Borrow 800'000B for yearly Extension ?

[BaanOz]

Maybe someone can setup peer-to-peer lending here (like Ratesetter in Oz) ????

Might it already exist, no idea.

 

Ratesetter

[SheungWan]

On 11/23/2018 at 2:35 PM, balo said:

Really ? Most people will understand the risks of lending money . A normal contract that both of us agree on is not a problem for any honest person who needs help. 

Good luck with that one.

[SheungWan]

On 11/20/2018 at 3:33 PM, Orton Rd said:

25k v 1900 baht is not cheap

It is if the 1900 baht option is off the table. In fact the option then becomes 15-25k Vs 800,000.

[Spidey]

25 minutes ago, SheungWan said:

It is if the 1900 baht option is off the table. In fact the option then becomes 15-25k Vs 800,000.

Except that you don't actually lose the 800k. I plan to use it to live on for the rest of the year.

[DrJack54]

4 hours ago, Spidey said:

Except that you don't actually lose the 800k. I plan to use it to live on for the rest of the year.

Hope this does not sound superior. Here's the thing. The 800k needs to be in Thai bank 3 months prior to extending. After which can use the money to live here. As per Spidey mentioned. If your on a pension or investments just let them accrue. Bring all that money in one transfer 3 month before your next extension. Do away completely with income method. Only option is "money in Thai bank". For those that say " oh poor me I don't have 800k lying around"..... Hells Bells that's not even 25k USD. In retirement and can't bank roll a 25kusd requirement. Best have health insurance here as well if that's the situation.

Edited November 25, 2018 by DrJack54
Error

[KhunFred]

On 11/20/2018 at 11:52 AM, DrJack54 said:

Use visa agent. 25000 baht. Easy peasy. 

Assuming you have the 25 thousand baht.

[ozmeldo]

This is illegal and the financial terms absolutely ridiculous.

 

It's not to wonder embassies got smart and washed their hands of the mess.

 

 

 

[ozmeldo]

3 minutes ago, KhunFred said:

Assuming you have the 25 thousand baht.

But they all have 65k incoming every month.

 

Bah

[ozmeldo]

Ironic, many of you with huge assets all tied up in your home country so but can't sort out a bridge loan for a few months.

 

Those that allegedly have 65k income streambbut can't pare spending back to say 40k a month for a few years. Such a laugh.

 

100k base savings home country

 

700k @ 25k per month...

 

In about 2.5 years of leaner living you'd have the 800k

 

BTW aside from inter/national trips and big ticket items. My wife covers some of her expenses, I pay all the rent, utilities. I'm spending about 25k a month. So at 40 for a single old man I'm not seeing hardship 40k pm.

 

We now get the reality check, many simply don't have the money and never will 

[Olmate]

20 minutes ago, DrJack54 said:

Hope this does not sound superior. Here's the thing. The 800k needs to be in Thai bank 3 months prior to extending. After which can use the money to live here. As per Spidey mentioned. If your on a pension or investments just let them accrue. Bring all that money in one transfer 3 month before your next extension. Do away completely with income method. Only option is "money in Thai bank". For those that say " oh poor me I don't have 800k lying around"..... Hells Bells that's not even 25k USD. In retirement and can't bank roll a 25kusd requirement. Best have health insurance here as well if that's the situation.

Perhaps we could ask people living back home,even working,if they have a lazy $25K in case? Reports say not so and many or most live week to week!How come we are supposedly able to ? I guess some here are not of that group but suggest majority are.

[JackThompson]

38 minutes ago, DrJack54 said:

If your on a pension or investments just let them accrue.

This would require many to hold their breath and "not exist" (no overhead/existence costs) for the period of income-time it takes to reach the 800K - or spend-down their investments which contribute to their income - etc.  And, yes, paying health-insurance premiums may be one reason they cannot do this.

 

20 minutes ago, ozmeldo said:

24 minutes ago, KhunFred said:

Assuming you have the 25 thousand baht.

But they all have 65k incoming every month.

And probably have adjusted their standard-of-living to match their income - or close to it.  This was Good for Thailand, until now - why I see further losses to businesses that service expats, as many of their customers will have to cut their expenses.  Even paying an agent once per-year will probably cause a 3-month or longer "lean times" dip in spending every year for every expat.  This money is transferred from legit-businesses to corrupt-pockets.

 

10 minutes ago, ozmeldo said:

Those that allegedly have 65k income streambbut can't pare spending back to say 40k a month for a few years. Such a laugh.

 

100k base savings home country

 

700k @ 25k per month...

 

In about 2.5 years of leaner living you'd have the 800k

Will immigration allow the 2.5 years of time to save it?  They didn't even give a one-year warning - just went behind our backs through the embassies to (blank) us - pretending they hadn't read what our letters have said they are, right on the page in black-and-white, for decades.

Edited November 25, 2018 by JackThompson

[ozmeldo]

1 minute ago, JackThompson said:

This would require many to hold their breath and "not exist" (no overhead/existence costs) for the period of income-time it takes to reach the 800K - or spend-down their investments which contribute to their income - etc.  And, yes, paying health-insurance premiums may be one reason they cannot do this.

 

And probably have adjusted their standard-of-living to match their income - or close to it.  This was Good for Thailand, until now - why I see further losses to businesses that service expats, as many of their customers will have to cut their expenses.  Even paying an agent once per-year will probably cause a 3-month or longer "lean times" dip in spending every year for every expat.  This money is transferred from legit-businesses to corrupt-pockets.

 

Will immigration allow the 2.5 years of time to save it?  They didn't even give a one-year warning - just went behind our backs through the embassies to (blank) us - pretending they hadn't read what our letters have said they are, right on the page in black-and-white, for decades.

These are all personal financial issues. We all handle our financial responsibilities differently.

 

If these folks have adjusted their lifestyle, I suggest they adjust them back or leave.

 

Assuming it would take far less than three years to accrue the funds. They can borrow and fudge the application 1-2 times. I'm sure immigration a bit forgiving this next year.

 

Ideas of borrowing from loan sharks utterly smack of sheer desperation. Anyone this desperate has no income stream or resources outside a government pension.

 

 

[Spidey]

3 minutes ago, JackThompson said:

And probably have adjusted their standard-of-living to match their income - or close to it.  This was Good for Thailand, until now - why I see further losses to businesses that service expats, as many of their customers will have to cut their expenses.  Even paying an agent once per-year will probably cause a 3-month or longer "lean times" dip in spending every year for every expat.  This money is transferred from legit-businesses to corrupt-pockets.

"And probably have adjusted their standard-of-living to match their income - or close to it."

 

Very true. I have well in excess of 65k baht/ month pension but, over a year it all seems to get transferred and spent. This year I bought a house and have transferred i.r.o. 5 million baht. There's always something unexpected, last week my car engine blew up and Mitsubishi want 50k baht to rebuild it.

 

In a few months I'll receive my state pension, I know where that'll be going and it ain't the bank. However I'll probably enjoy myself even more next year.

[SheungWan]

5 hours ago, Spidey said:

Except that you don't actually lose the 800k. I plan to use it to live on for the rest of the year.

25k as a percentage of 800k is around 3%, and given that agency fee can be obtained by some at 15k which is equivalent to ~ 2% of 800k, then on straight counting, the agency route looks attractive to a lot of guys including those who do have the lump sum available. 

[ozmeldo]

5 minutes ago, Spidey said:

"And probably have adjusted their standard-of-living to match their income - or close to it."

 

Very true. I have well in excess of 65k baht/ month pension but, over a year it all seems to get transferred and spent. This year I bought a house and have transferred i.r.o. 5 million baht. There's always something unexpected, last week my car engine blew up and Mitsubishi want 50k baht to rebuild it.

 

In a few months I'll receive my state pension, I know where that'll be going and it ain't the bank. However I'll probably enjoy myself even more next year.

That's all rather unfortunate but these are personal financial issues. I don't own my domicile and I would never own a vehicle. The choices are yours.

 

You have unexpected financial issues because your life is complicated. You don't see that?

 

You'd be well advised to take stock of your spending habits, but I'm sounding like a Scotsman.

Edited November 25, 2018 by ozmeldo

[roobaa01]

gday,

 

quite a few folks receive pension here but dont call 800k their own, hence why not take out a loan in their home countries, where interest rates are low ???

 

transfer the funds and pay it off with your pension.

 

wbr

roobaa01

[Chicken George]

Use a visa agent and risk 5 years in prison. No good saying you did'nt know they use Fake documents..

On 11/20/2018 at 11:59 AM, Jingthing said:

Yes, but also dodgy bodgy. 

 

Edited November 25, 2018 by Chicken George

[Spidey]

Just now, SheungWan said:

25k as a percentage of 800k is around 3%, and given that agency fee can be obtained by some at 15k which is equivalent to ~ 2% of 800k, then on straight counting, the agency route looks attractive to a lot of guys including those who do have the lump sum available. 

I know a couple of people who have always used the agent route. I would consider it myself other than I never do anything that might put my continued presence in Thailand at risk. I love my family and love my life in Thailand, I'm happier now than I've ever been. I would genuinely feel suicidal were I forced to return to the UK.

 

The agency route is illegal, despite what some might say, and there's always a chance, particularly in the present climate, that that particular door may be closed. Not my first option, but if it were my only option, I would do it.

[Spidey]

11 minutes ago, ozmeldo said:

That's all rather unfortunate but these are personal financial issues. I don't own my domicile and I would never own a vehicle. The choices are yours.

 

You have unexpected financial issues because your life is complicated. You don't see that?

 

You'd be well advised to take stock of your spending habits, but I'm sounding like a Scotsman.

I came to Thailand to have a better life and enjoy myself. Take stock of my spending habits? I am. The older I get the more pertinent the phrase "You can't take it with you" seems.

[JackThompson]

12 minutes ago, Spidey said:

I know a couple of people who have always used the agent route. I would consider it myself other than I never do anything that might put my continued presence in Thailand at risk. I love my family and love my life in Thailand, I'm happier now than I've ever been.

Ditto.  I was looking at an extension to replace my next Non-O-ME, given I now live where the marriage-based extension service is not reported as corrupt.  But with the income-letter gone, seems that will require waiting until the situation clarifies.  The agent-route would work about the same in costs to the Non-O-ME - and a lot less trouble - so is tempting.  But, there is always that risk that an agent's immigration-contact could lose favor and/or be thrown under the bus as a sacrifice-pawn in a "crackdown on corruption" public-relations stunt, taking the agent and the agent's customers with them. 

[Pattaya46]

56 minutes ago, Chicken George said:

Use a visa agent and risk 5 years in prison. No good saying you did'nt know they use Fake documents..

 

I have never used an agent, but from what I have read on how they work at Pattaya, they do not use any fake document. They get a real bank letter stating that you have 800'000 B on a bank account at the date of the letter.

[david555]

On ‎11‎/‎20‎/‎2018 at 11:54 AM, poohy said:

Contact is basically a money lender charging ridiculous fees and illegal interest rates!

Surely a better idea is for gentleman to open a new bank account with Atm card

Borrow 800k credit account from a friend gives them atm card in case of emergencies and minimize risk

Pay say 5K per month interest

Then after  the 3 months return/withdraw  money.

 

Almost sounds like it’s been done already eh?

 

Sound good and noble gesture amongst true trustful friends ????…. but  1 remark about the debit card holding … is not a 100% safe case , as easily bypassed by the account holder reporting card lost and a new one is ready in less than 30 minutes and working , old one void  !!!

Maybe a solution for a desperate one to go back country origin well funded with cash …???? oh gosh..., what I did now …. a new Pattaya scam is suggested..????

[natway09]

Shouldn't these people without the required monies be trying to arrange a loan in their

home country & bring over ,  safer & cheaper ?

[david555]

1 hour ago, Chicken George said:

Use a visa agent and risk 5 years in prison. No good saying you did'nt know they use Fake documents..

 

And with detectable possibility to become a cash cow for immigration in heavy fines ,as the (fake)extension holder is the end line responsible one 

Edited November 25, 2018 by david555

[onera1961]

2 minutes ago, natway09 said:

Shouldn't these people without the required monies be trying to arrange a loan in their

home country & bring over ,  safer & cheaper ?

I just read a post that somebody just did that. If somebody has at least a house in their home country, I am sure they will be able to get a loan.

[onera1961]

1 hour ago, Chicken George said:

Use a visa agent and risk 5 years in prison. No good saying you did'nt know they use Fake documents..

All the posts I read here say visa agents don't use fake documents but some higher officials just waive the seasoning requirements which is perfectly legal according to immigration rules. 

Edited November 25, 2018 by onera1961

[david555]

19 minutes ago, Pattaya46 said:

I have never used an agent, but from what I have read on how they work at Pattaya, they do not use any fake document. They get a real bank letter stating that you have 800'000 B on a bank account at the date of the letter.

So they just use the approval "at the discretion" from the supervising IO. for humanitarian reason (power) ????

[Peterw42]

1 hour ago, Chicken George said:

Use a visa agent and risk 5 years in prison. No good saying you did'nt know they use Fake documents..

 

Maybe you are unaware of how the agents work, they dont present fake documents, they have access to high level immigration officers who have the discretionary power to approve an extension without the correct funds or 90 days seasoning. A high level IO can waive the bank letter, the 90 days, the amount etc

Its a legal extension usually done by the boss, who can approve anything.

[peter harrison]

i had to show that the 800.00bht was there 6 mounths before application

[SheungWan]

Might I suggest that the risk of using an agent for visa extension is about on par with using company formation for the purchase of a property in Thailand?