Loan sharks circle in: 65 year old business owner seeks refuge in Chon Buri

[webfact]

A 65 year old business owner in Chon Buri approached the Saaih Mai Tong Rod coordination centre at 10.40am today, seeking assistance after being ruthlessly pursued by loan sharks. The business owner, Chai, borrowed just 30,000 baht but has ended up paying over 3 million baht in interest. His lenders, a total of 29, have forced him to become a fugitive, sleeping in bus stops and temples.

Chai established his company in Chon Buri in September 2020 but soon encountered financial difficulties. Initially, he borrowed from relatives, but when that wasn’t enough, he turned to loan sharks. He borrowed 30,000 baht in August this year but the loan sharks deducted the interest instantly and he only received 24,000 baht while still having to repay the full amount.

 

Chai further explained that he had to pay interest daily at a rate of 200 baht per thousand, or 600 baht per day. Eventually, he couldn’t keep up with the payments. When he failed to pay, the loan sharks suggested he borrow from another lender, which he believed was part of the same network, to pay off the old debt.

He was caught in an endless cycle of borrowing and interest payments kept increasing. Some lenders even made him buy two motorcycles, costing over 200,000 baht, under his name, both of which have now gone abroad. Some days, Chai had to pay as much as 20,000 baht a day in interest.

In just eight months since August 2023, he has had 37 creditors and was able to pay off eight, leaving him with 29. He has already paid over 3 million baht in interest.

 

Chai confessed that he has exhausted all sources of borrowing, including friends, relatives, and even his children. He has had to flee his creditors three times after they threatened to kill him and surrounded his company. Local police advised him to relocate as the group of creditors was influential, had numerous associates, and did not fear local law enforcement.

 

by Nattapong Westwood 

 

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.

 

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[2baht]

Leaches!

[Skipalongcassidy]

43 minutes ago, 2baht said:

Leaches!

Who is the leach... the "businessman" who fails at funding and running his business and is so stupid to borrow from loan sharks after he has taken everything that he can from relatives you mean?

[Pique Dard]

1 hour ago, webfact said:

Local police advised him to relocate as the group of creditors was influential, had numerous associates, and did not fear local law enforcement.

...so what is the use of law enforcement, local or not?

[mikebell]

2 hours ago, webfact said:

Local police advised him to relocate as the group of creditors was influential, had numerous associates, and did not fear local law enforcement.

Quite.

[TheFishman1]

Oh, I thought this government was going after loansharks TIT

[findlay13]

"Local police advised him to relocate as the group of creditors was influential, had numerous associates, and did not fear local law enforcement."  When I read that it just brought home the ineffectiveness and  impotency of the Plod.

[Bangkok Barry]

8 hours ago, webfact said:

Initially, he borrowed from relatives, but when that wasn’t enough, he turned to loan sharks.

 

8 hours ago, webfact said:

Chai confessed that he has exhausted all sources of borrowing, including friends, relatives, and even his children.

 

I suppose applying at his bank never occurred to him. If he did, and they refused, it would have been for good reason and he should have got the message. And then he was unable to keep up with repaying 600 baht a day, so the bank - if they were approached - were right in thinking his business was on shaky ground.

[hotchilli]

8 hours ago, webfact said:

A 65 year old business owner in Chon Buri approached the Saaih Mai Tong Rod coordination centre at 10.40am today, seeking assistance after being ruthlessly pursued by loan sharks. The business owner, Chai, borrowed just 30,000 baht but has ended up paying over 3 million baht in interest.

Idiot.

[Ironmike]

Maybe the local police are the ones chasing him so no use going to them for help

[klauskunkel]

8 hours ago, webfact said:

Chai further explained that he had to pay interest daily at a rate of 200 baht per thousand, or 600 baht per day.

He borrowed 30,000. If the daily interest rate is 200 baht per thousand, then 30 x 200 = 6,000 and not 600. 

 

8 hours ago, webfact said:

In just eight months since August 2023

August 2023 to December 2023 is  5 months and not 8 months.

 

To arrive at 3mio baht in interest alone, the daily rate would have to be 20,000 baht

 

Nattapong Westwood, I suggest some basic scrutiny before you publish stuff.

[itsallmine68]

8 hours ago, 2baht said:

Leaches!

NO NO the man who borrowed, borrowed 30,000 yet it says his business could afford 20,000 a day in payment Seems pretty simple to pay off loan in a week, dosent it?

The Sharks maybe Leaches as you say BUT who has made them Leaches, people who have to borrow, borrow

[twizzian]

Wrong to title him as a “Business man” Fool more like. The immediate or long term consequences are never considered here. 

[2baht]

40 minutes ago, itsallmine68 said:

NO NO the man who borrowed, borrowed 30,000 yet it says his business could afford 20,000 a day in payment Seems pretty simple to pay off loan in a week, dosent it?

The Sharks maybe Leaches as you say BUT who has made them Leaches, people who have to borrow, borrow

Happily I am neither! Nor am I an apologist! 

Edited December 9, 2023 by 2baht

[Cake Monster]

Self inflicted wounds

65Yrs old, " Business " person !!!!!

 

[Capt Rob]

11 hours ago, webfact said:

A 65 year old business owner in Chon Buri approached the Saaih Mai Tong Rod coordination centre at 10.40am today, seeking assistance after being ruthlessly pursued by loan sharks. The business owner, Chai, borrowed just 30,000 baht but has ended up paying over 3 million baht in interest. His lenders, a total of 29, have forced him to become a fugitive, sleeping in bus stops and temples.

Chai established his company in Chon Buri in September 2020 but soon encountered financial difficulties. Initially, he borrowed from relatives, but when that wasn’t enough, he turned to loan sharks. He borrowed 30,000 baht in August this year but the loan sharks deducted the interest instantly and he only received 24,000 baht while still having to repay the full amount.

 

Chai further explained that he had to pay interest daily at a rate of 200 baht per thousand, or 600 baht per day. Eventually, he couldn’t keep up with the payments. When he failed to pay, the loan sharks suggested he borrow from another lender, which he believed was part of the same network, to pay off the old debt.

He was caught in an endless cycle of borrowing and interest payments kept increasing. Some lenders even made him buy two motorcycles, costing over 200,000 baht, under his name, both of which have now gone abroad. Some days, Chai had to pay as much as 20,000 baht a day in interest.

In just eight months since August 2023, he has had 37 creditors and was able to pay off eight, leaving him with 29. He has already paid over 3 million baht in interest.

 

Chai confessed that he has exhausted all sources of borrowing, including friends, relatives, and even his children. He has had to flee his creditors three times after they threatened to kill him and surrounded his company. Local police advised him to relocate as the group of creditors was influential, had numerous associates, and did not fear local law enforcement.

 

by Nattapong Westwood 

 

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

Just for correctness suggest noun ' leeches '

[mattyc1957]

9 hours ago, Pique Dard said:

...so what is the use of law enforcement, local or not?

The BIB are too busy chasing people who say naughty things about Thailand. Pathetic.

[PETERTHEEATER]

He borrowed 30k from 29 lenders?

[bamnutsak]

10 hours ago, Pique Dard said:

..so what is the use of law enforcement, local or not?

 

Collections, muscle, enforcement, confiscation of collateral (usually a motorbike).

 

Oh, you mean to eliminate the problem. Useless.

 

 

[smew]

scum, but why get yourself into this situation in first place,,,,approach bank and they will assist if you have real security  

[smew]

2 hours ago, twizzian said:

Wrong to title him as a “Business man” Fool more like. The immediate or long term consequences are never considered here. 

Thai people only see until the end of the day , never long term plans 

[Kalasin Jo]

14 hours ago, webfact said:

Local police advised him to relocate as the group of creditors was influential, had numerous associates, and did not fear local law enforcement.

And in a nutshell there you have it. As far as local police are concerned they are untouchable. Surely for this Thailand should have a national task force that cannot be bought? Nah,thought not.

[Elkski]

Thailand in a nutshell 

[dpcjsr]

I know of a Thai doctor who lost everything gambling. He destroyed the lives of his father, mother, sisters, and friends from whom is borrowed large sums of money and will never pay back, as he promised he would. Everyone believed in him. He was wonderfully successful, a world traveler, drove a Mercedes,  and very generous. However, he was a total moron when it came to gambling. It destroyed his life. He had to leave the country as the sharks were after him. 

[bignok]

16 hours ago, webfact said:

Chai further explained that he had to pay interest daily at a rate of 200 baht per thousand, or 600 baht per day.

Doesn't add up.

[FruitPudding]

35 minutes ago, dpcjsr said:

I know of a Thai doctor who lost everything gambling. He destroyed the lives of his father, mother, sisters, and friends from whom is borrowed large sums of money and will never pay back, as he promised he would. Everyone believed in him. He was wonderfully successful, a world traveler, drove a Mercedes,  and very generous. However, he was a total moron when it came to gambling. It destroyed his life. He had to leave the country as the sharks were after him. 

 

Gambling is a big problem here.

 

I've seen fairly old ladies gambling on their phones on their way to work on the MRT.

 

Half the women back in the village are doing it.

 

Friends' wives.

 

Waitresses in bars.

 

I see them all at it.

[sherwood]

2 hours ago, bignok said:

Doesn't add up.

Not much does in this crazy place.

[Keeps]

8 hours ago, PETERTHEEATER said:

He borrowed 30k from 29 lenders?

I believe that he initially borrowed 30,000 baht. Due to his inability to repay the interest/debt he then borrowed more from another loan shark to repay the original lender. Rinse and repeat.

 

It's also unlikely that the interest was 20% per day although it's not beyond the realm of possibility. Probably more like 20 baht per day per 1,000 baht which still equates to 14% weekly interest.

[2baht]

11 hours ago, Capt Rob said:

Just for correctness suggest noun ' leeches '

Wot ar u torking abowt? 

[Scouse123]

It is just blind stupidity

7 hours ago, FruitPudding said:

 

Gambling is a big problem here.

 

I've seen fairly old ladies gambling on their phones on their way to work on the MRT.

 

Half the women back in the village are doing it.

 

Friends' wives.

 

Waitresses in bars.

 

I see them all at it.

 

 

Yep,

 

Including my other half.

 

Addicted to phone online casino/ bandit machines.

 

Blind stupidity. She has a new Toyota Legender, three houses, 4 rai, the latest TV and a fridge and freezer full, but still feels the need to spend her monthly allowance on online gambling, then comes begging, swearing that's the end and she quits, she can't.

 

She openly admits if I wasn't so strong that the lot would have gone years ago.

 

It's the only problem we have together. She is not into fancy clothes, the latest phones, drinking etc but gambling is a different story.

 

I stopped buying gold years ago, for the above reasons as I knew where it would end up

 

 

 

 

 

 

 

 

Edited December 9, 2023 by Scouse123