Family member stood guarantor for friend, now friend has done a runner. I want to go after her.

[Liverpool Lou]

3 hours ago, yeahbutif said:

a policeman became gaurentor for his policeman friend.. the policeman friend ended up in monkey house.. can't pay..and the gaurentor policeman lost there house..  as still had to make payments...

"...lost there house ... still had to make payments..."

Really?  That doesn't sound likely, what sort of car had the first policeman bought the finance of which couldn't have been paid off with the proceeds of another policeman's house's sale?

[steven100]

2 hours ago, RickBlaine said:

The bank can 'demand' all they like, the problem is firstly to find her and the car.

exactly .....  she probably 45klms south west of Mukdahan on the Nakon Nowhere road by now,  holed up in some sleezy joint with the bf drunk and bangin all night and day.

[Liverpool Lou]

2 hours ago, norbra said:

My wife went guarantor for friends motorcycle, letters of demand started arriving, ignored for a long time, finally wife made contact explained she had never had finance in her life and she had only signed document to witness friends signature,end of story she was no longer chased as guarantor .

She was just lucky, that's not the way it normally happens unless the finance company's costs to chase would outweigh the debt.  There would probably be a record of her default as a guarantor with the Thai credit agencies.

[Liverpool Lou]

2 hours ago, RickBlaine said:

The bank can 'demand' all they like, the problem is firstly to find her and the car.

No, that is not the finance companies first problem, they have three guarantors to go after first.

[Liverpool Lou]

2 hours ago, RickBlaine said:

I did wonder what the law is on making a family homeless

No one is "making a family homeless", the guarantors willingly agreed to put themselves in the position of clearing the debt.  

[Liverpool Lou]

2 hours ago, transam said:

Perhaps the bank has sent out a notice of reposition but can't find the bird...

The bank wouldn't do that unless it had exhausted all possibilities of repayment from the guarantors first.

[Liverpool Lou]

2 hours ago, BritManToo said:

Transfer properties to another family member is the obvious answer. 

Probably wouldn't get them an advantage if it was shown in court that they did that just to renege on the debt.

[steven100]

it reminds me of Bonnie & Clyde

[Bday Prang]

Probably purely coincidental that in Thai   the word for  "debt"   and the word for   "running away and disappearing"  is very very similar, only the presence of a tonal marker  distinguishes between  the written words and a  slight difference in tone distinguishes between the spoken words,   I don't have a Thai keyboard anymore but the word is pronounced   "Nee" when the rising tone is heard it means to do a disappearing act  when spoken with a high tone ( i think)  it refers to a financial debt.   Worth keeping one's ears open for either of these words  

[taninthai]

Don’t get involved not your problem.

[Scott]

Off-topic post reported and removed.

 

[Liverpool Lou]

57 minutes ago, Adumbration said:

I have a Thai friend.  She is a lawyer.  She went guarantor for a motorbike for her father on finance.

Father lent the bike to someone in the village.  And that was the last that was seen of it.

Finance company came after my friend for the balance of the full repayment amount.

Cost her 55K baht.  

Edited 44 minutes ago by Adu

Exactly as it should have been, that's a guarantors only job and she would have been aware of the risk she was taking. 

 

Didn't her father claim for the lost bike on the insurance or did his lending it out void the cover?

Edited March 30, 2023 by Liverpool Lou

[wangotango]

Going guarantors for a Thai is just stupid regardless of relationship.

[FriendlyFarang]

1 hour ago, Liverpool Lou said:

No, that is not the way finance companies work, the vehicle cannot be reported stolen as it is not stolen, it is "owned" under finance by the keeper who just hasn't paid what's due, the finance company has to take civil action to recover the debt.

That's not how car finance here in Thailand works. Car finance here in Thailand is "hire purchase", the bank/finance company is the owner of the vehicle, and you rent it from them. After a few years of paying rent they transfer the ownership to you.

From a legal point of view it's the same as if you would lend me your car, and I would not return it if you ask me to.

[Liverpool Lou]

4 minutes ago, FriendlyFarang said:

1 hour ago, Liverpool Lou said:

No, that is not the way finance companies work, the vehicle cannot be reported stolen as it is not stolen, it is "owned" under finance by the keeper who just hasn't paid what's due, the finance company has to take civil action to recover the debt.

That's not how car finance here in Thailand works. Car finance here in Thailand is "hire purchase", the bank/finance company is the owner of the vehicle, and you rent it from them. After a few years of paying rent they transfer the ownership to you.

"That's not how car finance here in Thailand works."

Yes, it is.

 

...the bank/finance company is the owner of the vehicle..."

I know, that's why I deliberately put "owner" in quotes.

 

"...and you rent it from them".

The financed car buyer does not rent the car from the finance company, he pays the finance installments.

 

"After a few years of paying rent they transfer the ownership to you".

After all the finance is paid off, ownership is transferred, there's no "renting"!

[Liverpool Lou]

12 minutes ago, FriendlyFarang said:

From a legal point of view it's the same as if you would lend me your car, and I would not return it if you ask me to.

You're not a lawyer, are you?!

[Damrongsak]

1 hour ago, Bday Prang said:

Probably purely coincidental that in Thai   the word for  "debt"   and the word for   "running away and disappearing"  is very very similar, only the presence of a tonal marker  distinguishes between  the written words and a  slight difference in tone distinguishes between the spoken words,   I don't have a Thai keyboard anymore but the word is pronounced   "Nee" when the rising tone is heard it means to do a disappearing act  when spoken with a high tone ( i think)  it refers to a financial debt.   Worth keeping one's ears open for either of these words  

Interesting. (I think "debt" is falling tone.)

 

หนี้  H̄nī̂ debt

หนี  H̄nī  flee

[BritManToo]

10 hours ago, Liverpool Lou said:

Probably wouldn't get them an advantage if it was shown in court that they did that just to renege on the debt.

Doesn't make any difference to the court.

My woman got caught in the same trap, just moved everything she owned into her mom's name.

Successfully avoided a 500k guarantee.

[BE88]

11 hours ago, Kwasaki said:

I don't see it like that at all do you really think democracy makes things any better, I've lived long enough to see it doesn't. 

I'm not talking about democracy, which has never existed in Asia and maybe never will happen but I'm talking about having competent people in the government of Thailand and the spudo-democratic oligarchs if they come to power they will do everything to get richer like Thaskin did.

Democracy hasn't existed for decades, not even in the West

 

[stupidfarang]

maybe go after the guarantor for the money and also go after the car then sell it, nice profit.

[Bday Prang]

10 hours ago, Damrongsak said:

Interesting. (I think "debt" is falling tone.)

 

หนี้  H̄nī̂ debt

หนี  H̄nī  flee

I'm no expert, and you could well be right ,  either way  hearing the two words, could, maybe  be cause for concern, especially when we hear them used together . We all need to be  careful out there

A couple of years ago the mrs' daughter and boyfriend decided to buy a honda scoopy, ( had to be brand new of course) 

             Daughter had never worked and boyfriend had a total of about 3 weeks work under his belt, Mrs refused to act as guarantor, but there was a couple in the village who seem to be prepared to guarantee anything for anybody for a small fee.,  (they have now disappeared not surprisingly)

             Shortly afterwards , as predicted, boyfriend packs his job in, or gets sacked, , around 3 months later the repo guys turn up and take it away, As far as I know , that was the end of the matter presumably because they successfully recovered the vehicle.

              However a few weeks  prior to the repossession the pair of them in their "wisdom"  had decided to visit the local casino over the border in Cambodia.  ( its only about 20 min drive)  The inevitable happened and they lost all their money.  So the two geniuses then nip back over the border into Thailand and go straight to a motor bike shop, where the owner immediately agrees to give them 20,000 baht for the bike ( with no documents) then its back to the casino to "win their money back"  + they needed another 10,000 to cover the "interest"  when collecting the bike back from the dealer.

               Of course the inevitable happened and they lost the lot ! returned home a few days later somewhat shamefaced but expecting yours truly to help out !  I refused as did everybody else in the family, except granny who somehow came up with the cash.  

                The first point being that even a vehicle without documents can be sold, This one was probably destined for cambodia, 

                 The second point being that Low IQ + easy credit coupled with chronic laziness, is a recipe for disaster.   I would add that this appears to be all too common around here, no doubt due at least in part to the proximity of the casino, its not always limited to motor cycles, people have lost their land and their houses too

[RickBlaine]

20 hours ago, brianthainess said:

Maybe at her Mums, does no one know where their friend comes from originally?, 

was she working for anyone? 

any kids at school?

I can't say too much, but yes, all possibilities are being looked at.

[RickBlaine]

20 hours ago, transam said:

Some time ago I recall someone we know, being I think 3 months behind on a car loan payment, a car with 4 people got out with clip boards in hand, they were, I was told, talking driving the car away, but I think something was sorted to delay the removal....

Originally I thought the finance co will go after the car first, not the guarantors (they must have a whole department of investigators). But it's whatever's cheapest and quickest. And your point about people turning up, I wonder how many times money changes hands to 'forget' finding a vehicle.

 

[RickBlaine]

7 hours ago, BritManToo said:

Doesn't make any difference to the court.

My woman got caught in the same trap, just moved everything she owned into her mom's name.

Successfully avoided a 500k guarantee.

Too late for that. There's a lesson there somewhere.

[transam]

2 minutes ago, RickBlaine said:

Originally I thought the finance co will go after the car first, not the guarantors (they must have a whole department of investigators). But it's whatever's cheapest and quickest. And your point about people turning up, I wonder how many times money changes hands to 'forget' finding a vehicle.

 

In the case I mentioned, I know them, their explained circumstances to the 'bailiffs' was, loss of job via illness, so it went to court to sort it....

[RickBlaine]

18 hours ago, Bday Prang said:

Probably purely coincidental that in Thai   the word for  "debt"   and the word for   "running away and disappearing"  is very very similar, only the presence of a tonal marker  distinguishes between  the written words and a  slight difference in tone distinguishes between the spoken words,   I don't have a Thai keyboard anymore but the word is pronounced   "Nee" when the rising tone is heard it means to do a disappearing act  when spoken with a high tone ( i think)  it refers to a financial debt.   Worth keeping one's ears open for either of these words  

Sad but true. I checked Google translate;

Debt is 'nee' - can't tell if it's high or falling tone.

Run away is 'wing nee' (run is 'wing' in Thai).

Someone had a sense of humour when they invented Thai. 

[Bday Prang]

8 minutes ago, RickBlaine said:

Sad but true. I checked Google translate;

Debt is 'nee' - can't tell if it's high or falling tone.

Run away is 'wing nee' (run is 'wing' in Thai).

Someone had a sense of humour when they invented Thai. 

Its not necessary to use the word "wing " the Thais generally don't

try checking the words for "Work"   and "Party"   they sure do have a sense of humour

Edited March 31, 2023 by Bday Prang

[NanLaew]

On 3/30/2023 at 9:06 PM, wangotango said:

Going guarantors for a Thai is just stupid regardless of relationship.

My wife's youngest niece is definitely NOT stupid.

 

She's also got a nice rack (but I digress)