Informal lender hit by a car after demanding payment from borrower

[webfact]

 

A man crashed his pickup truck into an informal lender in Nonthaburi, to whom his wife was indebted, killing him instantly, after the lender refused to give his ailing wife more time to pay.

 

The incident took place on Friday in Prachaniwet Soi 3, a short distance from the borrower’s fruit store.

 

The debtor, only identified as “Siriya”, reportedly told Nonthaburi police that she borrowed about 13,000 baht in cash from the lender, identified as “Sumet”, and was obliged to repay 700 baht per day, which she had already done for 90 straight days, amounting to 63,000 baht.

 

She called Sumet on Friday, asking for a temporary postponement of the daily repayments, because she needs the money for an operation to remove a cyst from her chest. Sumet rejected her plea and arrived at her fruit store to chastise her, prompting her to call her husband.

 

Full story: Thai PBS 2023-12-18

 

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[RobU]

Why the term "Informal Lender"?

Why not use the correct term "Loan Shark"?

[peter zwart]

If you are able to pay 700 baht a day, why in Lords name do you borrow 13k?????????. 

[VinnieK]

Borrowing money from a loan shark.

If this isn't the biggest 'tell' for stupidity ,I wonder what is..

[hotchilli]

4 hours ago, webfact said:

The debtor, only identified as “Siriya”, reportedly told Nonthaburi police that she borrowed about 13,000 baht in cash from the lender, identified as “Sumet”, and was obliged to repay 700 baht per day, which she had already done for 90 straight days, amounting to 63,000 baht.

Absolutely obscene... 

[jacko45k]

7 minutes ago, peter zwart said:

If you are able to pay 700 baht a day, why in Lords name do you borrow 13k?????????. 

Had she paid a 150 more the principal 13,000 would have been paid off too! Despicable loan shark.....

[hotchilli]

3 minutes ago, VinnieK said:

Borrowing money from a loan shark.

If this isn't the biggest 'tell' for stupidity ,I wonder what is..

When banks won't lend to you because of low income or loan gaurantee issues what are they expected to do?

they have to live.. people are forced to do what you call "stupid things"

I guess you've never been broke?

[hotchilli]

12 minutes ago, peter zwart said:

If you are able to pay 700 baht a day, why in Lords name do you borrow 13k?????????. 

Maybe she needed a lump sum for treatment?

[sherwood]

I would like to see more stories with the same outcome.

Loan sharks, scum of the earth.

[Ben Zioner]

44 minutes ago, hotchilli said:

Absolutely obscene... 

Thailand

[Scouse123]

They could have borrowed against the pickup at far cheaper rates.

[mikebell]

The general consensus is the shark got what he deserved; a shame the husband must face charges.  Is there such a thing as Justifiable Homicide in Thailand?

[ChrisY1]

No debt now....but jail ain't gonna be good!

[RobU]

A possible scenario

Family, surviving on low earnings with no savings

Woman needs urgent treatment 

Borrows from loan shark to pay for treatment

Loan shark sets extortionate interest rates and repayments.

Repayments cripple the families finances

Woman cannot or won't  pay any more loan shark threatens wife and family knowing he is protected by lazy corrupt police and city officials

Tells wife she is now his chattel and will pay this amount forever

Husband, knows that the police will do nothing if he complains and will actually tell the loan shark who it was who complained. Husband knows that the loan shark will then take violent revenge on his wife.

Husband kills loan shark to protect his wife since there is no other option.

[300sd]

Informal lender=sewer scum

Good riddance.

[itsari]

Difficult to work out what interest rate the woman has agreed too with the information given in the article .

I can work out that the percentage charged is or was astronomical .

[traveller101]

Those informal moneylenders charging interest rates north of 300% are just common criminals, Extortionists under the Thai criminal code.

A few have been arrested, but no follow up Infirmation.

Penalties include a maximum 5 years jail and a fine not exceeding 10000 Baht

A minimum fine of 500'000 Baht might be more effective as a deterrent.

[lordgrinz]

Man, I need to get into the Debt business, I would have said no more payments needed after they paid back double the cash, and I would have smiled at them and said "great doing business with you".

[Enzian]

In the US the husband would ask for a jury trial with the predictable outcome of jury nullification. Too bad the Thai legal system is very different from the Anglo. 

[Burma Bill]

10 hours ago, webfact said:

she borrowed about 13,000 baht in cash from the lender,............, and was obliged to repay 700 baht per day, which she had already done for 90 straight days, amounting to 63,000 baht.

 

If this is so, then IMO he deserved what he got - money grabbing leech!

 

3 hours ago, ChrisY1 said:

No debt now....but jail ain't gonna be good!

 

This may be a "silver lining" as she could get treatment for/removal of her cyst at a Police Hospital?

[SportRider]

6 hours ago, VinnieK said:

Borrowing money from a loan shark.

If this isn't the biggest 'tell' for stupidity ,I wonder what is..

Sorry to read this.  Many people live on meagre income and with family responsibilities.  Urgent unplanned needs arise.  There aren't many good options in Thailand for those less fortunate than ourselves.

It's desperation, not stupidity.

[Bday Prang]

5 hours ago, Scouse123 said:

They could have borrowed against the pickup at far cheaper rates.

They could even have sold it , or traded down     but that would involve loss of face

[VinnieK]

23 minutes ago, SportRider said:

Sorry to read this.  Many people live on meagre income and with family responsibilities.  Urgent unplanned needs arise.  There aren't many good options in Thailand for those less fortunate than ourselves.

It's desperation, not stupidity.

Yeah...desperation for another drunken night or some frivolous purchase.

Stop idolizing the poor.

99% are dumfux ..

but wait....I have an even darker theory.

Most Thais love slavery/serfdom

In this case, debt-slavery.

I owe, therefore I am.

Once they manage to pay off one debt, they will take on a new one 🤦‍♂️

 

[Bday Prang]

1 hour ago, lordgrinz said:

Man, I need to get into the Debt business, I would have said no more payments needed after they paid back double the cash, and I would have smiled at them and said "great doing business with you".

Not easy to say from under a pickup though is it     Have you any idea how many Thais default on loans and finance.    The word in Thai language for "debt"   and the word for "running away and disappearing" is  almost identical, the only difference being the tone used in pronunciation  

The word is "Nee"  be worried if you overhear  your TeeRak using this word with either a high or rising tone,  be especially concerned if she uses them both in the same sentence

[Bday Prang]

10 minutes ago, VinnieK said:

Yeah...desperation for another drunken night or some frivolous purchase.

Stop idolizing the poor.

99% are dumfux ..

but wait....I have an even darker theory.

Most Thais love slavery/serfdom

In this case, debt-slavery.

I owe, therefore I am.

Once they manage to pay off one debt, they will take on a new one 🤦‍♂️

 

Absolutely correct except the final sentence.    They seldom wait to clear one before taking on another,    Borrowing from peter to pay paul is the way to go for most of them.   

[Bday Prang]

43 minutes ago, SportRider said:

Sorry to read this.  Many people live on meagre income and with family responsibilities.  Urgent unplanned needs arise.  There aren't many good options in Thailand for those less fortunate than ourselves.

It's desperation, not stupidity.

Total rubbish,  living beyond their means is a national pastime,  and face is of course everything,  Brand new pickups on no deposit, 7 year finance, ( initially)   and top of the range I phones,   and that is out in the sticks where I live,  Not to mention borrowing against and often losing the very land they need to earn a living, sometimes literally just for a party !    You appear to have no idea

[Bday Prang]

2 hours ago, lordgrinz said:

Man, I need to get into the Debt business, I would have said no more payments needed after they paid back double the cash, and I would have smiled at them and said "great doing business with you".

Foreigners trying to get a slice of this pie rarely last long  (with the exception of chinese)

[billd766]

7 hours ago, Scouse123 said:

They could have borrowed against the pickup at far cheaper rates.

They may have borrowed against that already.

 

I have no idea, do you?

[NE1]

6 hours ago, ChrisY1 said:

No debt now....but jail ain't gonna be good!

Probably still has the debt.

That might have been an enforcer/collector that was killed , the actual money lender will be sat on is 'arris somewhere counting his baht.

[Bday Prang]

3 hours ago, SportRider said:

Sorry to read this.  Many people live on meagre income and with family responsibilities.  Urgent unplanned needs arise.  There aren't many good options in Thailand for those less fortunate than ourselves.

It's desperation, not stupidity.

I'll meet you half way,  it's desperation  caused  or at least compounded by stupidity