Pawn Shops In Thailand - How They Work

[asianbravo]

My friend has pawned some electronics ( an Sony DG Camcorder & a Samsung Laptop) for 20K Thb. He does not seem to have the money to take it back and i have seen the items all in pretty good condition and i wan planning to buy his pawn ticket and redeem back the items. THe retail price for both is over 40K Thb. But one thing is the pawn ticket is in thai and he told me he has not paid a single any intrest since he sold it about 1 . 5 months ago.

I need to know how this works before i commit to buying the ticket from him, from what i know the pawn item can be help by the pawn shop for up to 4 months but i do not know what will be the intrest incurred and do you have a monthly payment to make to the pawn shop in order to keep the item.

Be glad someone can help with these matters. Thanks

[rgs2001uk]

Wheres Heng when we need him, business must be booming. What recession?

[Maizefarmer]

The goods can be purchased back by way of paying off the debt plus interest within a certain time period. The time period should be on the ticket somewhere is it 4months? - that will be the time period after which the pawn shop is at liberty to release the goods to whoever wants to buy them - tcket or no ticket. Al the ticket is, is confirmation of the goods, the money loaned and the time period.

In short its a loan aginst secured goods - just like pawn shops in the USA

[webfact]

Actually the period they hold the goods are 5 month (it may have changed to 4) - at least in government controlled pawn shops.

The other day I had to pawn something and received 33.000 Baht. The interest after 5 month was around 2200 Baht total.

If you want to extend you can do. A day before the "red Chinese paper" expires go to that shop and pay only the interest for another 5 month.

You will be given a new paper. Attention : have the guy written down the date in English for you. That paper is hard to read - even for Thais... :-)

As long as you pay before due date you can extend as long as you want.

I think you can't buy a ticket because of the fingerprint. You will be given back the goods if that fingerprint is identically. So, both of you need to

go to that shop. Don't forget your passport

Edited July 9, 2009 by webfact

[anothertorres]

Actually the period they hold the goods are 5 month (it may have changed to 4) - at least in government controlled pawn shops.

The other day I had to pawn something and received 33.000 Baht. The interest after 5 month was around 2200 Baht total.

If you want to extend you can do. A day before the "red Chinese paper" expires go to that shop and pay only the interest for another 5 month.

You will be given a new paper. Attention : have the guy written down the date in English for you. That paper is hard to read - even for Thais... :-)

As long as you pay before due date you can extend as long as you want.

I think you can't buy a ticket because of the fingerprint. You will be given back the goods if that fingerprint is identically. So, both of you need to

go to that shop. Don't forget your passport

you won't find a better answer to a question on TV today. might as well shut down the internet, good on ya', webfact.

Edited July 10, 2009 by anothertorres