nadavbkk Posted July 27, 2009 Share Posted July 27, 2009 my wife have large debt to credit card and banks, she do run way from them to the temple, her business crash, and she have no income. my income limited and cant help , she dont want to sale her hous to pay debt , no have car, but she have three daughter, and they dont want to help to us , any advice, thanks Link to comment Share on other sites More sharing options...
nadavbkk Posted July 27, 2009 Author Share Posted July 27, 2009 my wife have large debt to credit card and banks, she do run way from them to the temple, her business crash, and she have no income.my income limited and cant help , she dont want to sale her hous to pay debt , no have car, but she have three daughter, and they dont want to help to us , any advice, thanks do the banks and the credit card company can prossecution the falang husband for thai wife debt ? Link to comment Share on other sites More sharing options...
Soutpeel Posted July 27, 2009 Share Posted July 27, 2009 my wife have large debt to credit card and banks, she do run way from them to the temple, her business crash, and she have no income.my income limited and cant help , she dont want to sale her hous to pay debt , no have car, but she have three daughter, and they dont want to help to us , any advice, thanks do the banks and the credit card company can prossecution the falang husband for thai wife debt ? No...not unless you have co-signed for something, if the debt is in her name, its in here name....they will go after her not the husband... Selling the house maybe the only option left..... Link to comment Share on other sites More sharing options...
Heng Posted July 27, 2009 Share Posted July 27, 2009 They'll eventually seize the house anyway, may as well try to sell it and downsize your life to something more manageable. It'll be a good lesson for her as well. Link to comment Share on other sites More sharing options...
G54 Posted July 27, 2009 Share Posted July 27, 2009 Yes, I can see them taking the house, as they did with a friend of mine here in Thailand. They took the business too, yet she is still 90,000 Baht in debt and cannot get credit anywhere. No chance of buying another house or even a car on credit until the debt is paid off. That means a life of living in rented accommodation and unless she can raise the cash or go to some unscrupulous loan shark, she will never own anything better than a m/c. I will add that all this was due to the death of her husband in a car accident some 3 years ago or so. She went off the rails completely. No family support for her grief. Started drinking heavily. The business went down the tubes. She got arrested for drunk driving and was bailed out by her mother. Eventually the banks foreclosed on all her property and business. She loved her husband so much that she still mourns his passing today. Never an easy life here for a debtor in so many ways. Link to comment Share on other sites More sharing options...
Maizefarmer Posted July 27, 2009 Share Posted July 27, 2009 my wife have large debt to credit card and banks, she do run way from them to the temple, her business crash, and she have no income.my income limited and cant help , she dont want to sale her hous to pay debt , no have car, but she have three daughter, and they dont want to help to us , any advice, thanks Sell the house while she can (before the courts put a charge against it), and use the funds to re-purchase using a 3rd party name (another family member). That will protect the money in the property. They will continue to chase her so at some point she will either have to go bankrupt (which will force creditors to settle for Satang in the Baht), or she will have to sit down and come to an agreement with them. Link to comment Share on other sites More sharing options...
singa-traz Posted July 27, 2009 Share Posted July 27, 2009 my wife have large debt to credit card and banks, she do run way from them to the temple, her business crash, and she have no income.my income limited and cant help , she dont want to sale her hous to pay debt , no have car, but she have three daughter, and they dont want to help to us , any advice, thanks Sell the house while she can (before the courts put a charge against it), and use the funds to re-purchase using a 3rd party name (another family member). That will protect the money in the property. They will continue to chase her so at some point she will either have to go bankrupt (which will force creditors to settle for Satang in the Baht), or she will have to sit down and come to an agreement with them. Since you seems to know about this kind of situation, do you know how long can the bank come and chase them for repayment? I was told that after a few years, the bank cannot claim anything. Link to comment Share on other sites More sharing options...
Heng Posted July 27, 2009 Share Posted July 27, 2009 One important issue is if the house/property is paid for, chanote in hand. An awful lot of debtors reach for the chanote first when they need cash, long before they reach for a farang. Link to comment Share on other sites More sharing options...
IanForbes Posted July 27, 2009 Share Posted July 27, 2009 Unfortunately, too many Thais have no concept of debt, interest and investment. They live only in the "now". You can see it by the way they drive. Thais aren't the only ones. My ex Australian wife had no concept of finance, and still doesn't. Thankfully, she is lucky and her present husband puts her on a tight leash. There are consultants who can help some people out of debt, but I don't know if that service is offered in Thailand. And, the person MUST want to change. Extending yourself on credit is like an addicting drug and many people can't handle it. The OP is obviously not English, so I don't know what the solution is. My best guess is the house owned by the wife WILL have to be sold to cover the debt. Banks have no mercy for anyone. Link to comment Share on other sites More sharing options...
nadavbkk Posted July 27, 2009 Author Share Posted July 27, 2009 Unfortunately, too many Thais have no concept of debt, interest and investment. They live only in the "now". You can see it by the way they drive. Thais aren't the only ones. My ex Australian wife had no concept of finance, and still doesn't. Thankfully, she is lucky and her present husband puts her on a tight leash. There are consultants who can help some people out of debt, but I don't know if that service is offered in Thailand. And, the person MUST want to change. Extending yourself on credit is like an addicting drug and many people can't handle it.The OP is obviously not English, so I don't know what the solution is. My best guess is the house owned by the wife WILL have to be sold to cover the debt. Banks have no mercy for anyone. yes, the house owned by the wife, and she can pay around 20 % from the monthly payment ! Link to comment Share on other sites More sharing options...
pattaya_girl Posted July 27, 2009 Share Posted July 27, 2009 I thought she could rent her house out and pay the rent to the Bank. Get a job to pay for a small basic room and food every Month until the Debt is paid off. Link to comment Share on other sites More sharing options...
geriatrickid Posted July 27, 2009 Share Posted July 27, 2009 (edited) I thought she could rent her house out and pay the rent to the Bank. Get a job to pay for a small basic room and food every Month until the Debt is paid off. Not a realistic solution unless the debt service is renegotiated. The only solution is to go to the debt holders and to explain the situation. Either an arrangement is made or nothing gets paid. Banks are suprisingly open to such options if the debtor is honest. The first debt that must be retired is the credit card since the interest rate will be double digit. Cut the credit card and find whatever funds are available and get rid of it first. Go and see the bank and come up with a debt service plan. One of my friends got himself into a horrible hole. His family cosigned for education loans to pay for his secondary education and then university in Bangkok. 6 years worth. He didn't make enough money to repay the debt so he did what too many people do and was to pretend the debt did not exist. In the interim his father died and mother became ill so that now he pays for her upkeep. The government came to seize the cosignors pledged assets. Long story short, instead of the immediate repayment of 25% and debt service of 5000 baht a month, the debt service is 2000 baht a month and no seizure. All this because I kicked his butt into going and talking to the official and explaining the situation. The bank would rather get the funds albeit slowly than get nothing. Edited July 27, 2009 by geriatrickid Link to comment Share on other sites More sharing options...
Heng Posted July 27, 2009 Share Posted July 27, 2009 Might also want to check to see if there are any non-bank/non-finance company debts. You know, the kind that are 1-20% per month, not per year. Link to comment Share on other sites More sharing options...
zzaa09 Posted July 27, 2009 Share Posted July 27, 2009 Such a tragedy. Mindless Consumtion Syndrome.......sad, really. Link to comment Share on other sites More sharing options...
Farma Posted July 27, 2009 Share Posted July 27, 2009 (edited) Just curious They are a married couple. Take away any assets covered by a prenuptial agreement (if any) by the husband. Joint assets, debts and any income from either party accrued during marriage are considered marital assets divided as part of a divorce settlement. Wouldn’t the same be applied to a debt accrued during marriage? Couldn’t the bank lay claim against any current or future income, assets etc accrued by either party during marriage? Does anyone know the answer? Edited July 27, 2009 by Farma Link to comment Share on other sites More sharing options...
Yoshitaka Posted July 27, 2009 Share Posted July 27, 2009 If you really LOVE her. You should pay her debt. Link to comment Share on other sites More sharing options...
phazey Posted July 27, 2009 Share Posted July 27, 2009 Cut up the credit cards - and stop playing cards. Link to comment Share on other sites More sharing options...
zzaa09 Posted July 27, 2009 Share Posted July 27, 2009 Cut up the credit cards - and stop playing cards. Disposing of the cards and whatnot is one thing, but more important - she has to be re-programmed. Link to comment Share on other sites More sharing options...
PastEgo Posted July 27, 2009 Share Posted July 27, 2009 stepford wives? Link to comment Share on other sites More sharing options...
beerchang Posted July 27, 2009 Share Posted July 27, 2009 (edited) If you really LOVE her. You should pay her debt. yoshi, the OP has stated that he has limited income and cannot help, plus he's asking for advice on here. I think that shows he loves her. Are you just trying to up your post count? To the OP, nadav, my wife has just told me that she must simply get in touch with the bank/credit card company she's in debt to, to make an arrangement for a lesser monthly payment until she can get back on track. She must also have to go before a judge 3 times before losing the house. She's obviously running scared and needs reassuring. I also asked the wife about 'money lenders' in case your wife borrowed from them and she said pretty much the same, that they'd rather have the money and not the house. Get her to see these people and sort something out or she will get summoned to court. Hope this helps. Good luck. Edited July 27, 2009 by beerchang Link to comment Share on other sites More sharing options...
zzaa09 Posted July 27, 2009 Share Posted July 27, 2009 stepford wives? Thai version..... Link to comment Share on other sites More sharing options...
cyb Posted July 27, 2009 Share Posted July 27, 2009 The best advice you have had on here (you will not get better) is to get her to talk to her creditors. Remember it costs them money to pursue debts, So anything you do to help them they are going to look favourable on. It's not only in your best interests but theirs as well. Don't just let her bury her head in the sand and hope it goes away it won't. Link to comment Share on other sites More sharing options...
nadavbkk Posted July 28, 2009 Author Share Posted July 28, 2009 Might also want to check to see if there are any non-bank/non-finance company debts. You know, the kind that are 1-20% per month, not per year. all the debts for banks and finance company, citi ,amx visa Link to comment Share on other sites More sharing options...
nadavbkk Posted July 28, 2009 Author Share Posted July 28, 2009 Cut up the credit cards - and stop playing cards. cant use them from last year ! Link to comment Share on other sites More sharing options...
Heng Posted July 28, 2009 Share Posted July 28, 2009 Might also want to check to see if there are any non-bank/non-finance company debts. You know, the kind that are 1-20% per month, not per year. all the debts for banks and finance company, citi ,amx visa That's good news. That means she's only treading water, not treading water in a whirlpool while wearing a diving weight belt. Link to comment Share on other sites More sharing options...
beerchang Posted July 28, 2009 Share Posted July 28, 2009 Might also want to check to see if there are any non-bank/non-finance company debts. You know, the kind that are 1-20% per month, not per year. all the debts for banks and finance company, citi ,amx visa Then do what my wife and a couple of helpful (good on ya...not! to the comedians on this thread that asks for for help) posters have advised. (My original post#20) . Once again, good luck. Link to comment Share on other sites More sharing options...
beerchang Posted July 28, 2009 Share Posted July 28, 2009 Is she being treated for her alcoholism? Untreated alcoholism can bet far worse than owing a few bob. Get help! EH!? Could you direct me to the post that says his wife is an alcoholic? I've just done a quick re-read and can't seem to spot that one. Would be appreciated. Thanks in advance. P.S. nadav, stick to the good advice you have received on here, geriatrickid, particularly, putting it better than I could but with the same meaning. You (your wife, maybe/hopefully with you) need to act now. Good luck. Link to comment Share on other sites More sharing options...
Mossfinn Posted July 28, 2009 Share Posted July 28, 2009 She went off the rails completely. Started drinking heavily. She got arrested for drunk driving Is she being treated for her alcoholism? Untreated alcoholism can bet far worse than owing a few bob. Get help! EH!? Could you direct me to the post that says his wife is an alcoholic? I've just done a quick re-read and can't seem to spot that one. Would be appreciated. Thanks in advance. I think he has mixed up his posting history, drinking was mentioned in G54's case, not the OP. Link to comment Share on other sites More sharing options...
cyb Posted July 28, 2009 Share Posted July 28, 2009 Is she being treated for her alcoholism? Untreated alcoholism can bet far worse than owing a few bob. Get help! What planet are you on? certainly not this one. Link to comment Share on other sites More sharing options...
beerchang Posted July 28, 2009 Share Posted July 28, 2009 She went off the rails completely. Started drinking heavily. She got arrested for drunk driving Is she being treated for her alcoholism? Untreated alcoholism can bet far worse than owing a few bob. Get help! EH!? Could you direct me to the post that says his wife is an alcoholic? I've just done a quick re-read and can't seem to spot that one. Would be appreciated. Thanks in advance. I think he has mixed up his posting history, drinking was mentioned in G54's case, not the OP. Thank you. And may I add that your avatar is one of the funniest by far! Bjork AKA 'mad, mad icelandic chick' (no offence ladies!) rocks! Link to comment Share on other sites More sharing options...
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