Thai widow pleads for help as loan sharks tighten grip after husband’s suicide

[webfact]

 

The recent suicide of a 60 year old woman’s husband due to mounting debt led her to plead for assistance to deal with aggressive loan sharks. The woman, known as Yay Yuphin, from Uthai Thani province, sought help from Ekaphop Luangprasert and his team from the Saimai Must Survive news page, following her husband’s death.

 

The man had committed suicide to give his wife his funeral money to cover some of the family’s informal loans, which required daily interest payments of 3,000 baht.

 

Yuphin and her husband, who sold shallots and garlic for a living, had been supporting themselves and their two granddaughters, aged 17 and five. Before the Covid crisis, Yay managed to make ends meet through her trade but the pandemic had left her business in ruins.

This forced her to resort to both formal and informal loans to keep her business afloat, which ultimately led her into a vicious cycle of debt.

 

by Samantha Rose

 

Full story: The Thaiger 2023-12-12

 

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[2baht]

Loan sharks, evil vermin! 👹

[Skipalongcassidy]

2 hours ago, 2baht said:

Loan sharks, evil vermin! 👹

Yes... you keep saying that... so tell me why do people do business with them... stupid people 

[2baht]

26 minutes ago, Skipalongcassidy said:

Yes... you keep saying that... so tell me why do people do business with them... stupid people 

I totally agree...stupid people who live beyond their means! They buy face! It's a cultural thing! 

 

 

Edited December 12, 2023 by 2baht

[hotchilli]

3 hours ago, webfact said:

This forced her to resort to both formal and informal loans to keep her business afloat, which ultimately led her into a vicious cycle of debt.

She is certainly not alone, Covid shut-down reactions by the government cost thousands their way of life, and forced them into debt.

[2baht]

1 hour ago, hotchilli said:

She is certainly not alone, Covid shut-down reactions by the government cost thousands their way of life, and forced them into debt.

But the new Honda Click is pretty cool! 

[it is what it is]

 

spending 400k on home improvements while the business was going down the pan wasn't the wisest decision.

 

it is a difficult situation, if debtors are bailed out by whoever -  i'm not sure who is being expected to pay off her loans, then this would set a precedent and encourage others to mis-manage their lives.

 

the solution lies in fiscal education, teaching people how to manage their money effectively to hopefully prevent spirals of debt.

[PETERTHEEATER]

2 hours ago, Skipalongcassidy said:

Yes... you keep saying that... so tell me why do people do business with them... stupid people 

Because they don't have assets to offer as security to enable formal loans at fair interest rates.

[Scouse123]

2 hours ago, 2baht said:

I totally agree...stupid people who live beyond their means! They buy face! It's a cultural thing! 

 

 

 

 

They are not buying face, they are uneducated and trying to make ends meet.

 

Many cannot read or write, let alone do arithmetic.

[brianthainess]

3 hours ago, Skipalongcassidy said:

Yes... you keep saying that... so tell me why do people do business with them... stupid people 

Did you bother to read the story? although I must admit most borrow for gambling/drugs. 

[2baht]

32 minutes ago, Scouse123 said:

 

 

They are not buying face, they are uneducated and trying to make ends meet.

 

Many cannot read or write, let alone do arithmetic.

You don't need to apologise, I'm sure there are some in a similar position in Liverpool!

[2baht]

39 minutes ago, Scouse123 said:

 

 

They are not buying face, they are uneducated and trying to make ends meet.

 

Many cannot read or write, let alone do arithmetic.

Household debt runs at around 87% in Thailand, tell me they are all uneducated and can't read or right! 

[Scouse123]

12 minutes ago, 2baht said:

You don't need to apologise, I'm sure there are some in a similar position in Liverpool!

 

I am sure there are plenty in the town or city where you hail from.

 

6 minutes ago, 2baht said:

Household debt runs at around 87% in Thailand, tell me they are all uneducated and can't read or right! 

 

He sold shallots and garlic, that's hardly Mensa material, is it?

[2baht]

4 minutes ago, Scouse123 said:

I am sure there are plenty in the town or city where you hail from.

 

We don't steal hubcaps! 

[Scouse123]

2 minutes ago, 2baht said:

We don't steal hubcaps! 

 

 

Very droll.

 

It's an urban myth.

[traveller101]

A first step to address the problem of reigning in aggressive and sometimes violent "loansharks" - cap the maximum interest rate for unsecured loans, applying to all financial institutions as well as non-registered private lenders. 25% per annum would be a good start. It goes without saying - Enforcement and stiff penalties for offenders is the key to success - and everybody who points out .... TIT .... is of course right, unfortunately.

The 7 rogue lenders demanded a DAILY interest of 3'000 baht. A total amount of 1'095'000 baht per annum. The interest based on this would most likely exceed 100% p.a.

[JeffersLos]

4 hours ago, 2baht said:

They buy face!

 

And food and milk for their grandchildren. 

[ChaiyaTH]

1 hour ago, JeffersLos said:

 

And food and milk for their grandchildren. 

My first thought was that, let me guess, the real parents are having fun on their entire salaries and never even see their kids. But they will be all around as soon the daughter gets married, to collect the sinsod.

[billd766]

6 hours ago, Skipalongcassidy said:

Yes... you keep saying that... so tell me why do people do business with them... stupid people 

NOT stupid people, that would be you.

 

Desperate people who have nowhere else to turn to survive.

 

People, who through no fault of their own, who have never been taught what to do before they get to that stage of desperation.

[billd766]

2 hours ago, Scouse123 said:

 

I am sure there are plenty in the town or city where you hail from.

 

 

He sold shallots and garlic, that's hardly Mensa material, is it?

 

 

Not everybody is fortunate in life to have a good free education followed by 3 to 5 years at university to gain a degree.

[Bert got kinky]

12 minutes ago, billd766 said:

 

 

Not everybody is fortunate in life to have a good free education followed by 3 to 5 years at university to gain a degree.

 

Not everybody is fortunate in life to have a good free education

Yet you seem to be doing ok.

 

 

[Scouse123]

42 minutes ago, billd766 said:

 

 

Not everybody is fortunate in life to have a good free education followed by 3 to 5 years at university to gain a degree.

 

 

And it would help your case if you read the thread fully and my previous answers to others before jumping in with comments that imply I was criticizing the unfortunate man.

[billd766]

2 hours ago, Bert got kinky said:

 

Not everybody is fortunate in life to have a good free education

Yet you seem to be doing ok.

 

 

I left secondary modern school at 15 in 1959 with no qualifications. My first job was bottling milk in a dairy, My second was in an electric meter factory testing household meters. I got sacked from both of them. My third job was in an electric motor factor. riveting the labels on the motors.

 

I resigned from that job and joined the RAF as a Boy Entrant trainee Air Wireless Mechanic and stayed in the RAF until I was 40.

 

I came out and got a job as the entire workshop staff (there was only me) of a satellite ground tracking station and quit that after 7 months of boredom.

 

I joined the Home office as a police radio engineer in Surrey and that lasted 3 years or so until I went to Vodafone installing and commissioning cell phone base stations in the UK.

 

That lasted a year before I quit. Working 70 to 80 hours a week and 2 weekends in 4 is no fun.

 

I went to Motorola UK doing the same job with better working conditions for 3 years before they lost the contract with Celnet. After that I stayed with Motorola for another 7 years doing similar jobs but offshore. I was UK based and tasked by Chicago.

 

I quit them to become a self employed contractor working offshore for my last 19 years as a site manager, project manager, regional manger until I retired in 2009.

 

I had a great life but I worked hard for it.

 

Yes I am doing reasonably well, but not as well as I planned or hoped My biggest problems nowadays are the forex rates, my frozen state pension and the pillocks in the Conservative party who seem to be intent on ruining the UK.

 

They have just managed to stop me from bringing my wife to the UK, not that either of us actually want to live there, by doubling the income requirement to GBP 38,xxx, which is more than 75% of the UK earn per year

 

 

[Bert got kinky]

21 minutes ago, billd766 said:

I left secondary modern school at 15 in 1959 with no qualifications. My first job was bottling milk in a dairy, My second was in an electric meter factory testing household meters. I got sacked from both of them. My third job was in an electric motor factor. riveting the labels on the motors.

 

I resigned from that job and joined the RAF as a Boy Entrant trainee Air Wireless Mechanic and stayed in the RAF until I was 40.

 

I came out and got a job as the entire workshop staff (there was only me) of a satellite ground tracking station and quit that after 7 months of boredom.

 

I joined the Home office as a police radio engineer in Surrey and that lasted 3 years or so until I went to Vodafone installing and commissioning cell phone base stations in the UK.

 

That lasted a year before I quit. Working 70 to 80 hours a week and 2 weekends in 4 is no fun.

 

I went to Motorola UK doing the same job with better working conditions for 3 years before they lost the contract with Celnet. After that I stayed with Motorola for another 7 years doing similar jobs but offshore. I was UK based and tasked by Chicago.

 

I quit them to become a self employed contractor working offshore for my last 19 years as a site manager, project manager, regional manger until I retired in 2009.

 

I had a great life but I worked hard for it.

 

Yes I am doing reasonably well, but not as well as I planned or hoped My biggest problems nowadays are the forex rates, my frozen state pension and the pillocks in the Conservative party who seem to be intent on ruining the UK.

 

They have just managed to stop me from bringing my wife to the UK, not that either of us actually want to live there, by doubling the income requirement to GBP 38,xxx, which is more than 75% of the UK earn per year

 

 

 

Wow, you just spent ages ranting replying to a throw away one liner.

Very fickle. 

 

[aussienam]

Sad consequences of COVID.  Debt. 

Poor family with basic fiscal management abilities.  Wonder where the parents are whom the grandparents now support?  

Thai mafia loan sharks, that charge extreme interest on top.  Sad story.  Poor man to sacrifice his life to save his wife and grandkids from potential harm and destitution.  This is harsh poor living reality in Thailand.  

[metisdead]

Some posts with trolling memes contravening our Community Standards have been removed. 

[thesetat]

11 hours ago, PETERTHEEATER said:

Because they don't have assets to offer as security to enable formal loans at fair interest rates.

She has a way out. Why beg for help or tolerate threats. Loan sharking is illegal and the police should be going after those doing it. 

2 days ago the government responded to this problem. https://thainews.prd.go.th/en/news/detail/TCATG231210152040697#:~:text=The Royal Thai Police (RTP,allowing for immediate police action.

[Skipalongcassidy]

16 hours ago, billd766 said:

NOT stupid people, that would be you.

 

Desperate people who have nowhere else to turn to survive.

 

People, who through no fault of their own, who have never been taught what to do before they get to that stage of desperation.

Waaa.... there are plenty of people who through no fault of their own are born into poor families... instead of borrowing from loan sharks they simply work hard and make good lives for themselves... your bleeding heart for stupid people shows how stupid you are... hand up not hand out.

[Chris Daley]

Thai scam #344 put the debt into the alien's name or some old person so no one will bother them.  Time to pay up.

[sirineou]

On 12/12/2023 at 6:45 AM, Skipalongcassidy said:

Yes... you keep saying that... so tell me why do people do business with them... stupid people 

Or people with no other options.