webfact Posted May 17 Share Posted May 17 Representative Picture courtesy: Thai Rath The government has issued a stern deadline for loan sharks to report to authorities by the end of the month, as part of a nationwide crackdown on illegal money-lending operations. Deputy Interior Minister Chada Thaiset addressed the media today, urging those involved to comply before facing stringent legal repercussions. Under the Pheu Thai-led government’s campaign, which began on 1 December, efforts are being ramped up to eliminate illegal debt and predatory lending practices. Chada emphasised the importance of cooperation, noting that loan sharks must report to provincial or district authorities regardless of whether their Thailand debtors have come forward. In a bid to ensure compliance, the Revenue Department will also be scrutinising the earnings of those involved in illegal lending. The campaign aims to provide justice not only for the debtors but also for the loan sharks, by facilitating the repayment of principal amounts through instalments and reducing exorbitant interest rates. To date, over 137,000 individuals, most of whom are illegal debtors, have declared their involvement, collectively accounting for 9.36 million baht in borrowed funds. The government’s strategy involves acting as mediators between debtors and lenders, with the goal of reaching compromised repayment terms that alleviate the financial burden on those involved. As the deadline approaches, Chada Thaiset reiterated the government’s resolve to bring an end to exploitative lending practices, promising significant penalties for those who fail to adhere to the new regulations. -- 2024-05-17 Get our Daily Newsletter - Click HERE to subscribe 1 2 Link to comment Share on other sites More sharing options...
Popular Post ChrisY1 Posted May 17 Popular Post Share Posted May 17 "involves acting as mediators between debtors and lenders"....I guess that "crackdown", has many different meanings here in Thailand....! 1 3 Link to comment Share on other sites More sharing options...
OneMoreFarang Posted May 17 Share Posted May 17 Loan sharks can get away to be loan sharks by being influential people or by having good enough connections to those influential people in Thailand. And then there are politicians who are influential people in Thailand. Now what will they do? The left arm fights the right arm? Or is it more a question of which fraction of the influential persons you are part of? 1 Link to comment Share on other sites More sharing options...
ezzra Posted May 17 Share Posted May 17 Loan sharks plays an important roles in Thai economy for many generations, as banks here will not even give the time of day if you don't have a sound financial standing with them... 1 1 Link to comment Share on other sites More sharing options...
brianthainess Posted May 17 Share Posted May 17 So how are people expected to carryon Gambling, to get even more deeper in Debt? I expect an even more of a rise in crime, more robberies etc. as with other addictions. Link to comment Share on other sites More sharing options...
Popular Post brianthainess Posted May 17 Popular Post Share Posted May 17 12 minutes ago, ezzra said: Loan sharks plays an important roles in Thai economy for many generations, as banks here will not even give the time of day if you don't have a sound financial standing with them... Well what do you expect if you have little income and no collateral ? You'd have to be as daft as a brush to lend money to someone who has no chance in hell of paying you back. 4 Link to comment Share on other sites More sharing options...
Popular Post Tropicalevo Posted May 17 Popular Post Share Posted May 17 Why on earth would a loan shark (illegal) admit to it and 'hand themselves in'. 1 3 Link to comment Share on other sites More sharing options...
Popular Post rbkk Posted May 17 Popular Post Share Posted May 17 5 hours ago, webfact said: To date, over 137,000 individuals, most of whom are illegal debtors, have declared their involvement, collectively accounting for 9.36 million baht in borrowed funds. So about 68 baht each! 1 4 Link to comment Share on other sites More sharing options...
hotchilli Posted May 17 Share Posted May 17 5 hours ago, webfact said: The government has issued a stern deadline for loan sharks to report to authorities by the end of the month, as part of a nationwide crackdown on illegal money-lending operations. Delusional 1 Link to comment Share on other sites More sharing options...
Popular Post natway09 Posted May 17 Popular Post Share Posted May 17 And why would they even think of "dobbing " themselves in ? It just cannot work 1 2 Link to comment Share on other sites More sharing options...
Popular Post AustinRacing Posted May 17 Popular Post Share Posted May 17 As significant number of Thais earn a living via unregistered businesses and don’t pay tax they can’t borrow from banks. This is a result of being a third world country and inadequate social and economic infrastructure. Government response is typical of a band aid solution ignoring the core problems. 1 2 Link to comment Share on other sites More sharing options...
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