Non-paying loan shark victim runs to police

PATTAYA:--Police are hunting for a loan shark who broke into a non-paying customer’s home to steal her car.

 

Thamon Suksom, 53, went to police Dec. 25 saying she was scared for her safety after the unidentified loan shark invaded her house to seize her vehicle for non-payment.

 

The victim told police she had borrowed 70,000 baht from the shark at monthly interest of 60 percent. She was told she had to pay 1,400 baht per day for two years, meaning she had to pay back more than 1 million baht.

 

She quickly fell behind on payments and the loan shark took her motorbike. She tried to negotiate, but, instead, her lender increased the interest due by 300,000 baht.

 

She said she lives alone and the gangster breaking into her house to steal her car frightened her.

Police are investigating.

 

 

-- © Copyright Pattaya Mail 2019-01-04

I would be interested to know what was worth borrowing money at 60% interest.

If she wasn't desperate then she is now

Cant really say i have much sympathy

From the frying pan into the fire springs to mind.

Ran from a shark, straight into a bunch of other sharks

Feel sorry the people having to resort to this type of loan, it can happen to the best of people in their lives
Trouble being though that if you need to borrow 70k then a 1400 payback everyday really does not sound like its practical or achievable from the outset

Just preying on the weak which I find abhorrent.......

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I think photos and finger pointing is required for this story...

60% monthly interest? Anyone good with math can tell me how much does that equal per year compounded?

Forget wondering about farang logic , a Thai Loan shark wil lend someone 200,000 thb (if their lucky) against a 2,000,000 thb property at ridiculous interest as illustrated here, and put the Chanute at the land Office effectively in loan sharks name, or someones name that removed the link to him , and a short while later when the victim cannot keep up the ridiculous payments , take the property . Job done.

Why do people make such unfavourable arrangements ??? Must be made to look doable but is a trap. Who knows TiT.

 

This is how all the farmers up north lose their little bit of land , and though still referred to as farmers implying land owners they are mostly now tenants who can't even afford the probably outrageous rent for their old land.

 

Has the government fixed loan sharks that they talk about? Doesn't look like it going by this case.

60%!!!.... The going rate is 10-20% per month easily available from any local money lender.. I smell lies

Normally interest is 20% for an unofficial loan (ie loan shark)

I believe she can apply for interest to be reduced to 15% per annum  (legal max rate)

 

Although her health may suffer in the long term !

In the wife's home village the cops sign as witnesses to these 'transactions'. IMO the only human worse than a loan shark is a pimp or a child molester.

5 hours ago, fisherd3 said:

Forget wondering about farang logic , a Thai Loan shark wil lend someone 200,000 thb (if their lucky) against a 2,000,000 thb property at ridiculous interest as illustrated here, and put the Chanute at the land Office effectively in loan sharks name, or someones name that removed the link to him , and a short while later when the victim cannot keep up the ridiculous payments , take the property . Job done.

Why do people make such unfavourable arrangements ??? Must be made to look doable but is a trap. Who knows TiT.

 

This is how all the farmers up north lose their little bit of land , and though still referred to as farmers implying land owners they are mostly now tenants who can't even afford the probably outrageous rent for their old land.

 

Has the government fixed loan sharks that they talk about? Doesn't look like it going by this case.

not only Thai loan sharks, they may front it but i know of one british loan shark who loans out money through his girl and her sister 

He charges 20-25% interest and laughs about the suffering it causes the debtors, he says its a gift that keeps on giving, they never get to pay it back. He is never around but i confronted her on it and she said she was helping people, i said don't try and come off like some kind of philanthropist, you are trading off your family, friends and other villagers backs with money from your falang. i hope you lose it all and finish up in a ditch with him . Usual threats were forthcoming but nothing happened. 

Very strange story, loan sharks in Pattaya ask for 20% monthly. I have a Filipino friend who used ther services.

1 hour ago, notamember said:

not only Thai loan sharks, they may front it but i know of one british loan shark who loans out money through his girl and her sister 

He charges 20-25% interest and laughs about the suffering it causes the debtors, he says its a gift that keeps on giving, they never get to pay it back. He is never around but i confronted her on it and she said she was helping people, i said don't try and come off like some kind of philanthropist, you are trading off your family, friends and other villagers backs with money from your falang. i hope you lose it all and finish up in a ditch with him . Usual threats were forthcoming but nothing happened. 

He /she are certainly not  a "one off" i know 2 brits lending the same way, 20% per month... seems good business 

13 hours ago, from the home of CC said:

In the wife's home village the cops sign as witnesses to these 'transactions'. IMO the only human worse than a loan shark is a pimp or a child molester.

‘The cops sign’......who do you imagine most of the loan sharks are?

 

17 hours ago, theguyfromanotherforum said:

60% monthly interest? Anyone good with math can tell me how much does that equal per year compounded?

Toooooooooooooo much !

17 hours ago, fisherd3 said:

Must be made to look doable but is a trap. Who knows TiT.

The old adage has to be rewritten for this country!  "You can fool all the people all of the time..."

19 hours ago, from the home of CC said:

In the wife's home village the cops sign as witnesses to these 'transactions'. IMO the only human worse than a loan shark is a pimp or a child molester.

or a cop.

This usury sickens me. a similar thing happened to the parents of our maid. They borrowed a tiny sum of 10,000 and ended up owing a 150,000. The shark threatened to kick them out of the house if they did not pay the whole amount. The couple are in their 70s.

I had to loan the money, interest free, to our maid, for her to pay off the debt....she pays it back each month from her wage. 

 

9 hours ago, Pedrogaz said:

This usury sickens me. a similar thing happened to the parents of our maid. They borrowed a tiny sum of 10,000 and ended up owing a 150,000. The shark threatened to kick them out of the house if they did not pay the whole amount. The couple are in their 70s.

I had to loan the money, interest free, to our maid, for her to pay off the debt....she pays it back each month from her wage. 

 

Jai dee krahp.

On 1/5/2019 at 5:49 AM, neeray said:

Toooooooooooooo much !

Sounds a bit like some of the old UK endowment mortgages over 30 years.

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