Pattaya bar owner faces loan shark threats forcing staff to undress for debt money

[Dickie Dee]

8 hours ago, n00dle said:

The woman is an idiot. 

simples.

 

52 minutes ago, 2009 said:

This type of behavior is common in small villages. 

 

I have seen several women in one small village rack up this kind of debt, and worse, actually.

 

Also, I was friends with a farang moneylender which gave such insight hearing about his many customers.

Because everyone else is out the money and/or charged with sex crimes?

[Confuscious]

11 hours ago, webfact said:

The debt collectors sent people to her bar and forced female employees to undress and entice customers to earn more income for debt repayment.

If the female employees look like most girls/woman in Thailand nowadays, they better keep their clothes on.

[peter zwart]

12 hours ago, webfact said:

800,000 baht (US$23,100) in debt, with a daily interest payment of 30,000 baht (US$870).

Hahahahahahahaha. Must be completely braindead to except that. 30k x 30 = more then the borrowed amount. And that in 1 month and only on interest. May be we should open a new topic again about education in Thailand. Oh my dear lord.  

[Darksidedude]

So many would be in huge debt, i don't understand how any business can make a profit due to huge rental on properties

 

Only way to get anywhere is to own the building then make a business out of it

[EVENKEEL]

My time in the Navy I lent money $20. for $30. due the following payday.

[mikebell]

19 hours ago, spidermike007 said:

How did she ever think she was going to be able to pay back the money?

That is something Thais never think about.

[jacko45k]

53 minutes ago, Darksidedude said:

Only way to get anywhere is to own the building then make a business out of it

I think renting it out to someone else who wants to make a business can be very lucrative too.... there is a constant stream of optimistic arrivals with  dreams. Doing bar refurbishments seems to keep a lot of people in work... business owners must have spent a fortune on Bling, Hi-Rollers and the like. The bar owners who do well are a select group... but they can do very well.... just hit the right formula and become fashionable. I believe many are held back by crippling rents and tea money.

[Bangel72]

21 hours ago, xtrnuno41 said:

Banks only borrow you money if you have a guarantor. Having an outside bank.

You would be a guarantor? I wouldnt.

Interesting that the loan sharks are doing this too, often they require two people to borrow on the same loan agreement so when one does a runner the other is left to pay. 

 

 

21 hours ago, xtrnuno41 said:

 

 

[xtrnuno41]

2 hours ago, Bangel72 said:

Interesting that the loan sharks are doing this too, often they require two people to borrow on the same loan agreement so when one does a runner the other is left to pay. 

 

 

 

Wow, that is indeed amazing interesting and amazing.

I thought it wouldnt be that way, therefor you have loan sharks.

[Bangel72]

22 minutes ago, xtrnuno41 said:

Wow, that is indeed amazing interesting and amazing.

I thought it wouldnt be that way, therefor you have loan sharks.

No this is worse, you now have two desperate people borrowing money together. Consider the stupidity of borrowing money at 2% a day so borrow 10000 and wee old lady comes and collects 200 baht a day interest only and then pair with someone equally desperate to do this.

 

Runners are fairly common so they mitigate this by tying in someone else into the deal, what happens is the upwardly mobile person can do a runner and its usually the person with family or shop to take care of that is not in the position to run who gets hit doubly so.

 

Had a lot of runners within two blocks of my old place during covid then collectors came often seemingly with police backing to harass whoever remained. The harassments can get severe that they feel they need to borrow more to pay the debt or gamble what little they have as only micro chance to get enough to clear debt and there are loads of willing lenders "note she had over 10", even so called friends will lend if they can get a promise of 10% a month.

 

Profits are so high that runners are expected but it comes with fear of corrupt officials providing tracking of them to lenders and online harassments and threats when they run.

[snowgard]

On 5/30/2023 at 10:54 AM, 300sd said:

I blame the system, poor education, and the banks for not doing a better job for these people. The loan sharks need to be laid to rest. I hate that scum.

But banks never ever will give credits to this people and they know why. To much thais borough money from family, friends, neighbours, ... and never want to pay it back.

I not have sympathy with this people!!!

[jacko45k]

16 hours ago, Bangel72 said:

Interesting that the loan sharks are doing this too, often they require two people to borrow on the same loan agreement so when one does a runner the other is left to pay. 

Sometimes the foreign husband/boyfriend. 

[daveAustin]

On 5/30/2023 at 11:32 AM, happysoul said:

As said, so sad people cannot do maths before borrowing. Or just save upfront, makes life so easier. Education I guess.

Yes but it is likely none of that. Even clever people here borrow big without thinking of the consequences…. live for the moment is not always a good way to roll.  

 

On 5/30/2023 at 10:46 AM, ThailandRyan said:

For some folks when you get in deep you just keep getting in deeper as there is no way up and out.  Digging a hole is what she did, and it only got deeper.  Sometimes one just needs to fold and close-up and one day restart.  Getting in over your head is never a good idea.

Dude, you repeated yourself like 4 times! ????

[BTB1977]

Never, never never give control of your assets to a thai. Cars, houses or name on a bank account.  My wife once ask me to give her a monthly amount for houses expenses.  My response was no F÷%Kings way. How hard is it to pay a water bill. Or the electric bill. I see how she handles money from her shop. Her profits go to family and herself first. Than when it is time to pay the rent on the shop or electric.  She doesn't have the money to do so. She knows not to ask me. I tried to teach her to set aside the money for running the shop first. Than see how much is left over for spending.  The shop does make money each month. 7 years later and she still can't do that. Thank God we are not legally married.