Future Forward MP explains why he’s unable to settle student loan debt

 

 

A Future Forward MP has explained why he cannot repay his debt of some Bt85,000 to the Student Loan Fund in one go despite declaring assets of Bt8 million to the National Anti-Corruption Commission. 

 

Padiphat Santiphada posted on his Facebook wall Sunday that he cannot afford to pay the debt in one go but will repay it in installments, as allowed by the fund, because most of his Bt8 million in assets are not cash and he has to spend his MP’s salary on political activities.

 

Padiphat was among four Future Forward MPs who declared debts to the Student Loan Fund. The three other MPs are Rangsimun Rome (party-list), Natcha Boonchai-insawat (Bangkok) and Phiradej Khamsamut (Chiang Rai), who owe Bt202,360, Bt35,549 and Bt83,433 respectively. Padiphat owes Bt85,667.

 

The four were strongly criticized on social networks for taking advantage of society by not repaying their debts in a lump sum, thus giving the fund more money to lend to other students. Critics were vocal in saying that it was unfair to poor students for MPs earning more than Bt100,000 a month to make repayments over the 15 years allowed. 

 

In his post, Padiphat explained that he enrolled at university during a period when his family was facing economic hardship. Three siblings were studying at university at the same time, so the family decided to borrow money from the fund.

 

Padiphat said his debt was high when he finished his studies but was unable to repay much because his subsequent employment, as a veterinarian for wild animals and with a non-profit Christian organization, paid low salaries. He said his family had recovered financially and had been paying the installments on his behalf, adding that the full debt would be paid off in two years.

 

Padiphat said he got his first MP’s salary in June and spent most of it visiting constituents and covering the expenses of his team.

 

He said his Bt8 million in assets declared to the NACC included his parents’ house worth Bt7 million, funds invested in the stock market and the gold his wife received as a gift on their wedding day. He added he doesn’t have enough cash in hand to settle the remaining debt with the Student Loan Fund.

 

Earlier, Rangsimun posted on his Facebook wall that he does not have enough cash to hand to settle his debt of more than Bt200,000 as a one-off payment because he has to manage his salary. 

 

He declared that he has assets worth Bt222,623 while his outstanding debt with the Student Loan Fund is Bt202,360. Rangsimun said he has only Bt20,000 in cash while the other declared assets are interest and insurance money that will be paid in the future.

 

Source: https://www.nationthailand.com/news/30375341

 

-- © Copyright The Nation Thailand 2019-08-26

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47 minutes ago, webfact said:

He said his Bt8 million in assets declared to the NACC included his parents’ house worth Bt7 million, funds invested in the stock market and the gold his wife received as a gift on their wedding day. He added he doesn’t have enough cash in hand to settle the remaining debt with the Student Loan Fund.

Force him to sell his assets, ex begin with the stocks.

Well well well!

 

3 FFP leaders among several MP's who failed to declare their assets to the NACC on time.

 

Now 4 FFP MP's who haven't bothered to repay their student loans or are stretching it out!

 

Same same but different!

Is there a minimum IQ requirement to be MP?

 

3 minutes ago, OneMoreFarang said:

Is there a minimum IQ requirement to be MP?

 

Yes, but as it appear they are subject to sell their IQ to get that title the minimum level remains at zero.

Edited August 26, 20196 yr by Matzzon

19 minutes ago, Baerboxer said:

Well well well!

 

3 FFP leaders among several MP's who failed to declare their assets to the NACC on time.

 

Now 4 FFP MP's who haven't bothered to repay their student loans or are stretching it out!

 

Same same but different!

You must be a model borrower with an impressive FICO credit score. You seem the type of guy who will pay cash for every purchases.

 

You must have missed the part that said she declared their assets of 8 M and are paying installments that is allowed by the loan terms. 

 

Who pay lump sum when you allowed installment payment. You? 

 

 

 

 

 

16 minutes ago, OneMoreFarang said:

Is there a minimum IQ requirement to be MP?

 

The same as TVF

"He said his Bt8 million in assets declared to the NACC included his parents’ house worth Bt7 million"

-----

If you do not have title to the house, because it belongs to your parents, why declare it as your own asset?

13 minutes ago, OneMoreFarang said:

Is there a minimum IQ requirement to be MP?

 

No and there is no minimum IQ to be a MInister.

The minimum requirement to be a Minister is to have voted for nominee PM Prayut to become Prime Minister. 

18 minutes ago, OneMoreFarang said:

Is there a minimum IQ requirement to be MP?

 

Prayut set the standard when he consulted with the frog. 

 

MP explains why he’s unable to settle student loan debt

'I'm Thai.'

57 minutes ago, RotBenz8888 said:

Force him to sell his assets, ex begin with the stocks.

Why should he do that? Do you force someone who won a lottery to pay off his house loan off immediately?

 

From moral point of view he should have tried to pay it off as soon as possible. But legally there's nothing forcing him to.

 

Actually I'd prefer we didn't give him ideas to pay off immediately and then top up the wallet... you know, the way most politicians do.

1 hour ago, Eric Loh said:

You must be a model borrower with an impressive FICO credit score. You seem the type of guy who will pay cash for every purchases.

 

You must have missed the part that said she declared their assets of 8 M and are paying installments that is allowed by the loan terms. 

 

Who pay lump sum when you allowed installment payment. You? 

I would think the average rich person would not pay an installment AND INTEREST on a non-appreciating liability. 

 

Rich people don't typically do that. 

 

What is likely the case here is that like in Sino-ised/Chinese culture, there is rampant lieing as to what assets and wealth people really have. 

 

This is also common in China. 

 

Must at all costs pretend to have so much even if they have little. 

 

Must maintain Big FACE

Edited August 26, 20196 yr by Fex Bluse

1 hour ago, PdJ100712 said:

"He said his Bt8 million in assets declared to the NACC included his parents’ house worth Bt7 million"

-----

If you do not have title to the house, because it belongs to your parents, why declare it as your own asset?

Face. A prevalent part of Sinoised cultures.

 

Almost nobody speaks neutrally without embellishing the truth. 

3 hours ago, RotBenz8888 said:

Force him to sell his assets, ex begin with the stocks.

If he's repaying the student loan within the regulations you cannot force him to do anything... 

2 hours ago, Baerboxer said:

Well well well!

 

3 FFP leaders among several MP's who failed to declare their assets to the NACC on time.

 

Now 4 FFP MP's who haven't bothered to repay their student loans or are stretching it out!

 

Same same but different!

Yawn.

Surprised the T word has not been added...

But but but....