Advice Needed To Deal With Debt

[rats]

Anyone have any advice about trying to consolidate debts in Thailand. Debts have built-up helping mother of Thai wife's hospital bills. I need to find a way to borrow money at a proper bank rate in order to get out of this vicious circle. (For all the flamers out there my wife is NOT an ex-bar girl).

[yogi]

pm me.

i am serious.

[Pierrot]

What is the average interest rate in Thailand for personnal loan, for an amount around 500,000 Bath ?

The problem with borrowing in an other country with better interest rate is the risk for currency depreciation.

[Kf6vci]

Please tell us more. What exactly is MIL's illness? There is no welfare or some government sponsored prograsm? Maybe the hospital can be changed for a public one and you can work out a payment plan rather than paying up front?

What happens to MIL when your cash runs out? I doubt they would be thrown out and left to die... butdon't know.

There might be an alternative solution to borrowing. Try and get advice from allkinds of agencies. The hospital should hasve finance people who deal with these issues every day professionally!

Good luck!

[Mali1964]

What is the average interest rate in Thailand for personnal loan, for an amount around 500,000 Bath ?

The problem with borrowing in an other country with better interest rate is the risk for currency depreciation.

Personal loans can Range from 7% to 15% per year Thailand's banks are the same as anywhere they set there rate dependant to risk the Higher they think there could be a problem the higher the Rate.

That's if you can get a loan at all? They credit score here like the west & also 15,000 baht appears to be the minimum monthly income required, then take into account the current climate banks are very tetchy at the moment.

Even applying for a credit card needs proof of earnings like a mortgage does in the west that's just for Tesco's 15,000 baht limit card

Hope you find a way good luck.

Edited February 20, 2009 by Mali1964

[rats]

What is the average interest rate in Thailand for personnal loan, for an amount around 500,000 Bath ?

The problem with borrowing in an other country with better interest rate is the risk for currency depreciation.

Personal loans can Range from 7% to 15% per year Thailand's banks are the same as anywhere they set there rate dependant to risk the Higher they think there could be a problem the higher the Rate.

That's if you can get a loan at all? They credit score here like the west & also 15,000 baht appears to be the minimum monthly income required, then take into account the current climate banks are very tetchy at the moment.

Even applying for a credit card needs proof of earnings like a mortgage does in the west that's just for Tesco's 15,000 baht limit card

Hope you find a way good luck.

[rats]

I have tried both banks and loan agencies - neither will give ma a loan. The land they own is the "wrong" sort of land as loan secututy. The hospital is not a problem. The loan sharks ARE! What agencies give advice? Yogi, sorry I'm new to this, what does "pm me" mean?

[Soutpeel]

I have tried both banks and loan agencies - neither will give ma a loan. The land they own is the "wrong" sort of land as loan secututy. The hospital is not a problem. The loan sharks ARE! What agencies give advice? Yogi, sorry I'm new to this, what does "pm me" mean?

pm = personal message

As a farang in Thailand, if you have no credit history in Thailand - forget personal loans, you will not be approved.

On the land its banks perogative of what they accept as collateral against a loan...

Cant you get a loan in your own country ???....

[Mali1964]

I have tried both banks and loan agencies - neither will give ma a loan. The land they own is the "wrong" sort of land as loan secututy. The hospital is not a problem. The loan sharks ARE! What agencies give advice? Yogi, sorry I'm new to this, what does "pm me" mean?

Rats left click on the name tag top left of his post a drop down appears, click on SEND MESSAGE you are sending him an e mail through Thai Visa. Its Personal message not for all to see on here.

Edited February 20, 2009 by Mali1964

[Mali1964]

Loan sharks stay well clear as an example one of my wife's many grandma's borrowed from her own Sister the wealthy one in the family, it was 10,000 baht 3 years ago this Grandma's Daughter found out & went to clear the loan, she gave here a final Bill of around 45,000 baht her own sister & if she refused there'd be trouble she had the deeds to the house so if family will do this what will others do?

5% a month & even 120% a year are not uncommon to hear of.

Does your Lady have any Gold maybe she can borrow against this? But still the rates are high around 2% minimum a month, short term its OK.

Edited February 20, 2009 by Mali1964

[Pierrot]

What is the average interest rate in Thailand for personnal loan, for an amount around 500,000 Bath ?

The problem with borrowing in an other country with better interest rate is the risk for currency depreciation.

Personal loans can Range from 7% to 15% per year Thailand's banks are the same as anywhere they set there rate dependant to risk the Higher they think there could be a problem the higher the Rate.

That's if you can get a loan at all? They credit score here like the west & also 15,000 baht appears to be the minimum monthly income required, then take into account the current climate banks are very tetchy at the moment.

Even applying for a credit card needs proof of earnings like a mortgage does in the west that's just for Tesco's 15,000 baht limit card

Hope you find a way good luck.

Thanks for the information. As I said we can get a much better rate abroad but then we have to take a risk with the exchange rate. We still owe a bit less than 1 M for our house in Bangkok, but the interest rate is killing me, compared to the 2% we can get in Hong Kong !

[Lite Beer]

Flames, off topic remarks and the replies to them have been deleted.

[rats]

Thanks to everyone who has posted - although I still have no answer!!

Job is over for the week - no internet at home - back on Monday

[TJAN]

Thanks to everyone who has posted - although I still have no answer!!

Job is over for the week - no internet at home - back on Monday

And you wont get a answer,you best bet is to pm yogi he normally have some sensible answers.

[johna]

I have tried both banks and loan agencies - neither will give ma a loan. The land they own is the "wrong" sort of land as loan secututy. The hospital is not a problem. The loan sharks ARE! What agencies give advice? Yogi, sorry I'm new to this, what does "pm me" mean?

what is wrong with the land?

try the BANK OF AGRICULTURE AND AGRICULTURAL COOPERATIVES, its a government Bank set up to help farmers and they have lent me money when I built my house,

[Heng]

Many banks will only accept land that has permanent structures (homes, buildings, etc.) on them as collateral. Yes, Tor Gor Sor will accept some plain jane land to a certain extent, but as to be expected, they are fairly swamped with such requests so you can expect funds to be limited.

It's a tough call when health issues are concerned, but even for myself if it got to the point where I'd have to be spending outrageous amounts per day for long term treatment, I'd remove myself from private hospital care and roll the dice with gov't hospital care (and instead use my cash reserves to cut through waiting lists for rooms/doctors/surgery, etc.). Afterall, it's the same set of doctors, just different rates. The only sacrifice is the waiting time if you can't afford to bump yourself to the top of the list and of course the private rooms aren't like hotel rooms.

[sassienie]

Thanks to everyone who has posted - although I still have no answer!!

Job is over for the week - no internet at home - back on Monday

How can anyone give you an answer without knowledge of your exact financial situation?

Some time ago my mother in law was in need of a major eye operation. Cost 80000 baht.

My wife has 5 brother`s, but I was asked to meet the entire cost.

I said, no, sorry, don`t mind paying my share, but no way am I paying the whole 80000 baht.

I explained to my wife, that if a Thai person becomes poor, than they can look for a job. If I become poor here in Thailand, than no more visa and the police will come, take me away and I will be deported.

Sorry, but you should have realised this before you gave away your visa money.

Edited February 21, 2009 by sassienie