Hi, im curious to know, if one of your thai family member in in huge debt and they arent able to pay back

will the bank start collection from their family members? Like freezing their bank account or automatically deducting from their salaries, etc...

Anyone have experience in this?

What has any bank got to do with a private debt?

1 hour ago, bkkryn said:

Hi, im curious to know, if one of your thai family member in in huge debt and they arent able to pay back

will the bank start collection from their family members? Like freezing their bank account or automatically deducting from their salaries, etc...

Anyone have experience in this?

Twice we bought an uncles land with a deal they can buy it back within 5 years with 5% annular interest. This was not their house/home property, but farmland. Unless anything of value other than their home, I wouldnt touch it, and I doubt my wife family would had asked me at all if so.

3 hours ago, scottiejohn said:

What has any bank got to do with a private debt?

so suppose if your in laws sister is in debt can can't payback the bank, how will the bank collect their monies?

Banks can not. Loan sharks certainly can.

What happened in your life?

16 minutes ago, bkkryn said:

so suppose if your in laws sister is in debt can can't payback the bank, how will the bank collect their monies?

That’s between her and the bank to work out. If she pledged collateral, the bank can go after the collateral. But the bank generally cannot go after family members unless those family members signed the loan agreement, co-signed, acted as guarantors, or pledged their own assets.

Like anywhere else, the person who signs the loan is the person responsible for it.

And please don’t tell me your girlfriend is saying her family is in trouble and you need to send money to “help.” If that’s what’s happening, be very careful — that is a major red flag.

Often in Thailand, a member of the family signs the contract as a guarantor. If the person who took out the loan defaults on payment, the contract can be enforced against the person who guaranteed it.

6 minutes ago, mstevens said:

Often in Thailand, a member of the family signs the contract as a guarantor. If the person who took out the loan defaults on payment, the contract can be enforced against the person who guaranteed it.

Same as anywhere else, not just Thailand.