Thai police in massive debt - they owe 270 billion baht

[webfact]

Daily News Thai caption: Sorting out police debt

 

It has been revealed that the Thai police - despite imaginative ways to boost income with certain revenue streams - are shouldering massive collective debt.

 

In fact policemen owe finance firms a staggering 270 billion baht.

 

Of course Thailand's police force is famously bloated in numbers but Thai PM Prayuth Chan-ocha is not happy about the situation.

 

He has ordered Gen Suwat "Big Pat" Chaengyodsuk to come up with some options.

 

Suwat told Daily News of his plans to refinance debt for 97% of the loans that are ongoing. 

 

Two per cent have said they can't meet interest rates of 7-8% and 1% of the policemen who have taken out loans are being prosecuted for non-payment. 

 

He admitted that in Loei in the north east police there owe 700 million baht.

 

Suwat's bright or "ping idea" now, said the media, is to ask the government to set up some low interest deals to help the cops who are in debt.  

 

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[Dmaxdan]

Time for an increase in their tea money charges? 

[ezzra]

I didn't understand a word for this article.. the Thai police owe billions to whom? and to re-finance their debts? what is this, a private police force funded by non government fiances companies?...

[Mavideol]

9 minutes ago, webfact said:

despite imaginative ways to boost income with certain revenue streams - are shouldering massive collective debt.

one has to wonder who and where/which pockets ALL that side boosting income goes.... with the amount of $$$$$ corruption they collect/grab it is hard to believe they are on the red, somebody is not sharing

[mtls2005]

So who holds this debt?

 

And how much is tied to Elephant Ticket "borrowing"?

 

Teachers in debt. Check.

 

Police in debt. Check.

 

SRT. Check.

 

Thai Airways. Triple check.

 

 

 

 

26 minutes ago, webfact said:

He admitted that in Loei in the north east police there owe 700 million baht.

 

Wow.

 

 

 

[khunpa]

Life’s not easy when you have to buy into your job position and your normal revenue stream from illegal activities and corruption goes down.

 

Maybe time to establish a completely new police force and way of doing things. You know like in countries where policing means upholding and enforcing the law. Do good and unselfish things to protect and serve the community…

 

Yes, I know… never going to happen…

 

 

[mtls2005]

2 minutes ago, ezzra said:

the Thai police owe billions to whom?

Baby LOANshark, doo, doo, doo, doo, doo, doo
Baby LOANshark, doo, doo, doo, doo, doo, doo
Baby LOANshark, doo, doo, doo, doo, doo, doo
Baby Loanshark

[Denim]

1 minute ago, ezzra said:

I didn't understand a word for this article.. the Thai police owe billions to whom? and to re-finance their debts? what is this, a private police force funded by non government fiances companies?...

It means individual police officers , using their position as government employees , have taken out private loans to buy cars and homes etc but are struggling to make repayments having bitten off more than they can chew.

 

 

14 minutes ago, webfact said:

In fact policemen owe finance firms a staggering 270 billion baht.

not the police force as such.

[BangkokReady]

So easy to get a loan.  Not so easy to pay it back.  Such a shame that everyone feels that they have to have a giant truck or they are a nobody.  Especially when the government has to eventually allow the fuel prices to go up.

 

It kind of makes you wonder, has tourism been subsidising all of Thailand?

[ThailandRyan]

Nothing new here really, just a rehash of a story from last year. Many owe the banks that approved lax loans. Looks like a US style meltdown will be occurring...

[IraqRon]

Get ready for rogue police to extort money from Retirement/ Married visa holders as they are aware of the vast sums of money those visa holders have in their bank accounts , at least most of them who jumped thru all the hoops for their visa.

The cops will know all the necessary info to find the visa holders and where the money is.

[TallGuyJohninBKK]

And yet the OP article doesn't even broach the question of WHY all these Thai police have run up such huge collective debts?

 

Could it be at least in part that the whole promotion and advancement system in their organization is not primarily based on performance and merit, but instead, on payments to superiors in order to essentially buy promotions?

 

 

[Gsxrnz]

If they're not careful, these debt burdened representatives of the RTP may be forced to resort to corrupt methods to boost their income.  

 

[david555]

Al because the night life venues are closed.....????? And only foot massages allowed ....????

[mtls2005]

27 minutes ago, webfact said:

Suwat's bright or "ping idea" now, said the media, is to ask the government to set up some low interest deals to help the cops who are in debt.  

 

Another article mentions a plan to slough the restructuring off to Cooperatives.

 

This seems like a decades-long festering problem, just scanning the articles.

 

 

[Cake Monster]

19 minutes ago, webfact said:

uwat's bright or "ping idea" now, said the media, is to ask the government to set up some low interest deals to help the cops who are in debt. 

In a Newspaper out of BKK that carried this story a couple of Days ago, there was said to be an idea to set up a series of Provincial Cooperatives for the management of these Loans.

All of this is an abuse of privilege working as a Gov,t Employee. As it is with the Teachers, where " cheap "Loans are obtained.

Cheap Loans still need repaying, and now the Country is starting to suffer badly economically, these Loans are needed to be repaid.

I am always surprised by the number of Plod that frequent Gold Shops, 

 

[Jerno]

15 minutes ago, ThailandRyan said:

Nothing new here really, just a rehash of a story from last year. Many owe the banks that approved lax loans. Looks like a US style meltdown will be occurring...

1997 global financial crash started in by Thailand.  Meltdown again?

[david555]

21 minutes ago, Mavideol said:

one has to wonder who and where/which pockets ALL that side boosting income goes.... with the amount of $$$$$ corruption they collect/grab it is hard to believe they are on the red, somebody is not sharing

Maybe they invested in good money making businesses before  .... who are now closed and  no tourists enough anymore because pandemic , to payback the investments loans ????

[mtls2005]

The Vig at police-operated gambling dens is probably down as a result of COVID?

 

 

[G Rex]

time to 'find' a few ferraris and sell them

[Blumpie]

29 minutes ago, mtls2005 said:

Baby LOANshark, doo, doo, doo, doo, doo, doo
Baby LOANshark, doo, doo, doo, doo, doo, doo
Baby LOANshark, doo, doo, doo, doo, doo, doo
Baby Loanshark

I'm trying to picture this song with horrific distorted base, and high pitched asian screaming the words into this muffled cochoctamy of horror while sitting at a dirty beach drinking a beer watching two dogs humping.  

[connda]

A good start would be to start impounding the vehicles of the 80% of the speeders who get automatic speeding tickets they refuse to pay.

Double the fine for non-payment and collect the impound fees.

[jaideedave]

27 minutes ago, Denim said:

It means individual police officers , using their position as government employees , have taken out private loans to buy cars and homes etc but are struggling to make repayments having bitten off more than they can chew.

 

 

not the police force as such.

@denim--Yes you are correct. Firstly they have to pay a fairly large fee to even enter the force. As gov't employees they can borrow sums much larger than their incomes support. Hence the heavy handed fining system at road blocks or anywhere else they can get involved. My sister in-law did exactly that. Within weeks of getting the job she borrowed her tits off , new car, old loans paid off etc. I know she has borrowed $ from madam to make payments a few times. All a gov't job in Tland provides is unlimited borrowing power.

[mtls2005]

8 minutes ago, connda said:

A good start would be to start impounding the vehicles of the 80% of the speeders who get automatic speeding tickets they refuse to pay.

Officer Ferrari agrees.

 

 

[RafPinto]

Blame the banks:

No due diligence. Just being a cop doesn't mean you are able to pay back the loan.
Find out how much they borrowed already and how much they repay monthly.

Like it's done in other countries.

We, farang: if we want a credit card here, they give us 80% of the money we have to put aside.

If you want a 80k limit on your card, the bank wants you to put 100k aside.

Same story with teachers. On a 15k salary but buying houses, cars etc.

[ChipButty]

It's not exclusive to Thailand, years ago I worked for a finance company in England one of the first things they told me was not to lend money to policemen or teachers

[LomSak27]

59 minutes ago, Jerno said:

1 hour ago, ThailandRyan said:

Nothing new here really, just a rehash of a story from last year. Many owe the banks that approved lax loans. Looks like a US style meltdown will be occurring...

1997 global financial crash started in by Thailand.  Meltdown again?

You will need more than BiB debt to start a 97 or 08 rumbling. Of course if a free market libertarian type explains to Thai bankers how to create exotic financial instruments like a CDO;  collateralized debt obligation, who knows what wonders may come. 
 

[Mr Meeseeks]

Buying those Teslas and BMW 5-Series probably wasn't a good idea then. 

[Mr Meeseeks]

23 minutes ago, RafPinto said:

We, farang: if we want a credit card here, they give us 80% of the money we have to put aside.

If you want a 80k limit on your card, the bank wants you to put 100k aside.

Not in my experience. I put no money aside for my credit cards from either KTB or KBank...

[kickstart]

1 hour ago, Denim said:

It means individual police officers , using their position as government employees , have taken out pri0000000000000vate loans to buy cars and homes etc but are struggling to make repayments having bitten off m0ore than they can chew.

0

0

not the police 0force as such.

What is it about Thai civil servants ,a while ago we were told Thai teachers were in debt to about the same tune .

They must think as government workers they can just borrow money and think they job acts as a shield when it comes to paying it back.