Student-loan guarantor gets reprieve

[webfact]

Student-loan guarantor gets reprieve

By THE NATION

 

Vipa Banyen

 

Fund agrees to delay the auction of teacher’s house and land plots.

 

THE STUDENT Loan Fund (SLF) has agreed to suspend the auction of a teacher’s house and land plots, taking into account the fact that she had fallen into legal trouble because she wanted to help her students. 

 

Vipa Banyen, now 47, had signed in as a guarantor for 60 students so that they could get loans for their study between 1998 and 1999.

 

Each student took out a loan of a little over Bt10,000. But then about 23 of them defaulted. Now they have an accumulated debt of over Bt1 million owed to the SLF due to interest charges and fines. Only two of them have so far come forward for debt negotiations. 

 

As many of the former students had not repaid their loans, the SLF took legal action against Vipa as their guarantor. 

 

“The house and land plots are an inheritance from my late parents,” Vipa lamented. “Had I known that I would face such foreclosure, I would not have signed on as a guarantor.” 

 

Poramate Sang-iam, the director of SLF legal execution, said the suspension was issued to ease Vipa’s grievance but that did not mean she would be able to avoid legal liability if her students refused to repay in the end. 

 

“We will be urgently pushing the debtors to repay. We should be able to track them down,” he said. “But if they refuse to pay and are unable to pay, Vipa will still have to shoulder the debt burden.”

 

He was speaking after a meeting with Vipa, who had requested help to resolve her predicament. 

 

 

Now a school executive, Vipa said she first found out in 2008 that many of the students had not repaid the SLF loan. 

 

“Since then, I have gone to court often because of their cases,” she said.

 

She had tried directly contacting some students to ask them to repay their debts, but they simply said they did not have the money to do so.

 

“Their parents have also said they do not have any money or assets,” Vipa said. 

 

Vipa has just two assets – her house and the land plot. Both have already been foreclosed. The SLF has agreed to suspend the auction of these assets for now. 

 

Vipa could fall into even deeper trouble if her former students continue to avoid repaying their debt. The court has already issued verdicts in some of the cases.

 

If Vipa was sued for other students defaulting, she could end up facing a bankruptcy lawsuit. If declared bankrupt, Vipa would be disqualified from working as a civil servant and would lose her job.

 

SLF manager Chainarong Kajchapanand said of the 21 default cases, Vipa had already paid off a part of the debt she had to shoulder as the guarantor in four cases.

 

“In 17 other cases, the principal amount is about Bt190,000. So, definitely she will not go bankrupt,” he said. 

 

He added the SLF would try to help Vipa by pressing former students to repay. 

 

Source: http://www.nationmultimedia.com/detail/national/30350821

 

-- © Copyright The Nation 2018-07-26

[webfact]

Help underway for a teacher who guaranteed loans for 60 students

By Thai PBS

 

teacher

 

The Legal Execution Department and the Student Loan Fund have stepped in to help a school teacher whose assets are at risk of being confiscated after ุ60 of her students defaulted on their student loans for which she served as guarantor.

 

The Fund manager, Mr Chainarong Katchapanant, told a press conference that the Fund had urged the Legal Execution Department to delay the seizure of the assets of Ms Vipa Banyen, an administrator at a school in Kamphaeng Phet, over about 300,000 baht in debts and interest thereof she owed the Fund for her role in guaranteeing the student loans received by her students.

 

Of the 60 students whom Ms Vipa guaranteed during 1998-1999, 29 of them have settled their debts with the Fund and ten others are paying their debts as normal.

 

Full story: http://englishnews.thaipbs.or.th/help-underway-teacher-guaranteed-loans-60-students/

 

-- © Copyright Thai PBS 2018-07-26

[bluesofa]

7 minutes ago, webfact said:

"Had I known that I would face such foreclosure, I would not have signed on as a guarantor.” 

This is a teacher speaking, who signed as a guarantor for 60 student loans of around 10,000 Baht each.

No wonder the country's in the state it is, if this is the level of understanding and responsibility the educators have.

Even now, she probably needs ten minutes with a calculator to work out she put herself at risk for 600,000 Baht.

 

[Bluespunk]

52 minutes ago, webfact said:

 

Each student took out a loan of a little over Bt10,000. But then about 23 of them defaulted. Now they have an accumulated debt of over Bt1 million owed to the SLF due to interest charges and fines. Only two of them have so far come forward for debt negotiations. 

No good deed goes unpunished. 

 

“It was a mistake," you said. But the cruel thing was, it felt like the mistake was mine, for trusting you.”

David Levithan

Edited July 25, 2018 by Bluespunk

[GinBoy2]

Problem is this a cultural 'problem'

The words "I promise" fall very easily from Thai lips, with the underlying thought that it means nothing.

This lady has discovered that words maybe do have some meaning, although I suspect that ultimately this is a flash in the pan story, everything will be forgiven and on to the next 'fluff' story of the day

[z42]

While I feel for this lady I am also at a loss to figure out what the hell she was thinking. Surely a loan guarantor should be someone who is blood related or an incredibly close and trusted family friend of the person taking the loan.

I am a teacher, and some of the students I have taught over the course of my career have been wonderful people, however if any of them were to ask me to guarantee their student loans I (even in my wettest behind the ears days) would have probably laughed in their faces and said that it is no way my duty or responsibility to do such a thing.

 

And this woman has guaranteed 60 that we know of. Absolutely foolish in the extreme

[Get Real]

2 hours ago, webfact said:

Help underway for a teacher who guaranteed loans for 60 students

Help???? For what???

Helping students to achieve good in their seach for education is a techers job, but stand as a guarantor for 60 loans to people you do not even know is pure stupidity.
Sell her house and land to pay of the debt. That will surely tech her to be a little bit smarter in the future.

[DoctorG]

There appears to be a whole lot of Thai teachers who do not understand money management and fiscal responsibility.

[bluesofa]

46 minutes ago, z42 said:

While I feel for this lady I am also at a loss to figure out what the hell she was thinking. {snipped}

And this woman has guaranteed 60 that we know of. Absolutely foolish in the extreme

Perhaps she was trying to make it into the Guinness Book of Records?

 

[mikebell]

3 hours ago, webfact said:

about 23 of them defaulted.

Out of 60.  I am sure the proportion of bad debtors is much higher than this.  Look at the number of teachers who have borrowed & now want to strike to avoid repayment.

[yellowboat]

As silly and reckless as she was,  I cannot help but think of her of anything other than a heroic educator.  She bore terrific risk in the hopes of educating her students, of which, 37 repaid her.   She is a credit to the nation in her kindness, not in her money management.    

[bluesofa]

30 minutes ago, DoctorG said:

There appears to be a whole lot of Thai teachers who do not understand money management and fiscal responsibility.

Perhaps it's a requirement to become a teacher? Otherwise they'd be working for the Bank of Thailand.

 

I taught my son a short-cut how to do the eleven time table in his head. I can pick a number - ask him 27x11 and in less than ten seconds can tell me its 297.

He beat his teacher who was using a calculator. Probably the wrong thing to do really, making his teacher lose face.

 

[bluesofa]

30 minutes ago, mikebell said:

Out of 60.  I am sure the proportion of bad debtors is much higher than this.  Look at the number of teachers who have borrowed & now want to strike to avoid repayment.

They probably didn't understand they had to pay the money back...

 

[davehowden]

And the SLF saw nothing wrong in allowing the same teacher to be guarantor for 60 student loans totaling 600,000, don't the SLF have a duty of care to protect stupid people from themselves?

[Expatthailover]

Lets hope no one is disturbed, bitter and twisted enough to disparage this fantastic thai woman who has committed these wonderful acts of altruism to help her thai students.

She is typical of the average thai citizen and that is what makes it such a wonderful country to live in.

Why so many dont see this is bewildering

[Expatthailover]

Just now, davehowden said:

And the SLF saw nothing wrong in allowing the same teacher to be guarantor for 60 student loans totaling 600,000, don't the SLF have a duty of care to protect stupid people from themselves?

Charming

[lom]

Publish the names of the 21 not paying back. Shame them publicly.

[ChrisY1]

1 hour ago, yellowboat said:

As silly and reckless as she was,  I cannot help but think of her of anything other than a heroic educator.  She bore terrific risk in the hopes of educating her students, of which, 37 repaid her.   She is a credit to the nation in her kindness, not in her money management.    

Agree....one who thinks of her students.

[robblok]

54 minutes ago, bluesofa said:

Perhaps it's a requirement to become a teacher? Otherwise they'd be working for the Bank of Thailand.

 

I taught my son a short-cut how to do the eleven time table in his head. I can pick a number - ask him 27x11 and in less than ten seconds can tell me its 297.

He beat his teacher who was using a calculator. Probably the wrong thing to do really, making his teacher lose face.

 

While as an accountant i can only applaud you teaching your son some calculation. I and many others prefer to use the calculator, its better and safer, there is no real need to learn these things by heart. You of course have to know what the answer would be approximately so you could see if your making mistakes when using a calculator. I can do math without a calculator but when it really count I always use one. 

[wirat69]

Thus the adage, “a Guarantor is a fool with a fountain pen”!!!

[Enzian]

My Thai girlfriend's father when he was alive co-signed for a friend's loan. The "friend" defaulted and the bank took part of dad's farm. My girlfriend said the problem was dad was Jai dee, had a "good heart". I said he was stupid. Cultural differences. I'm still trying to get her to be better with money since her own track record is not good, though not catastrophic. In dad's case, his brother's wife went ballistic and got an extra job to pay back the bank so the land would stay in the family. But eventually he let it be alienated to more remote family members anyway. 

[rkidlad]

25 minutes ago, Expatthailover said:

Lets hope no one is disturbed, bitter and twisted enough to disparage this fantastic thai woman who has committed these wonderful acts of altruism to help her thai students.

She is typical of the average thai citizen and that is what makes it such a wonderful country to live in.

Why so many dont see this is bewildering

About 23 of the 60 students defaulted on loans of about '10,000' baht. That's nearly half of them that for some reason can't/won't pay back the money. That's pretty appalling. Some serious self-reflecting is needed there. 

 

She did a nice thing, sure. But she also must understand that she acted as a 'guarantor'. I hope she gets all the help she can, but at the end of the day, she signed a bit of paper saying that she is ultimately responsible for the debt. 

 

I lent a bird here 5,000 baht once. Never got it back. Last message she sent me was that she was poor and I was rich. I'm not rich. Was I angry with her? Sure! But I was more angry with myself for being so stupid. End of the day - I only have myself to blame. 

 

 

[akampa]

1 hour ago, yellowboat said:

As silly and reckless as she was,  I cannot help but think of her of anything other than a heroic educator.  She bore terrific risk in the hopes of educating her students, of which, 37 repaid her.   She is a credit to the nation in her kindness, not in her money management.    

sometimes you have to cruel to be kind .No should have been her first choice.

[nahkit]

4 hours ago, bluesofa said:

This is a teacher speaking, who signed as a guarantor for 60 student loans of around 10,000 Baht each.

No wonder the country's in the state it is, if this is the level of understanding and responsibility the educators have.

Even now, she probably needs ten minutes with a calculator to work out she put herself at risk for 600,000 Baht.

 

" Now a school executive "

 

Promoted in recognition of her skills.

[Lupatria]

1 hour ago, DoctorG said:

There appears to be a whole lot of Thai teachers who do not understand money management

They can always consult a 'money management expert' among officials near them:

 

Evidence found in about 49 out of 76 provinces. Misappropriation of 85 percent of funds that were allocated for the poor and for HIV patients, the Office of Public Sector Anti-Corruption Commission said after finding evidence of US$ 3.2 million missing.

[Yann55]

5 hours ago, webfact said:

Each student took out a loan of a little over Bt10,000. But then about 23 of them defaulted. Now they have an accumulated debt of over Bt1 million owed to the SLF due to interest charges and fines

 

OK, so.... between 1999 and 2018, 230 000 bahts become 1 million...

 

Time for Big Joke to step in, as this is clearly a loan shark situation, and the Good Guys at the Top don't approve of loan sharks. Or do they ?

 

 

 

Edited July 26, 2018 by Yann55

[ardsong]

The teacher just should make the names of her "pupils" that refuse to pay, known on social media and newspapers, including clearly the Family name. 

 

fear of "loose face" will make many of them and their "poor?" families pay up.

[atyclb]

4 hours ago, bluesofa said:

This is a teacher speaking, who signed as a guarantor for 60 student loans of around 10,000 Baht each.

No wonder the country's in the state it is, if this is the level of understanding and responsibility the educators have.

Even now, she probably needs ten minutes with a calculator to work out she put herself at risk for 600,000 Baht.

 

 

arguably her decision even less sensible than deciding to enter a dangerous cave known to flood after torrential rains began. 

[atyclb]

4 minutes ago, ardsong said:

The teacher just should make the names of her "pupils" that refuse to pay, known on social media and newspapers, including clearly the Family name. 

 

fear of "loose face" will make many of them and their "poor?" families pay up.

 

the thai dentist that that studied at harvard lost tons of face and despite a six figure (usd) salary still has not began to repay

[bluesofa]

12 minutes ago, robblok said:

While as an accountant i can only applaud you teaching your son some calculation. I and many others prefer to use the calculator, its better and safer, there is no real need to learn these things by heart. You of course have to know what the answer would be approximately so you could see if your making mistakes when using a calculator. I can do math without a calculator but when it really count I always use one. 

I understand what you're saying. Perhaps it's down to how it was taught at school? I feel reasonably confident when doing it mentally.

 

The eleven times table: 27 x11: Add the two digits 2 and 7, placing the result in the middle: 297. That doesn't need an approximation, as it's just a cheats way to do it mentally. 52x11=572 Just a bit of fun to impress people - but perhaps not a Thai teacher!

 

I went into our local shop for three Leos at 60 Baht each. Gave the woman 200 Baht and told her I needed 20 Baht change. She used a calculator to arrive at the same result, and was astounded I could do it in my head.

Years ago I saw a bar cashier use a calculator to work out 1,000 minus 100.

I'm sure you wouldn't need a calculator for those two, although the locals here seem to.