AS MANY AS 71,000 people nationwide have been found so far to have a combined sum of 3.5 billion baht in illicit, informal debt owed to loan sharks, according to Prime Minister Srettha Thavisin.

 

Presiding over today’s (Dec.8) official kick-off of the Pheu Thai-led government’s anti-loan sharks campaign, the prime minister confirmed that an estimated 71,000 people in all parts of the country have so far claimed to have a combined sum of 3.5 billion baht in debt to loan sharks whilst many others are expected to follow suit by notifying the authorities of such illicit, unsettled debt sooner than later.

 

Calling all illicit, informal debt the “Modern World Slavery”, Srettha encouraged those people to never fear dark influence associated with loan sharks and to contact and truthfully inform the authorities including police of it.

 

The authorities ranging from officials of the Ministry of Interior’s Damrongtham Centre, provincial and district offices and the police are looking to mediate negotiations and compromise between the debtee and loan shark, according to the prime minister.

 

By Thai Newsroom Reporters

Prime Minister Srettha Thavisin officially launching the anti-loan sharks campaign, Dec. 8, 2023. Photo: Matichon

 

Full story: THAI NEWSROOM 2023-12-09

 

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That wiil take some borrowing to pay back! 

 It sounds a lot but isn't that only an average of about 50,000 baht each?

 

(3.5 billion divided by 71,000).  Any maths teachers here? 

 

 

 

 

.

Edited December 8, 20232 yr by asf6

Thais will never say no to offers of lending money.

Instant gratification rules the day..

Future repayment is a million light years away 

Heck....they might even win the lottery in the meantime 🤡🤡

The fantasy world of a 10 year old.

 

 

 

3 hours ago, webfact said:

AS MANY AS 71,000 people nationwide have been found so far to have a combined sum of 3.5 billion baht in illicit, informal debt owed to loan sharks, according to Prime Minister Srettha Thavisin.

The level of personal debt in Thailand must be staggering.

a tip of the iceberg

3 hours ago, webfact said:

Srettha encouraged those people to never fear dark influence associated with loan sharks and to contact and truthfully inform the authorities including police of it.

 

...if it were a match, it would end in a draw as loan sharks dont'fear the authorities including police, indeed!

4 hours ago, webfact said:

Srettha encouraged those people to never fear dark influence associated with loan sharks and to contact and truthfully inform the authorities including police

There's just ONE tiny flaw in the PM's plan.

When the majority of Thai people has no chance borrowing from the banks for obvious reasons, here comes the loan sharks to fill the void and in many case people borrow and mange to pay back, so it's a necessary evil and here to stay...

1 hour ago, hotchilli said:

The level of personal debt in Thailand must be staggering.

It is quoted as being 16.07 Trillion Baht of formal Debt

71 k people owing 3.5 Billion to Loan Sharks so far

Thats only 71 K people from a population of around 50 Million

IMHO informal Debt owed is probably around another 4 Trillion at least

3 hours ago, asf6 said:

 It sounds a lot but isn't that only an average of about 50,000 baht each?

 

(3.5 billion divided by 71,000).  Any maths teachers here? 

Declared debt!

 

 

Edited December 9, 20232 yr by 2baht

3 minutes ago, 2baht said:

Fair chance children under 15 are free of debt!

Only because the parents have taken on the financial burden of paying school fees, buying electronic equipment and clothing, plus food for the kids.

Once they reach adult hood around 25 they will be in debt too.

 

No way though it's only 71000, that's one of those nice neat figures for spin news.

I suspect they will start to hose this down soon, it was a foolish thing to run up the pole as an accomplishment, we are doing something over here, look look!

 

They have already reminded everyone "we are not paying your debt, we're just going give our fellow criminals a stern talking to, and maybe, just maybe, nobody kneecaps

grandma because she missed her payment this week."

 

 

Edited December 9, 20232 yr by fondue zoo

Thai government launches aggressive campaign against illegal lending
by Mitch Connor

 

Photo courtesy of Bangkok Post

 

The Thai government has prioritised an aggressive campaign against illegal lending and loan sharks, in an attempt to curb what Prime Minister Srettha Thavisin refers to as modern-day slavery.

The move emphasises the urgency to dismantle such activities in order to restore social stability and security.

 

The 61 year old Thai PM stated:

“The issue of illegal loans has escalated to a national priority. This policy is not constructed for the sake of enhancing the government’s or my own reputation, but fundamentally about alleviating the hardships of our citizens and reinstating their sense of security and happiness. It is essential that our people can live without fear.”

 

Full story: The Thaiger 2023-12-09

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

2 hours ago, hotchilli said:

Only because the parents have taken on the financial burden of paying school fees, buying electronic equipment and clothing, plus food for the kids.

Once they reach adult hood around 25 they will be in debt too.

When they are 25, they are borrowing to pay for their parents!

The results of the inquiries into informal lending are oddly similar to the inquiries into "influential" people. A well-defined, smaller-than-expected figure.

 

Both efforts appear to have been for show.

 

But the two Venn Diagrams overlapped significantly.

 

 

 

 

 

 

Edited December 9, 20232 yr by bamnutsak

71,000 who know nothing about money management. 

1 hour ago, SmartyMarty said:

71,000 who know nothing about money management. 

 

 

So that's why they call it "predatory lending".

 

 

And it may be why the lords prefer to keep Somchai un-educated and down on the farm, waiting for his "digital" wallet.