Huayrat Posted September 28, 2018 Share Posted September 28, 2018 If a Thai National does not pay the loan then loses the land guaranteed against the loan but still owes more what happens?? They don't work and have no income.. Does the bank take the loss ?? 1 Link to comment Share on other sites More sharing options...
Popular Post marko kok prong Posted September 28, 2018 Popular Post Share Posted September 28, 2018 Crushed like an ant,most probably. 1 2 Link to comment Share on other sites More sharing options...
Huayrat Posted September 28, 2018 Author Share Posted September 28, 2018 3 minutes ago, marko kok prong said: Crushed like an ant,most probably. I think your meaning the illegal money lenders.. This is not.. 1 Link to comment Share on other sites More sharing options...
Popular Post Crossy Posted September 28, 2018 Popular Post Share Posted September 28, 2018 The bank themselves, probably nothing unless it's a huge sum. BUT They could sell the debt to a collection company who may have less, er, subtle collection techniques. 3 Link to comment Share on other sites More sharing options...
Huayrat Posted September 28, 2018 Author Share Posted September 28, 2018 4 minutes ago, Crossy said: The bank themselves, probably nothing unless it's a huge sum. BUT They could sell the debt to a collection company who may have less, er, subtle collection techniques. After the land i reckon it will be half a million baht Link to comment Share on other sites More sharing options...
Andyfez Posted September 29, 2018 Share Posted September 29, 2018 Probably refer the debt to any farang friends......... 1 Link to comment Share on other sites More sharing options...
HAKAPALITA Posted September 29, 2018 Share Posted September 29, 2018 Land is rather vague, Apart from Felangs overvaluing it generally up country its worth very little unless for growing rice with water bore, near a busy road that 7/11 can open. Link to comment Share on other sites More sharing options...
kingstonkid Posted September 29, 2018 Share Posted September 29, 2018 Legally they can seize the land as it was not here to sell. That would .or he good for her. If there was a guarantor they will go after them. They will also.seize anything she has for instance where is she living Link to comment Share on other sites More sharing options...
scorecard Posted September 29, 2018 Share Posted September 29, 2018 15 hours ago, Crossy said: The bank themselves, probably nothing unless it's a huge sum. BUT They could sell the debt to a collection company who may have less, er, subtle collection techniques. Something like, pay up or both of your legs will be broken in 2 places, or violent assassination. death, Or violence / sever violence when a pick-up truck 'accidently' knocks your mother or wife and kids off a motorcycle, etc etc. Or your house 'accidently' catches fire... Link to comment Share on other sites More sharing options...
varun Posted September 29, 2018 Share Posted September 29, 2018 (edited) Is it the in-laws? Edited September 29, 2018 by varun Link to comment Share on other sites More sharing options...
scorecard Posted September 29, 2018 Share Posted September 29, 2018 (edited) 10 minutes ago, kingstonkid said: Legally they can seize the land as it was not here to sell. That would .or he good for her. If there was a guarantor they will go after them. They will also.seize anything she has for instance where is she living 'seize anything' can be true, even small things that could be sold and the cash deducted against the debt. Normally there is a limit, things like a quite limited amount of clothes, enough simple utensils to prepare a basic meal, etc, This happened to the daughter of a family acquaintance, she borrowed way way beyond her means (bank should have never lent the money), eventually the bank sold the debt to a debt collector. The collector swooped in quickly and took her car and m/cycle and 99% of furniture clothes, appliances etc etc. The collector didn't have any permission to enter the property, they just went ahead. Police contacted, police said 'too busy'. The debtor tried, after everything gone to claim that some of the items didn't belong to her (TV), Nobody listened, they just laughed at her. Edited September 29, 2018 by scorecard Link to comment Share on other sites More sharing options...
alanrchase Posted September 29, 2018 Share Posted September 29, 2018 The bank lent more money than was covered by the value of the land? Link to comment Share on other sites More sharing options...
scorecard Posted September 29, 2018 Share Posted September 29, 2018 1 hour ago, HAKAPALITA said: Land is rather vague, Apart from Felangs overvaluing it generally up country its worth very little unless for growing rice with water bore, near a busy road that 7/11 can open. True, plenty of areas in Thailand, many just barely outside of villages and towns where you can buy OK land for very very little money (in the name of a Thai person of course). My Thai son has done this, just 25K away from our current house in a city area, he's bought 3 not small plots of land (all roughly big enough for a small village of say 10 houses), all for a song, as speculation for his quite young daughters. Each plot was around 40-50,000Baht. Link to comment Share on other sites More sharing options...
BritManToo Posted September 29, 2018 Share Posted September 29, 2018 17 hours ago, Huayrat said: If a Thai National does not pay the loan They get a court order, them all land, motor vehicles, bank accounts owned by them (and any guarantor) can be seized and sold until the loan is paid. If it's not paid in the next 5 years, the debt is written off and you can start again. 1 Link to comment Share on other sites More sharing options...
RichardColeman Posted September 29, 2018 Share Posted September 29, 2018 18 hours ago, Huayrat said: They don't work and have no income. Thats a little unspecific - dont want to work or cannot work ? Plenty of people walking around picking up tin cans and plastic to earn some money here. If they can move I'd tell them get off their butts and look for work and go to the bank with a plan. 1 Link to comment Share on other sites More sharing options...
Huayrat Posted September 29, 2018 Author Share Posted September 29, 2018 1 hour ago, RichardColeman said: Thats a little unspecific - dont want to work or cannot work ? Plenty of people walking around picking up tin cans and plastic to earn some money here. If they can move I'd tell them get off their butts and look for work and go to the bank with a plan. No money means No money= No plan.. No vehicle and no home means nothing in value for the bank to take.. So im guessing the bank can't do anything after they take the land.. They can't be forced to work and your reply does not answer the question does it?? Link to comment Share on other sites More sharing options...
Huayrat Posted September 29, 2018 Author Share Posted September 29, 2018 4 hours ago, kingstonkid said: Legally they can seize the land as it was not here to sell. That would .or he good for her. If there was a guarantor they will go after them. They will also.seize anything she has for instance where is she living No Guarantor.. No motor vehicles and renting a place for 1000 baht per month.. So as i see it the bank can't recover the Drbt as i have told the Lady to give uo her land and move away.. Link to comment Share on other sites More sharing options...
Ulic Posted September 29, 2018 Share Posted September 29, 2018 On 9/28/2018 at 4:39 PM, Crossy said: The bank themselves, probably nothing unless it's a huge sum. BUT They could sell the debt to a collection company who may have less, er, subtle collection techniques. I don't think the banks here ever take a loss on loans secured by real estate. They put it up for sale for the amount they are owed and wait until hell freezes over. Then they can carry it on the books as a full value asset. Not sure I am correct but judging from the decaying unfinished projects from the 1997 Asian crash that can be seen in Bangkok/Pattaya that could have been sold/salvaged and completed that is my guess. If the banks had sold those projects they would have to declare a loss. Now buildings crumble until the land value meets the outstanding loan amount. 1 Link to comment Share on other sites More sharing options...
DJ54 Posted September 29, 2018 Share Posted September 29, 2018 There was an article about hospital admittance and 13 digit number. The injured person was a visit by the loan sharks (I assume) it was over money owed. They beat him unconscious. Hopefully they borrowed from a legal loan facility. Link to comment Share on other sites More sharing options...
Pedrogaz Posted September 29, 2018 Share Posted September 29, 2018 A variation of this happened to my wife. She had three properties on mortgages from 1990 . The rate was 20%. The bank repossessed the buildings in the late 1990s and in 2006 sued her claiming that the sale of the buildings did not cover the loan. They sued for the unpaid portion and the interest charges at 20% which came to a large sum pot money and which she was unable to pay. She declared bankruptcy which took several years. During that time she could not legally own any assets or she would have had to forfeit them, nor could I give her any money as they would have seized that too. In practice, I understand that assets can be put in others' names to avoid seizure, but your lawyer can advise on this. We are 12 years after the initial court date of December 2006, and my wife is still unable to get any credit or credit cards, even if it is just a second card on my account. Get a lawyer and prepare for the long haul. Link to comment Share on other sites More sharing options...
Pedrogaz Posted September 29, 2018 Share Posted September 29, 2018 9 hours ago, alanrchase said: The bank lent more money than was covered by the value of the land? I think in practice when the ban repossesses the land they sell it off...cheaply to their mates and receive a kickback....and then try to recover the apparent "loss". Link to comment Share on other sites More sharing options...
baansgr Posted September 29, 2018 Share Posted September 29, 2018 Gotta ask, if the outstanding amount after the land is sold equals 500,000, firstly the banks lending criteria is skewiff but what on Earth did she spend all the money on...or is it accumulated interest that has made it so much? Link to comment Share on other sites More sharing options...
pedro01 Posted October 1, 2018 Share Posted October 1, 2018 My guess would be they don't owe the bank anything. It is however a marvellous sob story and much better than a sick buffalo. I would exit the relationship you are in immediately so that some other schmuck can take care of the payments. Link to comment Share on other sites More sharing options...
pedro01 Posted October 1, 2018 Share Posted October 1, 2018 On 9/29/2018 at 7:21 PM, Pedrogaz said: We are 12 years after the initial court date of December 2006, and my wife is still unable to get any credit or credit cards, Could you PM me the name of your lawyer please? Link to comment Share on other sites More sharing options...
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