Should I sue and if I do, what should I expect?

[timendres]

1 hour ago, MyTHaiMyKe said:

What if a Thai girl has a house but it is not paid for? She has not been living in the house, she has been renting it out for the last 10+ years, to make the payments on the bank loan. Could that girl be forced to sell the house to recoup some of the lenders money, from equity? Anyone have any knowledge on that.

If the house was purchased using a mortgage from a bank, then the house is almost certainly the collateral for that loan. The only way that the borrower can sell the house, is if they sell the house before they default on the loan. If they sell the house, and the profits can pay off the balance of the loan, then they can dispatch the loan, and keep whatever amount is left.

 

If the loan goes into default, the bank will take ownership of the house. If the house is sold by the bank for an amount greater than the balance due on the loan, then the extra equity is usually returned to the borrower. However, banks will sometimes hold houses like this in inventory seemingly forever before they are sold.

[Sundown]

Are you the same guy that comes asking if it's correct to keep sending 40000 monthly to your loyal Thai gf? I don't know why but I have the feeling that new posters with questions like this have always the same writing style ????

[natway09]

I am afraid you are screwed.

In my business I have had success getting judgement but only about a 50% collection rate

In Phuket I did get a gun pointed at my head when I tried to collect 163,000 Bht

My life is worth more  than that

[1FinickyOne]

Is there anything left to recover from? Can't get blood out of a stone -- and all. 

 

If it is a game to you and have money to burn... play it then... you might aggravate him but not likely to get anything back... 

[Bender Rodriguez]

if you want to lose a few hundreds of thousands of money more, hire a lawyer

 

they will tell you everything you want to hear, to get your money and deliver little

 

IF you had a trusted Thai friend, that could be your translator in court, you can SUE the man yourself ! no need for lawyer

 

maybe you should look into a debt collector, the one that does not ask nicely and gets part of the recovered money

[spidermike007]

Nothing can be done now. Legally anyway. Shame can be used. That sometimes works. Other means of coercion such as family embarrassment and bringing this to the attention of his employer, etc. However it is a lesson to all of us. We have all the leverage we need, before making the loan. I would have demanded real collateral. Such as the title to the vehicles (unencumbered by loans) signed over to me in advance of the loan. Otherwise it barely matters how well you think you know the person. 
 

Chalk it up to a costly lesson learned and alot of aggravation. 

 

 

[Gracas]

To collect on this loan you would have needed to use the same method the Loan Sharks use, but this is not an option for the OP. Let it go, there is no chance to legally recover your money unfortunately.

[DaRoadrunner]

You do not appear to have solid proof. Which leaves you with the Thai solution. Either a debt collection agency might take it on for a percentage. Or Thai gangsters would be used to persuade him it was in the interests of his health, again for a percentage.

[worgeordie]

On 5/25/2020 at 3:19 AM, Fred989 said:

I have a copy of the original contract (unsigned).

You are going to have to forget the Loan,I don't think the

Thais recognize Loans between friends ,associates, they

call them gifts,so your collateral was vehicle registration

books, and not the actual cars,did you not realise he

could say the books had been lost and get replacements.

Just put it down to an expensive life lesson learnt ,and

never lend to anyone,again

regards worgeordie

[PatchinExPat]

I have only been here 6 yrs and mostly kept to myself,

but I have heard you can get someone knocked off pretty

cheap here. 

I would go that route, the dude will never pay anything

and you know that.

Spend that lawyer money more wisely .

Better pay that debt with Bit-coin , just to cover your tracks.

 

[Macthehat]

Expensive mistake . Move on and dont put more grief on yourself perusing this beaten docket . 

 

[Macthehat]

47 minutes ago, PatchinExPat said:

I have only been here 6 yrs and mostly kept to myself,

but I have heard you can get someone knocked off pretty

cheap here. 

I would go that route, the dude will never pay anything

and you know that.

Spend that lawyer money more wisely .

Better pay that debt with Bit-coin , just to cover your tracks.

 

I can hear the cops at your door lol

[Ireland32]

Never trust anybody in Thailand, especially a Dutch guy with Italian first name , he called police on me and tried to get me blacklisted in  Thailand, it didn’t work , I want to  SUE  , also , I don’t want any Farang friends in Thailand always broke or scamming 3 years , I paid him in one year 140,000 for a 90,000 Bank I got stuck with finance fees of 3 years not part of deal , his first name start with S. Still no papers his Exgf is still asking for  10,000b and transfer fee, happened in Isaan , so if I don’t smile at you , you know why Beware if Fake Friends who are poor and always borrowing from you and stick you with dinners bills everytime Lowlifes 

Edited May 27, 2020 by Ireland32

[19DL86]

Just as a matter of interest, OK? As theres 1 or 2 posters have mention that we, as foreigners aren't permitted to make "loans".  Not wanting to start arguments, just playing the "Devil's advocate" - I have.  I have several times and with the aid of Thai lawyers.

 

I have sold land and property held in my Thai Ltd Co on finance packages.  So too I have secured my own home, by "loaning" my Thai Gf/wife the money to build the house, my house.  On her land.  All contracts drafted by lawyers.  Thankfully never need to test their legality in a court.

 

Perhaps this might be different ruling, and it may have been argued or disguised, as I was making loans on behalf of the company, to other shareholders/directors to buy assets of the company.

 

In regards of interest, yes there are government guidelines to how much can be charged.  I think it's not unreasonable to charge 5-7% per annum.  This law is or was brought in (ineffectively) - to stop the loan sharks with their 20% PER DAY rates!!

[MarcIssan]

On 5/25/2020 at 8:13 AM, AlexRich said:

You’re wasting even more money with legal action. I’m surprised you need to ask.

Yes I agree.  I have a similar situation with my brother in law and the attorney wants 25,000 for going to small claims court (under 300,000 bt). But since the court does not enforce the findings, what have I won?  For me it's not the money but the point of being screwed over but spending 25,000 + + + + + and not collecting any more than if I go over to his house and ask for a payment seems to be a waste of money.  Right now I'll just repossess the truck of mine he uses and sell it off and that will bring down the balance some and I'll just walk away.  By the way, I have a signed contract and proof of monies dispersed along with family witnesses but in the end he has 'no money' and no willingness to make it right.