Virus fallout - ex's business may close.

[stevenl]

2 hours ago, thedemon said:

 

Have you spoken to your bank? You can ask then to switch your mortgage to interest only for an extended period.

 

It was announced by the government 2-3 weeks ago that all commercial banks had been asked to assist homeowners and SME's with loans/mortgages to help deal with cashflow issues during this period. 

 

So far it seems that the banks are cooperating with this.

Bank has been postponing appointment, and interest rate quoted was 15%.

Today banks closed to opening new accounts, and I know many who need to open an account in order to be eligible for 5k handout.

[faraday]

15 minutes ago, bearpolar said:

 

Well it affects the people in power..

 

this is what people get for electing and giving CEO jobs only to grey/white hair. 

 

 

Are you seriously suggesting that hair colour is dependent on ability?

[Isaanbiker]

Our landlord has made a statement that he might not charge rent for next month. 

 

      It's great because we're all sitting in the same boat. Luckily not on a cruise ship. 

[thedemon]

56 minutes ago, stevenl said:

Bank has been postponing appointment, and interest rate quoted was 15%.

Today banks closed to opening new accounts, and I know many who need to open an account in order to be eligible for 5k handout.

 

My post was about existing mortgages. No need to open an account. No need to visit a branch so no appointment necessary. Interest rate doesn't change. No bank in Thailand has mortgage rates of 15%.

 

Right now banks are helping. Why are you trying to make something negative out of that?

[stevenl]

1 hour ago, thedemon said:

 

My post was about existing mortgages. No need to open an account. No need to visit a branch so no appointment necessary. Interest rate doesn't change. No bank in Thailand has mortgage rates of 15%.

 

Right now banks are helping. Why are you trying to make something negative out of that?

Your post was about mortgages and SME's,  see your quote "It was announced by the government 2-3 weeks ago that all commercial banks had been asked to assist homeowners and SME's with loans/mortgages to help deal with cashflow issues during this period.  ". And so far in my experience banks are not helping. See my post. So far nothing for SME's has been forthcoming.

 

Now in their defense they could not do very much because the government had not announced any details yet, that only happened last week, I think Thursday.

[phuketrichard]

there loans , need be paid back

for business's and people living month to month, means at the end of this their bills will be double.

many will go under

poverty will increase as many will NOT be able to repay the loans.

this is worldwide NOT just thailand

global recession.

 

doom an gloom

[thaiboss]

do same as the minor group close the hotel send staff home wait for the virus is gone end of the story

[Russell17au]

My wife has her own legitimate massage shop and we rent the property. We started this business February 2019 and it has taken 12 months of hard work to build this into a reasonably good business where it was a good clientele which is steadily increasing and starting to show a small profit with still a lot of money owing and the Ministry of Public Health came and closed the shop on the 18th March until 31st March and then the local Governor extended the to 30th April and that can be extended even further. The landlord for our shop also rents out the adjoining hairdresser shop who was also closed and he wants his rent as normal with no reduction. So now we have closed the business completely and so has the next door shop and we have vacated the 2 shops. The landlord now has 2 empty shops that are not giving him any income but it also means that we will not re-open there, if we re-open at all.

[sead]

She has to make a deal with the landlord. Governments around world are giving companies money for loss revenue. 

[Max69xl]

On 3/28/2020 at 5:33 PM, Antonymous said:

Government will be doling out 5,000 baht a month (for next three months) to those who have been in employment and now have no income through redundancy, closures, etc - if they sign up today and are accepted in the scheme. Have your ex sign up for that at least.

 

Of course 5,000 baht isn't going to be nearly enough for those who have mortgages, rents and financing bills to pay.

 

Very hard to make any money doing anything new now. It is highly likely that crime is going to increase ere long. This is a greater danger than WuFlu itself IMHO.

To receive those 5k for 3 months she can't be in the social security system. I would think that a hotel owner,even if the hotel is small pays taxes. 

[natway09]

Obviously many replies here  "stuff you, I'm alright" variety.

When this worsens in a month there will be a shift in feeling & those Landlords who looked after their customers will be in a position to look the world in the eye.

I for one will try for a rent decrease (My business,  which is closed & paying salaries still ) 

not my apartment owner who have looked after us through thick & thin already

[metisdead]

An off topic post and the replies have been removed. 

[simon43]

Update:  My ex has asked the landlady to review the monthly rent payments.  The simple reply was 'no'.......

 

The lease contract allows my ex to not pay the rent for 3 months, after which date the landlady can repossess the land BUT NOT the buildings!  Under the contract terms, my ex owns all the buildings and fittings, since the land was rented as bare land.

 

Therefore, (and only if my ex is 100% sure that her business is fcuked), I'll advise my ex to tell the landlady that if she doesn't reconsider her position re the rent, then my ex will remove all fixtures and fittings to sell, and will demolish the buildings and vacate the land ????  I don't think the landlady wants just a bare piece of land to be returned....

[phuketrichard]

when u rent land and build on it, ur allowed to take away anything you can.. and thats all, ur NOT allowed to destroy the buildings, suggest u advise her not to demolish any of the buildings

 

Even , being very optimistic, its all good in the next 2-3 months there will not be any tousits for at least 6 months after or more

Edited March 31, 2020 by phuketrichard

[AgMech Cowboy]

On 3/29/2020 at 5:46 PM, Monomial said:

Your ex has my sympathy. We are now in a similar situation. No income due to the effects of the virus, and no way to make our mortgage payment. We can probably cover April, but will not be able to pay in May. 5000 baht is a joke.

Yes, a very difficult time. 

[AgMech Cowboy]

I wish all of you the best.

[1FinickyOne]

On 3/28/2020 at 5:21 PM, simon43 said:

her business will be among many to suffer under the current conditions,

and there you have it... sorry to say that many many businesses will go down through no fault of their own. Who knows when travel will get back to normal. I think it will take a while. 

[Sharp]

On 3/29/2020 at 5:26 PM, LivinginKata said:

 

We are not charging any rent for month April 2020 for all our long stay tenants. See how it goes May ?

Same here!

[ThePearl]

On 4/2/2020 at 7:21 AM, kenk24 said:

and there you have it... sorry to say that many many businesses will go down through no fault of their own. Who knows when travel will get back to normal. I think it will take a while. 

2 years minimum or until a vaccine or mandatory quarantine for 2 weeks hardly worth short stay long term stay different story.

[ThePearl]

On 3/31/2020 at 12:48 PM, phuketrichard said:

when u rent land and build on it, ur allowed to take away anything you can.. and thats all, ur NOT allowed to destroy the buildings, suggest u advise her not to demolish any of the buildings

 

Even , being very optimistic, its all good in the next 2-3 months there will not be any tousits for at least 6 months after or more

Try 2 years or vaccine....no country will allow returning citizens in without quarantined 2 weeks...take that out of your annual leave. Not happening. Home countries will be the vacation hotspots.

Edited April 4, 2020 by ThePearl

[ThePearl]

I can see a lot of frantic overseas calls and visits to western union

Edited April 4, 2020 by ThePearl

[soi3eddie]

On 3/31/2020 at 8:17 AM, simon43 said:

Update:  My ex has asked the landlady to review the monthly rent payments.  The simple reply was 'no'.......

 

The lease contract allows my ex to not pay the rent for 3 months, after which date the landlady can repossess the land BUT NOT the buildings!  Under the contract terms, my ex owns all the buildings and fittings, since the land was rented as bare land.

 

Therefore, (and only if my ex is 100% sure that her business is fcuked), I'll advise my ex to tell the landlady that if she doesn't reconsider her position re the rent, then my ex will remove all fixtures and fittings to sell, and will demolish the buildings and vacate the land ????  I don't think the landlady wants just a bare piece of land to be returned....

Sorry to hear this. I know that your ex's land rental was for 20yrs but I have seen many shorter period land rental contracts at low rents. The landlord's game is to get a tenant to improve and build on the land and then recover it for free once the initial term is over.

 

Your ex needs to communicate more and try different ways of agreeing a deal with the landlady. If the landlandy will still not come to an arrangement and things are still dire then I would remove anything of value and demolish the building/s regardless of the contract. After all, what recompense will the landlady achieve if there is no income or assets to go after? If I was the landlady/landlord with a regular paying tenant and usually viable business, I would do everything possible to keep whatever income could be generated. Does the landlady think another tenant will be any better when there is no business? Seriously there are some weird ways of thinking by greedy landlords (not just in Thailand but everywhere).

[simon43]

On 3/31/2020 at 4:48 PM, phuketrichard said:

when u rent land and build on it, ur allowed to take away anything you can.. and thats all, ur NOT allowed to destroy the buildings, suggest u advise her not to demolish any of the buildings

 

Even , being very optimistic, its all good in the next 2-3 months there will not be any tousits for at least 6 months after or more

Our contract says otherwise!  Because I drew up the lease contract in 2011 and made sure that it included a clause that allows us to demoliosh any buildings that we have constructed on the land.  (I included that clause on all 4 land leases that I made for my little hotels, to ensure that a greedy landlord didn't try to 'acquire' the hotel 'for free'.)

 

Anyway, with hotels now ordered closed, my ex is (now what's that technical phrase?) - oh yes - she's 'fcuked'...

Edited April 4, 2020 by simon43

[Max69xl]

6 minutes ago, simon43 said:

Our contract says otherwise!  Because I drew up the lease contract in 2011 and made sure that it included a clause that allows us to demoliosh any buildings that we have constructed on the land.  (I included that clause on all 4 land leases that I made for my little hotels, to ensure that a greedy landlord didn't try to 'acquire' the hotel 'for free'.)

 

Anyway, with hotels now ordered closed, my ex is (now what's that technical phrase?) - oh yes - she's 'fcuked'...

Are you always this interested in your ex's lives and businesses?

I'm just curious. 

[sanuk711]

1 minute ago, Max69xl said:

Are you always this interested in your ex's lives and businesses?

I'm just curious.

Maybe there are children involved Max.........................

[simon43]

1 hour ago, Max69xl said:

Are you always this interested in your ex's lives and businesses?

I'm just curious. 

This ex (#3) has been a good friend for 20 years.  I built her business back in 2011 and, although it is solely her business, the fact that we remain good friends naturally means that I'm concerned about her future, (no kids involved here...)

 

Ex's don't always have to be enemies...

Edited April 4, 2020 by simon43