Loan shark debt collection erupts into brawl

[Jonathan Fairfield]

The argument erupted into a brawl, which spilled out onto the street. Screenshot: Supplied

 

PHUKET: Thalang Police are investigating how a visit by debt collectors for a loan shark turned into a brawl spilling out into the street in Baan Pru Samphan, Tambon Thepkrasattri, on Wednesday (Aug 25).

 

The incident was brought to the police’s attention when 55-year-old shop owner Pranee Tayang reported to Thalang Police yesterday (Aug 27) how several “able bodied” men had arrived at her shop to collect outstanding payment for a loan that she and her husband had taken out from a private individual.

 

The incident was recorded on video, showing several people striking each other repeatedly, with many of the blows being closed fists landing on heads. The video has been posted online, and since gone viral among Phuket residents.

 

Full story: https://www.thephuketnews.com/loan-shark-debt-collection-erupts-into-brawl-81213.php

 

-- © Copyright Phuket News 2021-08-29

 

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[Gumballl]

The same theme was portrayed in that Van Damme movie.

 

Side topic... why are Thais fascinated with money, in particular spending it, yet fail in basic reasoning when it comes to borrowing it?

 

The next time stuff like this happens, I hope there is advanced notice so that I can purchase front row seating and a cold beer.

[FritsSikkink]

52 minutes ago, Gumballl said:

Side topic... why are Thais fascinated with money, in particular spending it, yet fail in basic reasoning when it comes to borrowing it?

 

The same reason your countryman are doing it.

[tomazbodner]

So... does the loan shark have banking license? This is going to get interesting. Certain car collecting policeman wishes he was working in Phuket right now...

[stevenl]

Good for them to stand up against those sharks.

[Mickeymaus]

6 minutes ago, stevenl said:

Good for them to stand up against those sharks.

Up to the people if they accept their conditions. And for sure there is a reason that they don't get a credit at a bank.  Loan sharks? I just see idiots borrowing money from such people and afterwards complain that these people want to get their money. 

[Gottfrid]

Hope that police know what to investigate. It might just have to do with illegal interest levels and daily collections.

[1FinickyOne]

1 hour ago, Gumballl said:

why are Thais fascinated with money, in particular spending it, yet fail in basic reasoning when it comes to borrowing it?

do you really think this is a Thai issue only? or just an excuse to bash?

[sammieuk1]

Brought to police attention or crooked to crookeder as its known here ????

[OneMoreFarang]

After that doesn't work then the Joe Ferraris get involved. TiT

[Pedrogaz]

My brother-in-law asked to borrow a large sum of money when he was behind on his car payments and the bank or whoever was threatening to re-possess.

We sat down and went through his regular expenses and his income, which was about 6,000 per month less than his ordinary expenses. Then asked the question..,..if this is the situation how will you find the money to pay me back? Answer: silence. My answer, if you can't pay it back, I will not lend it to you.

I guess he went to a loan shark because still has his car, motorbike, etc. He has an IQ in single digits, so it's only a matter of time before the debt collectors come calling.

[OneMoreFarang]

3 minutes ago, Pedrogaz said:

My brother-in-law asked to borrow a large sum of money when he was behind on his car payments and the bank or whoever was threatening to re-possess.

We sat down and went through his regular expenses and his income, which was about 6,000 per month less than his ordinary expenses. Then asked the question..,..if this is the situation how will you find the money to pay me back? Answer: silence. My answer, if you can't pay it back, I will not lend it to you.

I guess he went to a loan shark because still has his car, motorbike, etc. He has an IQ in single digits, so it's only a matter of time before the debt collectors come calling.

Make sure the debt collector doesn't get the idea to collect the money from your wife or you.

 

Many years ago the sister of my gf was working in a bar and it seems she borrowed a couple of thousand THB from the wrong person. Then the sister decided to move to another city. "Everybody" knew that my gf was the sister of the person who borrowed money. My gf asked me to pay that money and obviously I wasn't exited about that idea. To make the story short: She convinced me to pay. I think it was 5000B or something like that. Not enough to worry. And I felt better when I knew my gf and I don't have to look over our shoulders when we are in that area.

Obviously it shouldn't be like that. And I don't know what would have happened if I didn't pay. But sometimes the easy way out is just that. Easy, no more thinking and it's done. End of story. 

[Will B Good]

Things must be getting very tense 'out there'.

 

Many Thais must be in debt up to the hilt to these loan sharks, and yet have nothing coming in to start repayments.

[RachaRob]

My friend recently wanted to borrow from a loan shark.

They wanted 20% interest paid weekly!

[spidermike007]

It is easy to criticize these people for taking a loan from a gangster. But, the banks here are some of the stingiest, stringent, conservative, and most difficult banks, I have encountered anywhere I have been, when it comes to borrowing. So, I sort of understand resorting to extreme measures.

Edited August 29, 2021 by spidermike007

[Will B Good]

My wife regularly lent money out when we lived in Germany to the local Thai girls.

 

I wouldn't call her a loan shark by any stretch, but the accepted rate was 5% per month.

 

I think I missed a trick there.

[Mickeymaus]

40 minutes ago, Pedrogaz said:

My brother-in-law asked to borrow a large sum of money when he was behind on his car payments and the bank or whoever was threatening to re-possess.

We sat down and went through his regular expenses and his income, which was about 6,000 per month less than his ordinary expenses. Then asked the question..,..if this is the situation how will you find the money to pay me back? Answer: silence. My answer, if you can't pay it back, I will not lend it to you.

I guess he went to a loan shark because still has his car, motorbike, etc. He has an IQ in single digits, so it's only a matter of time before the debt collectors come calling.

This is exactly often the problem. Some of these "victims" are like drug addicts. They only think where they can borrow more money. They don't care if and how they can pay it back. There are enough lenders that got killed by people they gave money to. 

 

Edited August 29, 2021 by Mickeymaus

[Scott Tracy]

4 hours ago, stevenl said:

Good for them to stand up against those sharks.

Would have been better not to have borrowed money from the private individual, then. What do you expect? Borrow money and not have to pay it back? Good grief.

[Scott Tracy]

2 hours ago, spidermike007 said:

It is easy to criticize these people for taking a loan from a gangster. But, the banks here are some of the stingiest, stringent, conservative, and most difficult banks, I have encountered anywhere I have been, when it comes to borrowing. So, I sort of understand resorting to extreme measures.

How do you expect them to be, when the people who want to borrow have no means to pay back?I

Banks are not stupid, well, perhaps they are if they lend money and the borrower cannot pay back. I wonder what return they get on repossessed goods. I wonder what their loan default rate is.

[stevenl]

21 minutes ago, Scott Tracy said:

Would have been better not to have borrowed money from the private individual, then. What do you expect? Borrow money and not have to pay it back? Good grief.

At 5 or even more likely 10 baht they, the loan sharks, totally deserve it when someone steps up to them. Charge reasonable rates and you won't hear me.

Edited August 29, 2021 by stevenl

[spidermike007]

16 minutes ago, Scott Tracy said:

How do you expect them to be, when the people who want to borrow have no means to pay back?I

Banks are not stupid, well, perhaps they are if they lend money and the borrower cannot pay back. I wonder what return they get on repossessed goods. I wonder what their loan default rate is.

In the grand scheme of things, it likely does not matter too much what the default rate is, as they tend to issue loads that are highly collateralized. In the case of the gangsters, well we know how they handle default.

[Will B Good]

7 hours ago, Jonathan Fairfield said:

The incident was recorded on video

Hate these articles being posted and referring to a video, but then they don't post the video.

 

The Independent and the BBC do it all the time.

[Mickeymaus]

4 minutes ago, stevenl said:

At 5 or even more likely 10 baht they, the loan sharks, totally deserve it when someone steps up to them. Charge reasonable rates and you won't hear me.

Let's say you go to an expensive restaurant. You order an expensive meal, eat it and then you refuse to pay. Obviously in your view the problem is the expensive restaurant - or? 

[hotchilli]

7 hours ago, Jonathan Fairfield said:

The incident was recorded on video, showing several people striking each other repeatedly, with many of the blows being closed fists landing on heads. The video has been posted online, and since gone viral among Phuket residents

You know it's serious when the flip-flops come off.

[hotchilli]

46 minutes ago, Scott Tracy said:

Would have been better not to have borrowed money from the private individual, then. What do you expect? Borrow money and not have to pay it back? Good grief.

It's quite common in Thailand.... thugs are the guarantee.

[stevenl]

21 minutes ago, Mickeymaus said:

Let's say you go to an expensive restaurant. You order an expensive meal, eat it and then you refuse to pay. Obviously in your view the problem is the expensive restaurant - or? 

Totally incomparable. These sharks are taking advantage of others, plus what they're doing is illegal.

[Mickeymaus]

23 minutes ago, stevenl said:

Totally incomparable. These sharks are taking advantage of others, plus what they're doing is illegal.

So it is okay doing business with people doing an illegal business and complaining afterwards that the people you did business with are doing an illegal business? Somehow you confuse me... 

[stevenl]

34 minutes ago, Mickeymaus said:

So it is okay doing business with people doing an illegal business and complaining afterwards that the people you did business with are doing an illegal business? Somehow you confuse me... 

Of course I confuse you, because what they're doing is morally wrong.

[Andycoops]

6 hours ago, Gottfrid said:

Hope that police know what to investigate. It might just have to do with illegal interest levels and daily collections.

The police are probably the loan shark operation so it's unlikely anything will be done.

[Albert Zweistein]

6 hours ago, Will B Good said:

My wife regularly lent money out when we lived in Germany to the local Thai girls.

 

I wouldn't call her a loan shark by any stretch, but the accepted rate was 5% per month.

 

I think I missed a trick there.

Cheap, 60 % a year. Not a loan shark ?