Bankrupt: A Covid Story

[Adumbration]

My girl worked in 5 star villas.  She has been out of work for 2 years now.  One of her previous work mates was living with her thai husband in his mom's home.  They had a daughter together.  I have mentioned her husband in another thread.  He is a chain smoking, violent, short, bald, toothless, <removed> drug using truck driver.  But despite being the ugliest man on the planet, he would regularly bring random girls home and <deleted> them in the marital bed at his mum's house, he would just tell his wife to go and sleep with their daughter.  If she complained he would give her a hiding.

 

Years ago prior to covid I would often go to the villas and have lunch with my girl and over time I got to know her friend quiet well.  She would regularly come to work with a black eye or bruises.  She is a bright, hardworking lass and had learned to drive heavy vehicles in her early years on the road with dreamboat.

 

She got an opportunity to work as a self employed minibus driver at a resort in another town and so she grabbed on with both hands.  She borrowed 1.2 million for a van and was doing great.  She moved camp, took her little girl with her and was on her way.  She managed to save a small deposit and ("to leave something for my daughter's future") she borrowed another 1.8 million to buy a little 2 bed attached house in a new thai development.

 

My girl just got off the phone with this lady tonight.  She called to ask if we knew anywhere she could get some work.  The finance company has repossessed the minivan because she could no longer make payments.  The bank will foreclose on her house next month.

[HashBrownHarry]

Unfortunately these stories are 10 to the penny but what's your point?

 

It amazes me how easy it is for Thais to borrow money....

[GrandPapillon]

she was heavy in debt, and bound to happen

 

but when you want to get out of a violent marriage, heavy debt is the least of your problem

 

sad,

Edited December 9, 2021 by GrandPapillon

[Jingthing]

On the subject of bankruptcy I'm wondering if the Thai education system should place a higher priority on teaching about personal finance management. Particularly how insidious being overly in DEBT can be. There is no legal gambling here supposedly but isn't overborrowing in effect gambling (and a bad bet at that)? 

[CharlieH]

An unneccesary trolling remark has been removed along with a posted response referring to it.

[Pravda]

I think some comments are a little stupid. She didn't borrow money to buy Louis Vuitton. She borrowed  money to start a business.

 

 

[Jingthing]

4 minutes ago, Pravda said:

I think some comments are a little stupid. She didn't borrow money to buy Louis Vuitton. She borrowed  money to start a business.

 

 

You forgot about the house?

 

Without knowing the specific money flow details, perhaps just perhaps if she had rented a cheap place until she was in better shape to buy a house she would have had a better chance at not losing her tool for livelihood, the van. 

Edited December 9, 2021 by Jingthing

[Pravda]

Just now, Jingthing said:

You forgot about the house?

And so what? Again, she didn't buy  Benz, she bought a house. It's a long term, usually smart investment. 

 

Just a very bad luck on her part.

[worgeordie]

She should never have purchased the property, and should have just

rented, the important thing was to keep paying for the van , but some

people spend too much without building the business up first , you

need to accrue some capital first , that's the most important thing.

regards worgeordie

[Jingthing]

11 minutes ago, Pravda said:

And so what? Again, she didn't buy  Benz, she bought a house. It's a long term, usually smart investment. 

 

Just a very bad luck on her part.

IF you can.afford it.

[stigar]

My lady have a good business in korat.She make about 3-7K a day.Now shes in sisaket for 3 days learning more about how to make colour and more about her beatusalon.(shes a hairdresser)

Even she make good money i support her because i want her to be sucessfull and pay for her courses.She never ask me for money..but hell shes happy if i support her.Ha-ha(shes smart)

We(she) have a condo in korat..we(she) have a small house in her village..we(she)have 3 buffalos..I have 5 kids..she have 2.We agree long time ago that past is past.Happy quiet life together without no dramas.The only "bad" thing is that shes a non drinker and dont smoke.I smoke and like to take a cold beer sometimes.Anyway shes ok with that as long as i dont drink alot.And that i brush me teeth before we kiss.Ha-ha

[A1Str8]

That girl needs get on onlyfans. She will repay her debt in no time. 

And your girl couldn't pick up a skill and start making chips in two years? 

[HashBrownHarry]

15 hours ago, Jingthing said:

On the subject of bankruptcy I'm wondering if the Thai education system should place a higher priority on teaching about personal finance management. Particularly how insidious being overly in DEBT can be. There is no legal gambling here supposedly but isn't overborrowing in effect gambling (and a bad bet at that)? 

Is this taught in the education system anywhere else in the world?

[josephbloggs]

My only take away form this is who says "my girl"?

[BritManToo]

3M loan, repayments around 40kBht/month (assuming house over 30 years, van over 10 years).

You'd need a good income to pay back that loan.

Risky even without COVID.

Edited December 11, 2021 by BritManToo

[Rimmer]

An off topic  post/video has been removed

[TropicalGuy]

On 12/11/2021 at 11:21 AM, josephbloggs said:

My only take away form this is who says "my girl"?

Madness classic song……

[bbko]

My wife's cousin in BKK had her own beauty salon since 2015, then covid hit and she had to close her rental shop and operate out of her home, but over time her customers stopped visiting her and this month the bank is repossessing the home and she's moving back to a small Issan village. 

[RichardColeman]

On 12/9/2021 at 1:52 PM, Adumbration said:

She borrowed 1.2 million for a van and was doing great. 

she borrowed another 1.8 million to buy a little 2 bed attached house in a new thai development.

Not being up with van prices , is it really realistic to pay 2/3rds of the price of a house for a van ? 

 

 

 

[Saanim]

All these problems originating from lucrative offers: the cars, houses, phones, they show only the down payment amount. So easy to pay and you leave with the car, house, phone, enjoying the life.

 

In Thai mentality is never to be concerned with the future.  Live for today, in the worst case just for tomorrow. Not for the days coming after.

 

 

[TropicalGuy]

1 hour ago, bbko said:

My wife's cousin in BKK had her own beauty salon since 2015, then covid hit and she had to close her rental shop and operate out of her home, but over time her customers stopped visiting her and this month the bank is repossessing the home and she's moving back to a small Issan village. 

One million stories exactly like that here. Cheap govt-backed bank loans likely a govt. device to pacify the population like rubbish rote education and “know your place” culture.

[CH1961]

On 12/9/2021 at 8:52 PM, Adumbration said:

regularly bring random girls home and <deleted> them in the marital bed at his mum's house

Why do you know this? 

You know one of the random girls or the mum? 

 

Or do you just tell us fery tales? 

[kingstonkid]

The problem is that all THAI WOMEN WANT THE SAME THINGS

 

a house

a car 

a family

 

The only problem they have is that they do not talk to anyone about how they are going to do it they just know that they want it so they are going to get it.

 

They never look at how they are going to do it.  Sadly a lot of western people are in the same boat.

 

What I find interesting is the speed of foreclosure.  My ex gf left me and left house I moved out and stopped paying.  It has been over 2 years and the bank still has not foreclosed and when asked about buying it from them said that ex still was the owner.

 

I think this story and a lot of houses are going to start coming onto the market soon.

Edited December 12, 2021 by kingstonkid

[Ralf001]

1 hour ago, RichardColeman said:

Not being up with van prices , is it really realistic to pay 2/3rds of the price of a house for a van ? 

 

 

 

1.2 is the going rate for a new Toyota commuter van.

[transam]

1 hour ago, RichardColeman said:

Not being up with van prices , is it really realistic to pay 2/3rds of the price of a house for a van ? 

 

 

 

But that's the cost of a Thai built house.......????

[1FinickyOne]

On 12/9/2021 at 11:24 PM, Jingthing said:

I'm wondering if the Thai education system should place a higher priority on teaching about personal finance management.

Like they do in USA? Never along the line of my too long education in USA do I remember being taught any practical real life financial education... or maybe I missed a few days... 

 

And I doubt that they do now... and my fellow students were much further above the poverty levels than the average student here... 

 

And sorry for the OP's friends troubles. I have met others here who made similar moves and were victims of bad timing. 

[OneMoreFarang]

On 12/9/2021 at 8:52 PM, Adumbration said:

She borrowed 1.2 million for a van and was doing great.  She moved camp, took her little girl with her and was on her way.  She managed to save a small deposit and ("to leave something for my daughter's future") she borrowed another 1.8 million to buy

Just those numbers don't tell much of the story.

I.e. did she have already a million and then she borrowed another million? Or did she have no money at all and borrowed a million?

It seems too many people borrow money and think all will be fine. Business will always be great, nobody will be sick, no accidents, no problems, just making money. And then something happens which destroys that dream.

Obviously I don't know how it was in her case. But it seems too many people just borrow without much of a (realistic) plan.

[Tropposurfer]

On 12/10/2021 at 6:43 PM, HashBrownHarry said:

Is this taught in the education system anywhere else in the world?

Why would any system educate the people which it so obviously trains and indoctrinates to exploit?

[BritManToo]

4 hours ago, Saanim said:

All these problems originating from lucrative offers: the cars, houses, phones, they show only the down payment amount. So easy to pay and you leave with the car, house, phone, enjoying the life.

 

In Thai mentality is never to be concerned with the future.  Live for today, in the worst case just for tomorrow. Not for the days coming after.

 

 

If I were young again, I'd be living the same way.

 

[Alotoftravel]

With all these insolvency, how does the thai banks survive? In general, bank wants you to repay loans and not possessed the asset. Anyone care to explain thai banking profit operations. Thanks