I have been in s relationship for over 1 year with a Thai girl who has recently retired from her business due to the economic problems in Thailand

 

She has serious debts of loan totalling 10.5 million

 

However she has assets of condo land and car of 16 million. But cannot sell anything without making huge losses

 

She has asked me to help her out to pay off the loans so she can try and sell her land condo and car at a good price then she will pay me back

 

I believe she is trustworthy and I know she feels so bad to ask me but she is left with little choices as she has now little income and 120,000 baht to find every month to pay off loan with crazy interest rates

 

The relationship is serious and I have good relations with all her family. Many speak English as they have been well educated

 

WhT should I do. And if I do help her what can I put in place legally to make sure I am securely ok

 

 

 

 

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Forget it and move on.

 

Stay out of it ! 

If you are heavily involved emotionally, and feel you want to help, buy the condo off her, you can legally own that and tell her you will hold it for her and keep it safe from others taking it off her.

If you continue in a relationship with a women whose finances are in a mess, it won't be too long before yours will be too.

 

Walk away now, whilst you can.

Above is a good idea.

There is nothing you can otherwise do that will protect your funds if you loan to her in cash.

Hate to say this but countless expats have been in same situation and almostall end up ripped off. More often than not the information theywere told was false.

Before buying the condo research its market value and also verify she has true and sole ownership.

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18 minutes ago, pimmy6969 said:

She has asked me to help her out to pay off the loans

How much can you afford to lose?

Maybe after checking if suitable you could attempt something like assisting her with setting up meetings to refinance at better rates. Banks are falling over themselves to offer finance at the moment. That will assist with the 'crazy interest' your woman is paying.

 

Next look to sell the vehicle. Cars are depreciating assets. Taking a hit on the vehicle and still having cash in hand to service the condo loan is less painful that the other alternative. This should be available if the car loan is rolled into the refinancing of the condo at much lower interest rates.

 

If you are going to buy her condo, look at is from a business perspective. What sort of hit would you be prepared to take to help her out on the deal. There might be an upfront hit and then possibly a second hit in finding a tenant, and then again possibly a third hit if you decide to sell in a bear market.

 

I would never contemplate a loan. Your woman could not underwrite the value of the loan on the condo because the financial institution your woman is currently using has the mortgage on the unit. If she defaults on the Condo loan, what collateral is left to claw back your personal loan to her?

 

Dangerous territory lending money to anyone in any country regardless of who they are when there is no watertight collateral that will assure you of recouping your investment.

 

But if you are a charitable type and happy to walk away with nothing if worst comes to worst, go for it.

 

 

 

 

 

Thankyou for all your advice greatly appreciated


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1 hour ago, CharlieH said:

Stay out of it ! 

If you are heavily involved emotionally, and feel you want to help, buy the condo off her, you can legally own that and tell her you will hold it for her and keep it safe from others taking it off her.

Yes, but telling her you will hold it for her - NO.

 

In fact make no comment like that at all, if it's worth it just buy it and it's yours and she will be well aware it's then yours because of the documents presented at the LTO, sellers name, buyers name, your name on the land title. 

 

But buying it yourself is a decision; do you want to own a condo in Bkk? Is it the size that you would look for if you seriously want to buy? Is the price, If there is a stated price at this point acceptable? In fact if you asked for a current market price (market is in a seriously low point right now) would she be offended? Is the location OK, Is the building maintained OK, does it have a proper owners committee etc?

 

No need for and ill-advisable to make comments 'holding it for you', to be made.   On a different point if you loan her money, and sounds like it would need to be a substantial amount, where would she get funds on a monthly basis to repay you when she now has no job. And the economy is going down.

 

Loaning on the basis of payment sometime in the future is a total no no and perhaps a contract like this would not even be legal because there is no grounds to enforce the 'contract' when it's totally open as when she has to pay. 

 

In fact if you did loan her money and it's not paid back as stipulated in the contract (must be a contract), how would she re-act to you asking for the payments? Would you be brave enough to confront her on this, even in a very polite way? And would you be prepared to take legal action if she doesn't make the payments? From where do the funds come from raises it's head again. 

And could she offer you something as a security? Would you want to get intoa situation where her parents have perhaps signed as her guarantors? And would you want to sue the parents, brothers etc., if needed to get repayment of your loan to her, and bottom line on this point - do they have the resources to pay you if you sued them? (Can't get blood out a stone!)

 

What would it do to your personal relationship with her? In fact would such a confrontation start up ongoing long term negative stuff about 'you don't love me', threats from her brothers etc? etc etc etc. And all of that would perhaps even make her more determined to not pay.

 

Why get yourself into this, time to move on, not nice but realistic.

 

 

If no bank is prepared to assist her with her finances, neither should you be. She needs to settle this situation with bankruptcy. If you wish to assist, help on a monthly basis with small amounts when absolutely needed.

From my experience people whom I helped just simply forgot about me when their problems were over.

I, of course regret helping at all. From being soft heart with empathy I evolved into a couldn't care less man.

When I found out a syndicate control the beggars on street corners I stop giving a setang to the beggars . I don't believe in feeding the fxxxing idiots who control the beggars.

The amount you mentioned is huge. Are you willing to loose that amount if anything goes wrong?

Being kind and helpful is good, being finally made to look like a bloody fool is not what you want.

In some cases I know the Thais in the first place didn't have an intention to cheat when they more or less beg for help. But when the problem was over they came to realize they don't really have to repay the loan, after all farangs don't kill people or even threaten anyone. A change of heart shall we say, and you lose all your money.

Drop it like she's on fire. This will only cause you a lifetime of hardships. Leave and don't look back. Please. 

no

2 hours ago, CharlieH said:

Stay out of it ! 

If you are heavily involved emotionally, and feel you want to help, buy the condo off her, you can legally own that and tell her you will hold it for her and keep it safe from others taking it off her.

Good solution - well thought out Charlie. If she does not agree to that, something fishy going on

2 hours ago, CharlieH said:

Stay out of it ! 

If you are heavily involved emotionally, and feel you want to help, buy the condo off her, you can legally own that and tell her you will hold it for her and keep it safe from others taking it off her.

I think the OP was talking about condo land.

2 hours ago, pimmy6969 said:

WhT should I do. And if I do help her what can I put in place legally to make sure I am securely ok

Here's a crazy idea, see a lawyer and stop wasting your time asking anonymous posters on a forum who cannot ever give you the advice that you need but who will rejoice in giving you nothing but doubtful, anecdotal "evidence".

2 hours ago, Sheryl said:

Hate to say this but countless expats have been in same situation and almostall end up ripped off. More often than not the information theywere told was false.

Countless expats?

Almost all ripped-off?

More often than not false information?

 

Really?  Such as which "countless" instances?

2 hours ago, pimmy6969 said:

I have been in s relationship for over 1 year with a Thai girl who has recently retired from her business due to the economic problems in Thailand

 

She has serious debts of loan totalling 10.5 million

 

However she has assets of condo land and car of 16 million. But cannot sell anything without making huge losses

 

She has asked me to help her out to pay off the loans so she can try and sell her land condo and car at a good price then she will pay me back

 

I believe she is trustworthy and I know she feels so bad to ask me but she is left with little choices as she has now little income and 120,000 baht to find every month to pay off loan with crazy interest rates

 

The relationship is serious and I have good relations with all her family. Many speak English as they have been well educated

 

WhT should I do. And if I do help her what can I put in place legally to make sure I am securely ok

I wonder how long it takes for (what is almost always) new "members" with no previous posts, who are never heard of again, to come up with multipage-generating OPs similar to this one?

 

Perhaps I'm just too cynical.

25 minutes ago, Just Weird said:

Here's a crazy idea, see a lawyer and stop wasting your time asking anonymous posters on a forum who cannot ever give you the advice that you need but who will rejoice in giving you nothing but doubtful, anecdotal "evidence".

So assisting someone in refinancing to lower their current' crazy interest' in poor advice? Interesting. And as it is a financial matter, wouldn't an accountant or financial adviser be a better solution to a lawyer? Maybe we all need to be a little cautious of your advice.

 

Just to assist in future:

Accountants deal with sums. Lawyers deal with right and wrong - or naughty and good, if you like.

 

Happy to help. My first three consultation^* posts are obligation free - even to you.

 

^*Consultations do not constitute legal advice or even financial advice and it is even poor from a comedic point of view for which it was based. Please read web site for further terms and conditions. ????

18 minutes ago, mauGR1 said:

I think the OP was talking about condo land.

What is "condo land"? 

 

The likelihood is that the newbie OP was referring to "condo, land and car" valued at B16m.

1 minute ago, Just Weird said:

What is "condo land"? 

 

The likelihood is that the newbie OP was referring to "condo, land and car" valued at B16m.

Have you read the OP ?

The OP says "condo land".

11 minutes ago, Just Weird said:

What is "condo land"? 

 

The likelihood is that the newbie OP was referring to "condo, land and car" valued at B16m.

It's that place where condos move to be with their own kind. There is a small region near Impact where indigenous Condos like to congregate.

12 minutes ago, Just Weird said:

I wonder how long it takes for (what is almost always) new "members" with no previous posts, who are never heard of again, to come up with multipage-generating OPs similar to this one?

 

Perhaps I'm just too cynical.

Yes. Change your name to "Just Weird.....and Cynical" asap!

6 minutes ago, mauGR1 said:

Have you read the OP ?

The OP says "condo land".

I'm reading that as " condo, land and car"

 

Who's eating, Grandma?

Who's eating Grandma?

25 minutes ago, Just Weird said:

Here's a crazy idea, see a lawyer and stop wasting your time asking anonymous posters on a forum who cannot ever give you the advice that you need but who will rejoice in giving you nothing but doubtful, anecdotal "evidence".

Why to bother to pay a lawyer and wasting time and money for a such thing?

Beg for money (Big or not) is a full past time for most of the thais

they seems to have an endless attraction for the money's problems.

Resolve one with a loan and the next one is never too far to come.

And of course the loan is rarely refunded, The flux of money works only in one way here

from the farang wallet to the lady pockets.

Do not get involved in this permanent circus is the best option.

2 minutes ago, Farangwithaplan said:

18 minutes ago, Just Weird said:

Here's a crazy idea, see a lawyer and stop wasting your time asking anonymous posters on a forum who cannot ever give you the advice that you need but who will rejoice in giving you nothing but doubtful, anecdotal "evidence".

So assisting someone in refinancing to lower their current' crazy interest' in poor advice? Interesting. And as it is a financial matter, wouldn't an accountant or financial adviser be a better solution to a lawyer? Maybe we all need to be a little cautious of your advice.

 

Just to assist in future:

Accountants deal with sums. Lawyers did with right and wrong.

 

Happy to help. My first three consultation^* posts are obligation free - even to you.

"So assisting someone in refinancing to lower their current' crazy interest' in poor advice?"

I didn't say that would be "poor advice", neither did you explain how the OP would be able to go about doing that!

 

"And as it is a financial matter, wouldn't an accountant or financial adviser be a better solution to a lawyer?"

No, it would be a situation he needs legal advice for to protect himself.   A "financial advisor"?  Are you having a laugh? 

 

"Maybe we all need to be a little cautious of your advice".

Q.E.D!

 

Just to assist you in future, accountants measure, disclose or provide assurance about financial information. Lawyers deal with legal matters by interpreting and applying law often to provide their clients with legal protection.

10 minutes ago, mauGR1 said:

Have you read the OP ?

The OP says "condo land".

Yes, I have; the OP actually says "condo land and car...".  Did you read my comment?

4 minutes ago, Farangwithaplan said:

I'm reading that as " condo, land and car"

 

Who's eating, Grandma?

Who's eating Grandma?

You are most likely right, a missing comma can make a lot of difference.

4 minutes ago, kingofthemountain said:

34 minutes ago, Just Weird said:

Here's a crazy idea, see a lawyer and stop wasting your time asking anonymous posters on a forum who cannot ever give you the advice that you need but who will rejoice in giving you nothing but doubtful, anecdotal "evidence".

Why to bother to pay a lawyer and wasting time and money for a such thing?

Why?  Ok, let's think about it...because there is a huge amount of money at risk, perhaps?

7 minutes ago, Just Weird said:

Why?  Ok, let's think about it...because there is a huge amount of money at risk, perhaps?

Take one minute more and read what i have written, not only the first sentence.

The problem with the huge amount of money (And the risk associated) is not his problem at the moment

because is the problem of the thai girl, why he needs to get involved in this nightmare?

(See a lawyer should be the first step in the process)

You get it now or still not?