Woman's 10,000 Baht Loan Spirals into 2.6 Million Debt

[snoop1130]

 

A woman, who 12 years ago borrowed 10,000 baht for her child's school fees, is now grappling with a massive 2.6 million baht debt due to interest. The lady acquired the loan from a loan shark for her child's education and has been paying an outrageous 10% daily interest rate for more than 10 years. When she's unable to make the daily interest payments, the amount is added to the principal, escalating the debt. Even though she has been regularly paying, the principal amount has surged to 280,000 baht, her daughter claimed.

 

The woman has sought help from a popular Facebook page, "Survive - Sai Mai Must Survive," to address this issue. Even though she signed up for a debt relief program, she has not received any meaningful help. Fearful of possible reprisals that echo violent incidents in news reports, she is hesitant to bring up the matter with the district office.

 

The family has also been dissuaded from seeking legal help due to threats from the loan shark. They tried reaching out to the police, but the loan shark physically confronted them, demanding immediate repayment of the 280,000 baht principal. This led them to seek guidance from the "Survive - Sai Mai Must Survive" Facebook page.

 

In response to their call for help, the Facebook page's administrators reached out to Police Colonel Parinya Thongma of the Pratunam Chulalongkorn Police Station, asking him to promptly look into the issue.

 

The administrators have asked the police to bring the loan shark for talks in a bid to secure a refund for the huge amount the mother has paid over the years. The aspiration is to stop the mother's sustained payments and possibly get back some of the steep interest paid.

 

While the situation's outcome is unsure, the case highlights the harmful effect of illegal money lending practices on individuals and families. The story emphasizes the necessity of pursuing legal assistance in harsh financial scenarios. The role of social media platforms in bringing such problems to the forefront illustrates a rising trend of digital communities rallying to support those in need.

 

File photo for reference only. Courtesy of Google

 

-- 2024-05-27

 

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[OneMoreFarang]

54 minutes ago, snoop1130 said:

12 years ago

It seems the authorities somehow didn't notice that some loan shark is operating at least for 12 years.

How did that happen? Are they all blind? Or is it possible that somehow, they deliberately didn't notice what happened for many years?

 

In other words: All these illegal loan sharks would not exist if they wouldn't have the blessing of the local influential people. Or of course the influential people are at the same time the loan sharks. TiT.

[Mike_Hunt]

If this is illegal why is the loan shark not arrested? 

[dinsdale]

You would think that they could actually use an image of Thai baht NOT the US dollar. As for the loan sharks I'll bet that those at the top are very well connected.

[Korat Kiwi]

8 minutes ago, dinsdale said:

You would think that they could actually use an image of Thai baht NOT the US dollar. As for the loan sharks I'll bet that those at the top are very well connected.

Well pointed out... naturally photo is for reference purposes only. 

 

They can't even get that right! 

[Upnotover]

3 minutes ago, Korat Kiwi said:

Well pointed out... naturally photo is for reference purposes only. 

 

They can't even get that right! 

I think a lot of these stories are simply made up. Shame.

[stoner]

17 minutes ago, Mike_Hunt said:

If this is illegal why is the loan shark not arrested? 

 

apparently the cctv cameras weren't working at the time. 

[OccamsRazor]

1 hour ago, OneMoreFarang said:

didn't notice that some loan shark is operating at least for 12 years.

The same loan shark doesn't necessarily hold the loan for that long but sells/trades it to another shark.

[hotchilli]

10 hours ago, Mike_Hunt said:

If this is illegal why is the loan shark not arrested? 

In my neck of the woods the loan shark wears a Brown uniform during the day-shift.

[SABloke]

So we're supposed to believe this lady agreed to borrowing 10,000 THB at 1,000 THB daily interest? Why didn't she just wait 10 days and save the 10,000 herself? Well, because this story is total BS, that's why. Now is there an element of truth? Perhaps - like the lady initially borrowed 10k for daughter's education, but then borrowed some more, or never made any payments at all - a lot of facing saving in front of daughter possibly?? 

[ronster]

They want to discuss asking the loan shark to repay her money 🙈

How about just arresting him and throwing him in jail for years instead.

[retarius]

This makes me sick. If I were czar of all czars, I would introduce the death penalty for usurers with rates over 15% pa. 

[Bangkok Barry]

13 hours ago, Mike_Hunt said:

If this is illegal why is the loan shark not arrested? 

 

Whether something is illegal or not has no relevance in Thailand. A perfect example in the past couple of days is no action being taken against the thugs who attempted murder in front of witnesses and on CCTV in Pattaya. They apologised to society, case closed.

[steven100]

I don't believe this story for one second 

[klauskunkel]

14 hours ago, snoop1130 said:

The role of social media platforms in bringing such problems to the forefront illustrates a rising trend of digital communities rallying to support those in need.

It illustrates the public's frustration with police inaction and the public's knowledge of police corruption, realizing the police will only act if they are called out on social media.

[Henryford]

2 hours ago, retarius said:

This makes me sick. If I were czar of all czars, I would introduce the death penalty for usurers with rates over 15% pa. 

 

Well that includes all the credit card companies. Bye bye Visa and Mastercard.

[ujayujay]

16 hours ago, snoop1130 said:

 

A woman, who 12 years ago borrowed 10,000 baht for her child's school fees, is now grappling with a massive 2.6 million baht debt due to interest. The lady acquired the loan from a loan shark for her child's education and has been paying an outrageous 10% daily interest rate for more than 10 years. When she's unable to make the daily interest payments, the amount is added to the principal, escalating the debt. Even though she has been regularly paying, the principal amount has surged to 280,000 baht, her daughter claimed.

 

The woman has sought help from a popular Facebook page, "Survive - Sai Mai Must Survive," to address this issue. Even though she signed up for a debt relief program, she has not received any meaningful help. Fearful of possible reprisals that echo violent incidents in news reports, she is hesitant to bring up the matter with the district office.

 

The family has also been dissuaded from seeking legal help due to threats from the loan shark. They tried reaching out to the police, but the loan shark physically confronted them, demanding immediate repayment of the 280,000 baht principal. This led them to seek guidance from the "Survive - Sai Mai Must Survive" Facebook page.

 

In response to their call for help, the Facebook page's administrators reached out to Police Colonel Parinya Thongma of the Pratunam Chulalongkorn Police Station, asking him to promptly look into the issue.

 

The administrators have asked the police to bring the loan shark for talks in a bid to secure a refund for the huge amount the mother has paid over the years. The aspiration is to stop the mother's sustained payments and possibly get back some of the steep interest paid.

 

While the situation's outcome is unsure, the case highlights the harmful effect of illegal money lending practices on individuals and families. The story emphasizes the necessity of pursuing legal assistance in harsh financial scenarios. The role of social media platforms in bringing such problems to the forefront illustrates a rising trend of digital communities rallying to support those in need.

 

File photo for reference only. Courtesy of Google

 

-- 2024-05-27

 

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I would like hire a Hitman in her Situation....Peng

[TimBKK]

5 hours ago, hotchilli said:

In my neck of the woods the loan shark wears a Brown uniform during the day-shift.

Green/camo in my neck of the woods.

[Callmeishmael]

10% per day????   The normal rate is 10% per month.

 

[BusyB]

17 hours ago, Mike_Hunt said:

If this is illegal why is the loan shark not arrested? 

 

Because s/he is important, connected, or even a police officer.