Family complains after house seized and sold for Bt2mn over Bt17,000 student debt

[nickcar]

Certainly something strange here. I have some experience with the legal execution department(บังคับคดี) And when they sell something at auction they are required to give the owner an opportunity to find a buyer at a higher price or repay the debt. 

[Peterphuket]

Wow, that's what we call "Western Style"

[RichardColeman]

17 hours ago, sanmyintmaung said:

Probably the daughter use her father name as loan guarantor in the contract. Father cannot read so he might not know that he is signing the contract for loan.

He may never even have been aware it existed too !

[talahtnut]

13 minutes ago, Peterphuket said:

Wow, that's what we call "Western Style"

Yep, In the west economies tank, we look forward to

Negative interest, removing cash from bank Greek style,

banks foreclosing, currency devaluation.

Worlds looking good for some, innit?

 

[Pedrogaz]

A similar thing happened to my wife before I met her. She had been sending the family money to pay mortgages on 3 properties for which she had a taken a mortgage of about 3 million baht. The family stole all the money. They sold one property, and the bank reclaimed the other two in 1996. Ten years later in 2006 the bank claimed that the sale of the properties had not raised enough money to cover the original debt plus 20% pa interest. She was sued for 10 million baht or so. 

The judge froze her passport so she couldn't travel at all and she was in bankruptcy court for about 6 years. She could not own anything at all during that period. It was very inconvenient. Eventually after semi-annual court appearances the debt was discharged but of course the whole court thing of hiring a lawyer and so many appearances, cost a lot of money. 

[trainman34014]

The Father most likely signed the papers for the loan as the Guarantor without even knowing what he was doing, especially if he can't read or write.  Possible his 'Signature' or 'Thumb Print' was used without him knowing; this sort of thing goes on all the time in the Land of Liars and Cheats, been instances of it in Wifes family and another family we know well.

[Gillyflower]

2 hours ago, worgeordie said:

There are a lot of older Thai people that cannot read or write,

they use their thumb print to sign documents,

regards Worgeordie

My Portuguese cleaning lady cannot  read nor write.  (In Europe).

[Don Mega]

If only there was a way this could have been avoided.

[cyril sneer]

the student loans company are ruthless here, especially with government workers

 

just one month ago my partner and her colleagues all got a letter saying 15,000THB would be taken from their July salaries to repay student loans

 

how are they expected to come up with such an amount at short notice

[NE1]

I think students think if they forget about the loans , they will be forgotten about by the loan company / banks.

People have plenty of time to pay back the loans and some choose not to , then cry when their collateral is siezed.

[CorpusChristie]

19 hours ago, Farang Eddie said:

What can I do to help these people ?

I would like to help them as well .

I was thinking along the lines of me giving them 17 000 Baht and then me getting a 49 % share of the house ,  how was you thinking about helping them ?

[brianthainess]

19 hours ago, Farang Eddie said:

What can I do to help these people ?

Teach them what the word LOAN means.

[brianthainess]

58 minutes ago, cyril sneer said:

the student loans company are ruthless here, especially with government workers

 

just one month ago my partner and her colleagues all got a letter saying 15,000THB would be taken from their July salaries to repay student loans

 

how are they expected to come up with such an amount at short notice

Was it really short notice or did they ignore repayments and letters.

[brianthainess]

1 hour ago, Don Mega said:

If only there was a way this could have been avoided.

There was. I know what that could have been.

[cyril sneer]

5 minutes ago, brianthainess said:

Was it really short notice or did they ignore repayments and letters.

short notice

 

repayments cannot be ignored with government jobs, it's taken directly from the salary

[Don Mega]

19 minutes ago, cyril sneer said:

short notice

 

repayments cannot be ignored with government jobs, it's taken directly from the salary

Did I miss the part in the article where it say she was a government employee ?

[cyril sneer]

5 minutes ago, Don Mega said:

Did I miss the part in the article where it say she was a government employee ?

it's not referring to the article

[Don Mega]

6 minutes ago, cyril sneer said:

it's not referring to the article

So in regards to the article it may well be the repayments were infact ignored then !!

 

But if a government employee there is no chance of a repossession whilst still employed, thats actually pretty cool.

[steven100]

7 minutes ago, Don Mega said:

But if a government employee there is no chance of a repossession whilst still employed

I would doubt that is correct .....  what if your government salary is only 6,000 baht a month and you owe 500k  ?   I am sure repossession will still happen.

[Don Mega]

1 hour ago, steven100 said:

I would doubt that is correct .....  what if your government salary is only 6,000 baht a month and you owe 500k  ?   I am sure repossession will still happen.

Not according to the poster I qouted.

 

Would someone with a 6k a month salary even qualify for a 500k+ loan ?

[steven100]

3 minutes ago, Don Mega said:

Not according to the poster I qouted.

 

Would someone with a 6k a month salary even qualify for a 500k+ loan ?

probably not,  i was just referring to a debt and just say a court issues judgement that the defendant must pay back, and say the defendant has a government job so they may take some salary but it would take forever to pay 500k back.

[overt2016]

7 hours ago, Orton Rd said:

House looks like it's worth more like 500k, must have a lot of land with it. House was auction off 'publically' 2 weeks ago where we are after owner defaulted. Only nobody knew about it and only one local big wig was there to bid, first offer he gets it for about half what it's worth.

Ahh! That seems about right.

I was just going to say something very similar.

[Stadtler]

On 6/25/2020 at 8:24 AM, webfact said:

Both refused to talk to reporters.

Stadtler is shocked.

[NE1]

50 yards down the road from us , lived a Man , his daughter and her Two kids.

He had signed the house and a little bit of land over to her to save messing about with technicalities when he died.

She sold it behind his back to a woman from the other end of the village , saying " me and dad are moving " etc.

after the girl got the money in her bank account she left ,  and a couple of weeks later the new owner turns up to ask the man when he was leaving , as she wanted to start altering stuff.

Obviously the poor sod didn't know what was going on until the new owner explained it to him and showed him all the paperwork.

I will give the new owner her due , she let the man stay there rent and electric free until he could find somewhere else to stay.

He stayed about a month , then he just disappeared ..

 

[Don Mega]

1 hour ago, steven100 said:

probably not,  i was just referring to a debt and just say a court issues judgement that the defendant must pay back, and say the defendant has a government job so they may take some salary but it would take forever to pay 500k back.

But Cyril Sneer was implying a government employee with a government loan has the repayments auto deducted from salary hence not being able to fall in arrears.

 

Or am I missing something ?

[checkered flag]

On 6/26/2020 at 10:01 AM, Orton Rd said:

House looks like it's worth more like 500k, must have a lot of land with it. House was auction off 'publically' 2 weeks ago where we are after owner defaulted. Only nobody knew about it and only one local big wig was there to bid, first offer he gets it for about half what it's worth.

Takwood houses are very valuable for the lumber. Houses are dismantled board by board and recycled. Old wood is more valuable than new wood and is much sought after. 500K for a Teak house would be a shack.

[checkered flag]

On 6/26/2020 at 11:56 AM, nickcar said:

Certainly something strange here. I have some experience with the legal execution department(บังคับคดี) And when they sell something at auction they are required to give the owner an opportunity to find a buyer at a higher price or repay the debt. 

Very true. My friend at the bank has pointed out numerous houses owned by the bank. It cab take years to sell them. 

Non bank lenders charge 3% per month. She must have had such a loan and it ended up at 2M and the lender settled.

[checkered flag]

On 6/26/2020 at 1:04 PM, NE1 said:

I think students think if they forget about the loans , they will be forgotten about by the loan company / banks.

People have plenty of time to pay back the loans and some choose not to , then cry when their collateral is siezed.

Loan companies show up and hound people for a long time. I've seen then in our village and my wife knows who they are. It's a long process and everyone knows.

[moontang]

We have a condo in my building and the owner hasn't been heard from in years.  There was a court notice hung from the door knob.  The condo office is trying to get their money...but it is a long, long process..years, not months.