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[Yugoslav]

Hello everyone, this topic is serious and i really need advice on what to do because my thai wife before meeting me took some loan from a loan shark. She gave back full amount except the interest which keeps growing. Now we live in Europe ( i am Farang ) but that person keeps sending her messages about the money and so on. What should i do ? Should i report this to Thai Police or what can i do about it ? What would you do ?

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[Crossy]

What sort of numbers are we talking here?

 

You / she needs to pay the interest just like you would if you borrowed from a bank.

 

What interest rate did she sign up for?

 

Is the loan secured against property?
 

[Zikomat]

Ask your wife to buy a new sim card.

[Isaanbiker]

How much interest does she have to pay? What did your wife give them as a security?

 

  

[Issannative]

You both live in Europe how is he contacting her

Sent from my LDN-LX2 using Thailand Forum - Thaivisa mobile app

[luckyluke]

30 minutes ago, Issannative said:

You both live in Europe how is he contacting her

Sent from my LDN-LX2 using Thailand Forum - Thaivisa mobile app
 

I suppose she didn't change her telephone number, or/and @mail adress, Line... 

Edited August 2, 2019 by luckyluke

[PingRoundTheWorld]

Troll post for sure, but let's bite:

 

Normal Thais don't take loans from loan sharks. Was she a bar girl or freelancer before marrying you? Did she marry you for money or love? Bar girls have been known for making up elaborate stories to extract money out of their "teerak" any way possible. It could very well be that the "loan shark" is a husband, boyfriend, or relative back home who she's sending money to regularly.

 

 

Either way, charging more than 15% interest on a loan is illegal, and charging interest on the interest is illegal. Pay the original interest due on the original loan, at 15% max, and nothing more. If he wants more, point him to the law, and block him. It's quite odd that she hasn't blocked him already - unless of course it's a scam to get more money out of you.

 

http://library.siam-legal.com/thai-law/civil-and-commercial-code-loans-section-650-656/

[metisdead]

An inflammatory post has been removed. 

[jackdd]

6 hours ago, PingRoundTheWorld said:

Normal Thais don't take loans from loan sharks

Have you ever been to Thailand? Taking loans from loan sharks is completely normal here, doesn't have to do anything with bar girls or similar.

 

6 hours ago, PingRoundTheWorld said:

Either way, charging more than 15% interest on a loan is illegal

Yes indeed, but charging additional fees is not illegal, that's what the banks do. Charging 30% interest would be illegal, so banks just charge 15% interest and another 15% in fees and then that's legal. A loan shark can probably do the same.

 

@OP:

Let your girlfriend / her family handle this, the matter is too complicated and has too many pitfalls for you to get involved.

[RJRS1301]

Why was only the principle repaid and not the interest?

[ratcatcher]

Where is the OP after all the replies? Of course, he's in Europe, different time zone, no doubt we will hear from him later

[spoon1967]

I just don't understand the problem, you borrow cash and sign up to pay interest, you pay back the loan amount, but withhold the interest? The "loan shark" isn't the "shark" in this instance.  Pay what you owe (bearing in mind the advice already given on the percentage), move on. 

[rwill]

22 hours ago, Yugoslav said:

Hello everyone, this topic is serious and i really need advice on what to do because my thai wife before meeting me took some loan from a loan shark. She gave back full amount except the interest which keeps growing. Now we live in Europe ( i am Farang ) but that person keeps sending her messages about the money and so on. What should i do ? Should i report this to Thai Police or what can i do about it ? What would you do ?

I would imagine that if she actually did pay back the principal amount it would not have paid off the principal amount if interest was owed at the time too.  Story does not sound right.  

[Monkeyrobot]

Is her Thai husband the loan shark.

[khunPer]

23 hours ago, Yugoslav said:

What should i do ? Should i report this to Thai Police or what can i do about it ? What would you do ?

Apart from the important questions @Crossy asked, your wife shall of course pay the interest, if it's within the legal allowance.

 

Legal interest for private loans is up 15% p.a. – private charging more are "loan sharks", but probably need to be much more before police will take action – for institutional loans, like from bank or credit company, interest can be higher, in some cases up to around 30% p.a.

 

Pay backs might be deducted in due interest first, so when a loan + interest is not paid fully back, further interest will be (legally) charged. If payment stops, the balance will keep growing.

[Tomahawk21]

change all numbers 

[bert bloggs]

13 hours ago, PingRoundTheWorld said:

Troll post for sure, but let's bite:

 

Normal Thais don't take loans from loan sharks. Was she a bar girl or freelancer before marrying you? Did she marry you for money or love? Bar girls have been known for making up elaborate stories to extract money out of their "teerak" any way possible. It could very well be that the "loan shark" is a husband, boyfriend, or relative back home who she's sending money to regularly.

 

 

Either way, charging more than 15% interest on a loan is illegal, and charging interest on the interest is illegal. Pay the original interest due on the original loan, at 15% max, and nothing more. If he wants more, point him to the law, and block him. It's quite odd that she hasn't blocked him already - unless of course it's a scam to get more money out of you.

 

http://library.siam-legal.com/thai-law/civil-and-commercial-code-loans-section-650-656/

I beg to differ ,my sister in law loans money to local people ,not one is a bar girl ,that is unless they are working after doing their factory work or working in the fields . lots of Thais borrow from people like her ,i would not call her a "loan shark" just someone with a wholesale business that has cash to lend to locals .

[worgeordie]

This Thai woman seems to have done it different than all others

that take out loans from loan sharks, she paid off the loan,but

not the interest,where most others just pay the interest,month

after month......forever,same as credit cards just pay the minimum.

 

As loan sharking is illegal they have no legal recourse to get you

to pay, only alternative is violence or harassment,if she is not

returning to Thailand, just change her phone number and forget about it.

regards Worgeordie

[Isaanbiker]

3 minutes ago, bert bloggs said:

I beg to differ ,my sister in law loans money to local people ,not one is a bar girl ,that is unless they are working after doing their factory work or working in the fields . lots of Thais borrow from people like her ,i would not call her a "loan shark" just someone with a wholesale business that has cash to lend to locals .

But she's got their land papers, car books, or anything else, or?

 

  The real dangerous loan sharks give out loans without much security, but they're mean and have their own ways to put pressure on these poor people who were dumb enough to do that.

 

A woman in the hood hang herself after a loan shark had told her to better to it by herself, otherwise it would be done by others.

 

  It's a crazy situation where not many people get out again, change their names and move away. But they find them, sooner, or later. 

 

It's of course very convenient meeting a foreigner who deals with it.

[justin case]

one post and topic to make a lot of replies = troll

[thaiboss]

1 hour ago, worgeordie said:

This Thai woman seems to have done it different than all others

that take out loans from loan sharks, she paid off the loan,but

not the interest,where most others just pay the interest,month

after month......forever,same as credit cards just pay the minimum.

 

As loan sharking is illegal they have no legal recourse to get you

to pay, only alternative is violence or harassment,if she is not

returning to Thailand, just change her phone number and forget about it.

regards Worgeordie

they never give up be aware its like mafia

[Macthehat]

16 hours ago, PingRoundTheWorld said:

Troll post for sure, but let's bite:

 

Normal Thais don't take loans from loan sharks. Was she a bar girl or freelancer before marrying you? Did she marry you for money or love? Bar girls have been known for making up elaborate stories to extract money out of their "teerak" any way possible. It could very well be that the "loan shark" is a husband, boyfriend, or relative back home who she's sending money to regularly.

 

 

Either way, charging more than 15% interest on a loan is illegal, and charging interest on the interest is illegal. Pay the original interest due on the original loan, at 15% max, and nothing more. If he wants more, point him to the law, and block him. It's quite odd that she hasn't blocked him already - unless of course it's a scam to get more money out of you.

 

http://library.siam-legal.com/thai-law/civil-and-commercial-code-loans-section-650-656/

What's a normal Thai ? I know loads of thais who borrowed money from people who wanted high interest rates . So it's a lot more common than you think 

[Pedrogaz]

Change your numbers and forgot about it. She is probably in league with them trying to get money for you to pay to her family or her real Thai boyfriend. 

[Ctkong]

18 hours ago, PingRoundTheWorld said:

Troll post for sure, but let's bite:

 

Normal Thais don't take loans from loan sharks. Was she a bar girl or freelancer before marrying you? Did she marry you for money or love? Bar girls have been known for making up elaborate stories to extract money out of their "teerak" any way possible. It could very well be that the "loan shark" is a husband, boyfriend, or relative back home who she's sending money to regularly.

 

 

Either way, charging more than 15% interest on a loan is illegal, and charging interest on the interest is illegal. Pay the original interest due on the original loan, at 15% max, and nothing more. If he wants more, point him to the law, and block him. It's quite odd that she hasn't blocked him already - unless of course it's a scam to get more money out of you.

 

http://library.siam-legal.com/thai-law/civil-and-commercial-code-loans-section-650-656/

Do credit card interest come under this? Because I remember Thai credit card charges 18% interest for outstanding amount. 

[Traubert]

Send her back to Thailand to deal with it. Not your problem.

[MartinBangkok]

She is ripping you off. Her "loan shark" is her Thai husband/boyfriend/lover/family member. Take your pick.

[Straight8]

On 8/3/2019 at 2:40 AM, Issannative said:

You both live in Europe how is he contacting her

Sent from my LDN-LX2 using Thailand Forum - Thaivisa mobile app
 

Snail mail.

[Straight8]

16 hours ago, rwill said:

I would imagine that if she actually did pay back the principal amount it would not have paid off the principal amount if interest was owed at the time too.  Story does not sound right.  

Either way it doesn't matter how the OP has described this. How can heor his wife know what component of the loan they have repaid back, which again does not matter. If there loan shark lent her 100k, she would have been told she had x amount to pay pack by such and such date. She has failed to pay back the full amount.

 

Messing with loan sharks not a good idea. Your wife should pay back the full amount she agreed. Why are you even asking this instead of getting it sorted out?

 

[Straight8]

11 hours ago, Macthehat said:

What's a normal Thai ? I know loads of thais who borrowed money from people who wanted high interest rates . So it's a lot more common than you think 

You must know "a lot" of Thai peoples private business or they just love opening up to you.

[FritsSikkink]

16 hours ago, worgeordie said:

This Thai woman seems to have done it different than all others

that take out loans from loan sharks, she paid off the loan,but

not the interest,where most others just pay the interest,month

after month......forever,same as credit cards just pay the minimum.

 

As loan sharking is illegal they have no legal recourse to get you

to pay, only alternative is violence or harassment,if she is not

returning to Thailand, just change her phone number and forget about it.

regards Worgeordie

They will come after the family if it is a real story.