Deputy PM praises ISOC for helping to return land title deeds used as collateral for loans

[snoop1130]

Deputy PM praises ISOC for helping to return land title deeds used as collateral for loans

By The Nation

 

 

Thai authorities are to tackle the issue of off-system debts following the Internal Security Operations Command (ISOC)’s successful negotiation of fairer loan contracts covering debts worth Bt7.1 billion on behalf of 42,097 creditors this month so far, Defence Ministry spokesman Kongcheep Tantravanich said on Thursday.

 

Kongcheep said Deputy Prime Minister and Defence Minister General Prawit Wongsuwan led officials to visit Lop Buri to give moral support to the ISOC, Army police and administrative officials involved in tackling this issue.

 

Prawit also presided over a ceremony on Thursday at Thepsatri Rajabhat University to return 1,704 land title deeds - covering 2,054 rai of land worth more than Bt2.3 billion - to the rightful owners.

 

Expressing appreciation to all parties for implementing this policy, which had to date resulted in 12 events to return land title deeds, Prawit noted that this latest had led to a total of 25,052 debtors receiving 21,312 land title deeds covering 59,000 rai worth Bt30.6 billion.

 

Source: http://www.nationmultimedia.com/detail/national/30371878

 

-- © Copyright The Nation 2019-06-27

Follow Thaivisa on LINE for breaking Thailand news and visa info

[bangkokfrog]

"...successful negotiation of fairer loan contracts..."

 

It looks as if the original loans still stand. If so the side-show in handing back the deeds has achieved little more than reducing the usurious interest component of the debts. If the owners couldn't pay back the loans before, what makes the government think they can service them now, Seems to me that if the loans remain unpaid the lenders can still take action in court to force sale of assets, including the land. 

[Chazar]

Wahoooooooooooo bonus  time, we  can now  go out and porn our  land again!!......land of the idiotic.

[stanleycoin]

Just now, Chazar said:

Wahoooooooooooo bonus  time, we  can now  go out and porn our  land again!!......land of the idiotic.

yes, off to the the bank,  ASAP.

Party time, new pick up, booze, party, more booze party.

times are good.

 

[mikebell]

Without loan sharks people would only be able to afford one watch.

[Lungstib]

If the political arm of the military is needed to sort out problems over loan contracts and debts which is the department to blame that in all other countries would be doing this work. Who is not doing there job, not acting on behalf of those being cheated and not chasing the sharks? Why does the police come to mind?

[MartinKal]

Most of these loans are from family and friends to people who cannot get a loan from the bank for reasons easy to guess. So it is basically just to help out.

 

Then there are the loan sharks, pay-day loan providers, who lend at more than 1% interest per month, small amounts to the poorest of the poor. 

 

It is the loan sharks that give creditors a bad name.

 

The press have of course sensationalised the matter. Which is that some borrowers do not understand that a loaner wants security for transferring an asset (the money being loaned) out of his or her control.

 

I would guess anyone loaning at a legal - ie not usurious - rate can now kiss goodbye to their capital as theyve handed back their only security, which was the title deed to the property backing the loan.

 

Another way of dealing with this refusal to repay would be to sanction those lending at over the legal rate, 15% annual; and speed through the transfer of property from debtor to loaner for those with legal contracts.

 

[Srikcir]

19 hours ago, snoop1130 said:

give moral support to the ISOC, Army police

Why is it necessary that the Army to be involved in this civilian legal matter?

Is it just a desperate political reason to find something to laud otherwise unnecessary military intrusion into Thai civilian lives?

There is otherwise the national police, Ministries of Finance and Commerce, Office of the Attorney General, Department of Special Investigations and the courts who should be the lead parties to resolve such debts.

Usually when Prayut uses the military to "resolve" civilian matters, it seems to be to circumvent the rule of law (perhaps in the case of 3rd party loan contract laws), ie., through intimidation. Following due process of law can be messy, time consuming and not always with the desired result. There is for the government no instant gratification by the public.