Anyone have any knowledge of debt collection in Thailand?

[Ohyesuare]

4 minutes ago, ChaiyaTH said:

Statue of limitations is not relevant to such debts, as far I am aware. Certainly not as long its an active case. 

Besides it being statute and not statue, your sentence makes no sense. The statute does apply to credit card debt, which is what this is and it wouldn't be an active case any longer after 2 years which is when the statute of limitations would come into effect. 

[atpeace]

1 minute ago, ChaiyaTH said:

You think those credit guys are unprepared? Interest would be triple or even more if that was applicable.

I have not a clue.  If it were me and I decided not to pay, I would find out where the cases are filed. If not filed within 2 years, then nothing legally the creditor can do.

[ChaiyaTH]

2 minutes ago, Ohyesuare said:

Besides it being statute and not statue, your sentence makes no sense. The statute does apply to credit card debt, which is what this is and it wouldn't be an active case any longer after 2 years which is when the statute of limitations would come into effect. 

Keep on dreaming, I will get 100 thais taking out credit to the max and offer them housing and food for 2 years too then.

[Ohyesuare]

3 minutes ago, KhaoNiaw said:

I know a girl in a similar position but she has a job. I think the two-year period being mentioned relates to a claim being made by the lender, not the period that the debt has to be paid off. My friend eventually started receiving regular communications from the company that had purchased her debt, a couple of hundred thousand I think, and in the end it went through court and directly to her company, who informed her how much they had been ordered to take out of her salary. There is a limit though, something like not allowing the take-home salary to go below 20,000 baht/month. Any bonuses and extras are fair game though and get taken.  Without a job or assets though, I guess there's very little the debt collector's can do.
It seems quite common for young Thais to get their first job and immediately receive cards and credit from several different sources, which they max out and just ditch. It can then take a few years to come back and bite them right up into their 30s. 

Yes, the 2 years is how long the lender has to make a claim. If they don't make one within those 2 years, the statute of limitations comes into effect and they can no longer purse the debt unless the person owing money renews it by making even a small payment. 

[atpeace]

1 minute ago, Ohyesuare said:

Besides it being statute and not statue, your sentence makes no sense. The statute does apply to credit card debt, which is what this is and it wouldn't be an active case any longer after 2 years which is when the statute of limitations would come into effect. 

A snippet from an article in Bangkok post.  

According to the Supreme Court decision, the credit-card payment in question was due on Nov 9, 1994 but the debtor failed to pay on that date. This triggered the right of action of the bank from the next day on Nov 10, 1994, the date the two-year statute of limitations began to run. 

[Ohyesuare]

5 minutes ago, ChaiyaTH said:

Keep on dreaming, I will get 100 thais taking out credit to the max and offer them housing and food for 2 years too then.

What good would that do? Just way off-topic. In the OP's case, the debt was written off and not pursued within the 2 years they had the time to do so. 6 years later now, it cannot be pursued legally if a payment has not been made on the debt.

Edited November 24, 2021 by Ohyesuare

[Ohyesuare]

3 minutes ago, atpeace said:

A snippet from an article in Bangkok post.  

According to the Supreme Court decision, the credit-card payment in question was due on Nov 9, 1994 but the debtor failed to pay on that date. This triggered the right of action of the bank from the next day on Nov 10, 1994, the date the two-year statute of limitations began to run. 

You're quoting from the article where the debtor made a payment on the debt after the 2 years had already passed and renewed the statute of limitations. 

[SheikYabodyline]

1 hour ago, The Hammer2021 said:

Defaulters are usually trapped by slick marketing and deliberately given more credit than they need or can afford. The CC companies, their agents and their debt collectors are inhuman scum.

And the people seduced by such slick marketing are pure as the driven snow? Whatever happened to personal responsibility?

[Gottfrid]

Yeah, I have some knowledge. I have heard that they find people, comes home to them, threaten them. If that now help they might kidnap family members, break bones, shoot and kill. Not have any own experience. It´s just what I have been reading in the news.

Edited November 24, 2021 by Gottfrid

[Ohyesuare]

Just now, Gottfrid said:

Yeah, I have some knowledge. I have heard that they find people, comes home to them, threaten them. If that now help they might kidnap family members, break bones, shot and kill. Not have any own experience. It´s just what I have been reading in the news.

You're talking about illegal money lenders. I'm pretty sure credit card companies don't sell their debt to these kinds of people.

[clivebaxter]

Something seems to be missing, why did she not pay the money back at the time? 

[atpeace]

18 minutes ago, Ohyesuare said:

You're quoting from the article where the debtor made a payment on the debt after the 2 years had already passed and renewed the statute of limitations. 

yes that is the article. The 2 year limitation begins on the first missed payment.

 

[Longwood50]

It is not unusual for a third party to acquire debt from an institution like a bank, credit card company or even taxes owed in the USA.  They usually acquire that for only a small fraction of what is owed and then they can legally pursue the collection. 

First off, I would be very careful to "settle" with any third party without full and complete knowledge that they can settle the debt.  Anyone can obtain information on unpaid loans and then claim to be the authorized owner of that debt and settle it.  You could find that you pay off the debt and then find that the credit card company is still coming after you and that they never assigned the debt to a third party. 

[atpeace]

3 minutes ago, Longwood50 said:

It is not unusual for a third party to acquire debt from an institution like a bank, credit card company or even taxes owed in the USA.  They usually acquire that for only a small fraction of what is owed and then they can legally pursue the collection. 

First off, I would be very careful to "settle" with any third party without full and complete knowledge that they can settle the debt.  Anyone can obtain information on unpaid loans and then claim to be the authorized owner of that debt and settle it.  You could find that you pay off the debt and then find that the credit card company is still coming after you and that they never assigned the debt to a third party. 

excellent point.  I could see myself falling for this stunt.

[Gottfrid]

24 minutes ago, Ohyesuare said:

You're talking about illegal money lenders. I'm pretty sure credit card companies don't sell their debt to these kinds of people.

And, I am pretty sure they have not sold it at all and just written it off. After that there has been someone in the company working extra selling old information to shady persons. Of course, not sure. But, that is what I believe.

Edited November 24, 2021 by Gottfrid

[atpeace]

22 minutes ago, clivebaxter said:

Something seems to be missing, why did she not pay the money back at the time? 

Think you missed the original post. 

[new2here]

JMT is JMT Network Services and are a fairly large firm that is an collection agency specializing in certain sectors - retail banking among them. A few of the major banks use them - Krungsri among them.

So, to that end, JMT is real… 
 

The legalities of the debt, any statutory relief a debtor may have and the rights or the creditor to pursue any actions would be something you’d want to get clear knowledge of.

 

As a collection agency, JMTs collection activities ultimately fall under the Bank of Thailand’s jurisdiction.

 

 

[Longwood50]

1 hour ago, Ohyesuare said:

You're talking about illegal money lenders. I'm pretty sure credit card companies don't sell their debt to these kinds of people.

I am not sure that the credit card company vett anyone who buys their debt.  They auction off the debt and whoever pays the most for it gets it.  Now who those companies employ and what tactics they use to collect  I am not sure about the two year statute of limitations.  If that is true, then she can tell them to take a long walk off a short pier because the debt is uncollectible. 

[Kenny202]

2 hours ago, Gottfrid said:

Yeah, I have some knowledge. I have heard that they find people, comes home to them, threaten them. If that now help they might kidnap family members, break bones, shoot and kill. Not have any own experience. It´s just what I have been reading in the news.

I think you will find that may happen with private lenders, not Banks and proper lending institutions

[Kenny202]

2 hours ago, clivebaxter said:

Something seems to be missing, why did she not pay the money back at the time? 

Long story but basically overspent, got pregnant and had to leave work. There is no other way to describe other than totally irresponsible. But it is a pretty common theme here. No thought for the future particularly when money is concerned. Doesn't even enter their heads how they will pay it back, it's just a matter of who is stupid enough to loan them. Reminds me 40 odd years ago back home when credit cards first came out and it was open slather. Same thing happened. Some people need to be protected from themselves not that it lessens the responsibility of the debtor. I used to see people in the village loaning money from the local Chinese money lender at ridiculous rates. Put their land up as collateral. They knew the deal. A couple of months later and they hadn't paid a cent and all sitting around laughing how stupid the lender was for not chasing up the debts. The lender simply sits it out for 6 months or so then comes and cleans them all out, by this time the interest has at least doubled the principal. They used to try and get a few farmers in a row, take all the land in one hit. I never pitied these people as they thought they were cheating the loan shark lol. Dum Ar$eS

[2009]

3 hours ago, Ohyesuare said:

All you have to do is google thailand statute of limitations on debt and multiple reliable sources say that it is 2 years. Very important to know, If she makes any small payment now, she resets that statute which means she is then liable to be sued for it. There is also the Debt Collection Act which offers her many protections against unscrupulos practices from debt collectors trying to harass her and severely limits them in how they can go about it with harsh consequences for them if they violate it. http://report.dopa.go.th/laws/document/2/231.pdf I suggest reading for yourself like I suggested earlier rather than taking the word of random strangers on this forum.

Interesting, doesn't debt get passed on to the children in Thailand?

 

Like, if mother dies with debt, then child inherits it?

[Kenny202]

Anyway, she went and paid it off today against my advice, but hey there is a small chance they could have actually taken her to court and claimed the full amount plus interest and legal fees. I doubt it buy hey it was her decision. They did actually drop the original debt from 30k to 20k so to that end ok. She checked with Eon and they confirmed they had on sold the debt to JMT and they weren't acting as a collection agent. JMT actually said the same thing. I have a friend in Bangkok works in finance for heavy machinery and he told me JMT are also a legal company and there was a chance they may take her to court as they have their own legal department. He was also unaware of any 2 year Statute of limitations. Anyway, no skin off my nose. Thanks all for the advice

[Gottfrid]

1 hour ago, Kenny202 said:

I think you will find that may happen with private lenders, not Banks and proper lending institutions

You should have read a little bit longer before you posted you quote, then you would know what I really meant.

 

3 hours ago, Gottfrid said:

And, I am pretty sure they have not sold it at all and just written it off. After that there has been someone in the company working extra selling old information to shady persons. Of course, not sure. But, that is what I believe.

 

[Kenny202]

23 minutes ago, Gottfrid said:

You should have read a little bit longer before you posted you quote, then you would know what I really meant.

 

 

I can see what you really meant.... and you have made a huge assumption based on very little information. You are saying the debt hasn't been sold to a legitimate company, somebody in the original loan company has harvested the information and will use it for evil deeds. And if not paid their will be extortion and violence. Really? Lower your meds dosage bro

[lkn]

4 hours ago, Kenny202 said:

JMT are also a legal company and there was a chance they may take her to court as they have their own legal department

First thing to do in a situation like this is to ask the counter party to document their claim. If they actually had a signed contract with your GF/wife stating the terms of the debt etc. then they have a pretty strong claim, otherwise it’s probably just bluff.

 

Also, I hope she got some sort of proof that she has now settled this debt in full.

[digbeth]

if it went before a judge, maybe the judge would have them knocked off the collection fees and interest to a more reasonable amount, but the figured they offered is probably convenient for both parties involved

[Rimmer]

Two bickering posts have been removed

[Jenkins9039]

On 11/24/2021 at 9:32 AM, Kenny202 said:

y GF has a credit card debt from about 6 years ago with a company called Eon. They gave up chasing her about a year ago. Before were at her to make payment plans etc but she was fully committed paying off 3 other cards. Anyway looked like they gave up. The debt is about 30000 baht. Yesterday she got a call from another company called JMT who my wife seems to think has "bought" the loan off Eon. Reason is she called Eon and they basically said they have no record of her anymore so sounds like she might be right. She has recently paid off two other credit cards and maybe that has showed up somewhere and sent them a red flag, hence they have become more vigilant. She discussed with them the possibility of a monthly payment plan and they said no, too late for that. If she doesn't pay by the end of the month they will start court proceedings.

I was being taken to court by True for 36 THB for an old company that ceased in early covid, line was converted to personal, bill paid, apparently there was an additional 36 thb and the idiots didn't think to move it to my personal bill.

 

Those <deleted> will hound you and definitely take to court for 36thb so for 30,000 she's <deleted> lol

 

---

 

Separate note 2018 i paid one of my staff's prior uni fees and deducted from his salary, the University was taking him to court for 40,000 THB and wanted his home!

[Kenny202]

1 minute ago, Jenkins9039 said:

I was being taken to court by True for 36 THB for an old company that ceased in early covid, line was converted to personal, bill paid, apparently there was an additional 36 thb and the idiots didn't think to move it to my personal bill.

 

Those <deleted> will hound you and definitely take to court for 36thb so for 30,000 she's <deleted> lol

 

---

 

Separate note 2018 i paid one of my staff's prior uni fees and deducted from his salary, the University was taking him to court for 40,000 THB and wanted his home!

They threaten about taking home and land but they have no legal right to do that unless you signed it over as a guarantee and the courts wont let them do that either nor will they order it, not for a smaller debt anyway. They initially threatened that and then the company themselves admitted they couldn't do it. Then they moved tac to you will be up for compound interest and all our legal fees etc. I sort of don't harbor any ill feelings towards them to be honest as I used to be in collection back home and I hate people who default just because they can. Anyway for me a moot point now as she came to an agreement with them and paid it off in full

 

I have no doubt with this being Thailand and the pettiness and the missing the whole point thing a large company here would robotically take you to court over 10 baht without even considering the financial loss or implications

[Jenkins9039]

2 minutes ago, Kenny202 said:

They threaten about taking home and land but they have no legal right to do that unless you signed it over as a guarantee and the courts wont let them do that either nor will they order it, not for a smaller debt anyway. They initially threatened that and then the company themselves admitted they couldn't do it. Then they moved tac to you will be up for compound interest and all our legal fees etc. I sort of don't harbor any ill feelings towards them to be honest as I used to be in collection back home and I hate people who default just because they can. Anyway for me a moot point now as she came to an agreement with them and paid it off in full

 

I have no doubt with this being Thailand and the pettiness and the missing the whole point thing a large company here would robotically take you to court over 10 baht without even considering the financial loss or implications

Previously read articles where a Thai has been made homeless in Bangkok for a small debt, being evicted from home and it sold from underneath them.