage their money are effectively subsidising those who cannot. 

[GOLDBUGGY]

2 minutes ago, tryasimight said:

I do. 

If teachers can get a lower rate the EVERBODY  should get a lower interest rate. If not then the people who can manage their money are effectively subsidising those who cannot. 

Not true My Friend. These Bank Loans were set up as part of a Benefit Package to Teachers. So it ony applies to Teachers. What you are saying is that if somebody gets Free Dental at work as part of his Benefit Package, then we all should get this. Why?

[Sir Dude]

1 minute ago, tryasimight said:

I do. 

If teachers can get a lower rate the EVERBODY  should get a lower interest rate. If not then the people who can manage their money are effectively subsidising those who cannot. 

Absolutely right. Why should the teachers or anyone else get special treatment and not everyone? Why don't I and my Thai wife get interest relief too, as she is a normal citizen who isn''t one of these entitled sections of society that believe they should get special treatment. If anything, my wife and I should be cut some slack interest wise as we fall into the section of 'performing loans'...not these entitled sections of society that can't service their loans but believe they should get special treatment due to delusions of grandeur....what utter BS. 

[tryasimight]

3 minutes ago, GOLDBUGGY said:

Not true My Friend. These Bank Loans were set up as part of a Benefit Package to Teachers. So it ony applies to Teachers. What you are saying is that if somebody gets Free Dental at work as part of his Benefit Package, then we all should get this. Why?

You are missing my point.  They already had special access to funds.  Now they want to drop the interest rates because of hardship.  Apply that to all people with loans. They've already used up their special benefits and now want more because they cannot face up to their poor financial decision making. 

Sorry.. No sympathy from me. 

[overherebc]

6 hours ago, happy chappie said:

I'll give them a tip.dont take out loans.work harder and find a 2nd job,get the partner to do the same.then pay off the loan and don't do it again.where I come from both partners have to work and save for the deposit on a house for probably 10 years then take out a mortgage for most of their lives to by a house the size of my lock up here (50sqm) and pay council tax that's absolute robbery.1 rai in the uk would have about 30 -40 apartments on it.also none would have a car over 500,000 baht either.no sympathy for them.i find teachers and government workers are lazy and no good at their jobs and think they are better than anyone else.i hope the banks squeeze every last baht out of them and bring them down to earth.

I don't know if you'll agree but it's a 'uniform' thing. Lots of shiny things pinned all over it.

Must have shiny new car etc to show it off at it's best.

[GOLDBUGGY]

11 minutes ago, Sir Dude said:

Well, I guess swamping yourself in debt that enslaves you is the answer then...guess you are right.

So what do you call working hard 12 hours a day for 300 Baht? A person forced to do that to me is closer to being a Slave with no way out, then borrowing money to try an improve his education.

 

But then in our country, we don'y have Teachers swamped in debt for borrowing $35,000 to buy a house. Do We?

[Sir Dude]

30 minutes ago, GOLDBUGGY said:

So what do you call working hard 12 hours a day for 300 Baht? A person forced to do that to me is closer to being a Slave with no way out, then borrowing money to try an improve his education.

 

But then in our country, we don'y have Teachers swamped in debt for borrowing $35,000 to buy a house. Do We?

Nothing to do with our countries of origin...we are talking about reality here. It's nothing more that economics 101 and few seem to be able to understand it now. If you don't have the money for it, then tough titties...simple, no-one owes you a living or existence. Who OKed the fact that you can go 'La La Land' and not pay for it? You are sadly deluded man, if you think there should be some fantasy land for certain sections of society and not everyone, due to them thinking they are socially superior then that is fubar. If you have an issue with people getting 300 baht a day then you need to address these greedy Thai corporations and the local fascist governemnt that refuse to free the "slaves" (as you put it), think you are directing your ire at the wrong entity.

Edited July 24, 2018 by Sir Dude
Typos

[GOLDBUGGY]

17 minutes ago, Sir Dude said:

Absolutely right. Why should the teachers or anyone else get special treatment and not everyone? Why don't I and my Thai wife get interest relief too, as she is a normal citizen who isn''t one of these entitled sections of society that believe they should get special treatment. If anything, my wife and I should be cut some slack interest wise as we fall into the section of 'performing loans'...not these entitled sections of society that can't service their loans but believe they should get special treatment due to delusions of grandeur....what utter BS. 

Why stop at Teachers? Almost any Civil Servant I know of, from any country, is given special benefits.

 

You would be surprised at what some of the Benefits are for Government Employees in my country. It would make your hair turn Grey. But by the way you talk I gather you didn't know this before. In Poland not that long ago, Techers and Nurses were given free accomodations to live in, as part of there benefits.

 

So a Low Interest Loan is not asking for too much. Considering that all 4 of the Big Banks in Thailand made record profits this year.  

[GOLDBUGGY]

21 minutes ago, Sir Dude said:

Nothing to do with our countries of origin...we are talking about reality here. It's nothing more that economics 101 and few seem to be able to understand it now. If you don't have the money for it, then tough titties...simple, no-one owes you a living or existence. Who OKed the fact that you can go 'La La Land' and not pay for it? You are sadly deluded man, if you think there should be some fantasy land for certain sections of society and not everyone, due to them thinking they are socially superior then that is fubar. If you have an issue with people getting 300 baht an hour then you need to address these greedy Thai corporations and the local fascist governemnt that refuse to free the "slaves" (as you put it), think you are directing your ire at the wrong entity.

I am not trying to change the World just because I believe these Teachers have a good point. But I do think you need to read up some more on what a Benefit Package is, and what it is for.

 

Is it fare that if you work at Big C you get a discount from the store on clothing? Is it fare that if you work for Thai Airways you get a discount on your flight tickets? Is it fare that if you are a Loans Officer in a Big Bank you get a discount on your Loan Interest?

 

Yes! It is all fare as all these are what a Benefit Packages are all about. To attract and keep good employees. Teachers have a very valuble job in any society. So they are special. And not all loans are the same either. Somebody who wants to buy a shinny new car just to impress friends, and who cannot afford it, is not the same as some student borrowing money to go to University. That loan should be discounted also as far as I am concerned.  

[billd766]

13 hours ago, rodney earl said:

At the end of the day, the banks are largely at fault.!!

 

No, the persons who asked for the loans are at fault.

 

No banks go around forcing people to borrow money.

 

People go there of their own accord and willingly sign up to borrow the money without knowing or understanding what it will cost them.

 

Granted, the bank staff should be more thorough in checking and in saying NO more often.

[Nigeone]

2 hours ago, billd766 said:

 

No, the persons who asked for the loans are at fault.

 

No banks go around forcing people to borrow money.

 

People go there of their own accord and willingly sign up to borrow the money without knowing or understanding what it will cost them.

 

Granted, the bank staff should be more thorough in checking and in saying NO more often.

Nope. I'm my opinion it's totally the banks fault . When we were little we asked our parents all the time for things . We learnt we don't always get what we ask for but it's not the kids fault for asking. Just trying it on . No different here. Customer goes to the bank puts forward a proposal and gets a answer. It would seem ability to pay is not considered or sufficient checks done. The bank has the power to say yes or no ! Don't ask don't get we all know that saying. They ask and seemingly always get . Banks responsible for lack of good control . 

Edited July 24, 2018 by Nigeone

[TumblinDice]

Why don't you smart axx farangs try living on a Thai teachers salary, or any Thai salary!!

I know a co teacher (4 year uni degree) making only 9000B a month. Try living on that!

The only reason so many farangs live in Thailand is to stretch their mere pittance savings/pensions.

And here they are preaching to Thais how to spend! 

[aircooledflat4]

5 hours ago, Nigeone said:

We learnt we don't always get what we ask for but it's not the kids fault for asking

But this is about adults 

[rodney earl]

The banks make it far too easy to borrow money and then the customers find out that they have to pay it back plus interest at seemingly excessive rates of interest when they borrow 100% of the purchase price. This was part of the problem with the financial crisis, people borrowing 100% of the purchase price. After all they have got to make a lot of money so they can pay all of the shiny asses their excessive salaries. You have only got to look at what has been going on in america with wells fargo. The ceo walks away with roughly 300million usd and he leaves behind people who have lost their homes, jobs and many other things. The banking system has got a lot to answer for but they never have and they never will. !!!

[kannot]

Retards  the lot of them.

[kannot]

6 hours ago, TumblinDice said:

Why don't you smart axx farangs try living on a Thai teachers salary, or any Thai salary!!

I know a co teacher (4 year uni degree) making only 9000B a month. Try living on that!

The only reason so many farangs live in Thailand is to stretch their mere pittance savings/pensions.

And here they are preaching to Thais how to spend! 

some of us were not so dumb as  to  borrow  what we couldnt pay back

[happy chappie]

14 hours ago, overherebc said:

I don't know if you'll agree but it's a 'uniform' thing. Lots of shiny things pinned all over it.

Must have shiny new car etc to show it off at it's best.

It's deffo the uniform thing,seen as given the power of stalin down my local amphur or government offices.ive seen them treat me and all the locals like crap.and the teacher neighbor is the real deal of thinking she's some sort of Queen with their shiny white cars and debt collectors calling in everyday.

[spacebass]

Thailand in the pocket of Loan Sharks , sophisticated network will never be legislated against.

[billd766]

10 hours ago, TumblinDice said:

Why don't you smart axx farangs try living on a Thai teachers salary, or any Thai salary!!

I know a co teacher (4 year uni degree) making only 9000B a month. Try living on that!

The only reason so many farangs live in Thailand is to stretch their mere pittance savings/pensions.

And here they are preaching to Thais how to spend! 

 

One reason would be that I have worked for 50 years and I am retired. What you fail to grasp is that you are trying to qualify Thai teachers and Thai salaries with that of the west.

 

You try living on the minimum salary in the UK for example then go to the bank and borrow money for anything and see the results.

 

Why doesn't your co teacher friend (4 year uni degree) making only 9000B a month chuck her job in and find another?

 

BTW are you living on a Thai wage here in Thailand?

 

In fact try living on the minimum wage in the UK and see how you fare.

 

I have a Thai niece living in BKK who also has a degree. Instead of the 15,000 baht minimum she was on 12,000, got another job and made 13,000. Chucked that in and opened her own business and makes a lot more money.

[happy chappie]

Check out payday loans in the uk.makes the Thai loans look a really good deal.the reason for such high interest rate loans in Thailand is probably to cover the cost of them not being repaid.i would say lending to a Thai is called a highly toxic loan.maybe even a highly radioactive loan.

[humbug]

1 hour ago, happy chappie said:

It's deffo the uniform thing,seen as given the power of stalin down my local amphur or government offices.ive seen them treat me and all the locals like crap.and the teacher neighbor is the real deal of thinking she's some sort of Queen with their shiny white cars and debt collectors calling in everyday.

yes i know what you mean

 

lets call them the 'State' civil servants and yellow shirts etc

 

They get access to 'easy loans','easy housing','easy health benefits'

 

'Easy Loans' come from Government Savings Bank which the 'State' has used to keep all these people Onside(we all know what means Bribery)

 

Teachers would be at the bottom of the civil service and the poorest so many more defaulting. But they wont be the only ones from the state Piggy Banking the Government Savings Bank.

 

50,000 teachers and more are in serious trouble

 

300,000 out of 450,000 teachers took up the 3 million over 30years(stated in another TV article)

 

Lets guess say some may have Re-Mortgaged as well

 

thats looking close  to 200 billion baht in defaults just from one Section of the 'State'

 

How about the others and who is going to bail out the 'State's' own problem?

 

Yep everyone else

 

the ones they treat like dirt and take away freedoms and keep them at the bottom of the ladder in  a Indian Caste kind of way will be paying for this 

Edited July 25, 2018 by humbug

[happy chappie]

Makes me laugh when I read the Thai economy is flying high with 1% unemployment and exports going through the roof.going through the villages is like going through them 50yr ago and I wonder if swinging in a hammock or chasing chickens with a stick is classed as employed.i read the uk economy is going down the pan but I sold my house in 10 minutes and last month my pal sold his in four days for a million baht more than he was asking.there now is actually a shortage of certain types of bricks that I've never heard of in my 35 yrs of being a brickie.in fact I've been coaxed back out of retirement to go back and work for 6 months.being a brickie in the uk is nearly as good as being an off shore worker.when I told the mrs I was going back she said what about getting a job.??????

[TumblinDice]

10 hours ago, billd766 said:

 

One reason would be that I have worked for 50 years and I am retired. What you fail to grasp is that you are trying to qualify Thai teachers and Thai salaries with that of the west.

 

You try living on the minimum salary in the UK for example then go to the bank and borrow money for anything and see the results.

 

Why doesn't your co teacher friend (4 year uni degree) making only 9000B a month chuck her job in and find another?

 

BTW are you living on a Thai wage here in Thailand?

 

In fact try living on the minimum wage in the UK and see how you fare.

 

I have a Thai niece living in BKK who also has a degree. Instead of the 15,000 baht minimum she was on 12,000, got another job and made 13,000. Chucked that in and opened her own business and makes a lot more money.

And why are you living here in Thailand on you UK pension preaching how Thais should budget themselves? Look at all the expensive "western" shopping malls being built, western grocery stores, western cars. Go back to the UK & live on your pension. 

Why doesn't your co teacher friend (4 year uni degree) making only 9000B a month chuck her job in and find another?

You think its that easy? If that were the case, thousands more would be doing it.

I was living on a teachers salary & could barely afford to live. I don't know how the Thais can manage. They deserve a lot more in salaries & benefits, just like the west. And when that day comes, you won't be living so high on the hog either.

[kannot]

13 hours ago, happy chappie said:

Check out payday loans in the uk.makes the Thai loans look a really good deal.the reason for such high interest rate loans in Thailand is probably to cover the cost of them not being repaid.i would say lending to a Thai is called a highly toxic loan.maybe even a highly radioactive loan.

but it  all  boils down to the person asking to  borrow, a  modicum of  self control and most of this would never  happen. They dont need  99% of the crap they buy.

My wife , one  of nine, never  had a problem on a  small salary, she always saved money for a rainy day.........most people dont, and therein lies the problem. They bring it totally on themselves then whine its "not their  fault"

I have no sympathy whatsoever for them. You simply dont buy what you cant afford.