Courts usual action on debt claims?

[sidjameson]

Thai gov worker borrowed 350k from colleague. Colleague suddenly wants it all back. Impossible request.

He will take her to court after July 31st.

She wants to pay it back, but is scared the court will impose a 15% interest rate. Is this true?

Anybody have experience in this?

[Kwasaki]

What's in her contract with the colleague.

[CharlieH]

Is this a verbal agreement or something on paper ?

[Halfaboy]

Who wants to take who to court ?

[sidjameson]

The guy lent the money to her (and many others in the office) about 7 years ago at interest.

It was only verbal.

Last week he wanted it all back. Pushed her to sign a form saying she owed it.

 

But my question is what is the court likely to do?

She already has half her salary taken off the top for her gov loan.

Its impossible for her to pay the 350k now.

 

[Halfaboy]

Looks like there is more to the story....

[Pib]

I would say the guy (lender) will have a hard and long road in getting the court to force payback and do his best to scare a person into paying up.  Basically a verbal, personal loan was made which can be hard to enforce.   Now if the lender has some signed docs that makes it easier....if the docs specify an interest amount of 15% or less (say 5%) then the court probably would not impose a 15% rate because the written contract was for 5%.   And of course even the lender is probably going to face issues with the court in running a "loan" scheme without paying taxes associated with such a scheme (loan shark business).