Credit Card Laws

[aussiemarkinthailand]

Does someone know where i can find some details on the credit card act in Thailand?

Apparently I have a debt from about 4-5 years with Amex, wondering what happens if I dont pay? Is there a statute of limitations in Thailand?

Thanks

Edited June 1, 2010 by aussiemarkinthailand

[Pib]

Is the debt valid? If so, pay it!

If the debt is not valid, then yes, fight it!

I expect you know whether the debt is valid or not.

[mallyrd]

What a bl_ody stupid question to post.

[gotlost]

I know a Brit on an eight year 250k baht dept on Visa International Credit Card that got busted.

[Pib]

With examples like this no wonder it's so hard for farangs to get a credit card unless you have a work permit/in-Thailand job. Of course the ability to quickly leave the Thailand (forever) has an impact also.

A few bad apples spoil the barrel for the rest and more numerous good apples.

[nakachalet]

aussiemark

amx is a good co.... always provides you with ease and comfort whenever you need it....

and you never leave home without it.... right?

and now the amx debt will not leave you.... either

aussiemark.... calls them and talks to them.... they will make arrangement for you to pay them in smaller amount installments....

it is much better to talk with them and explain your dire circumstances.... and request to pay in smaller sum or just interest only for a period of time.... until you can stand on your feet again....

indirectly, you'll be helping many others who come after you to thailand and need credit card services....

be a decent fellow, alright aussie friend....?

cheers to you.... and all the aussies....

Edited June 1, 2010 by nakachalet

[JustinCredible]

With examples like this no wonder it's so hard for farangs to get a credit card unless you have a work permit/in-Thailand job. Of course the ability to quickly leave the Thailand (forever) has an impact also.

A few bad apples spoil the barrel for the rest and more numerous good apples.

Sorry to disillusion you, but I stay in Thailand on an Extension based on Retirement, and, as such, cannot have a work permit. However, this did not stop Amex pestering me for months to take an AMEX Platinum Card with well over 100k credit.

I eventually gave in to them and still enjoy the benefits. I must confess to thinking that there must be a lot of people who have done the same and ended up with problems re-payin them.

[Soutpeel]

With examples like this no wonder it's so hard for farangs to get a credit card unless you have a work permit/in-Thailand job. Of course the ability to quickly leave the Thailand (forever) has an impact also.

A few bad apples spoil the barrel for the rest and more numerous good apples.

Sorry to disillusion you, but I stay in Thailand on an Extension based on Retirement, and, as such, cannot have a work permit. However, this did not stop Amex pestering me for months to take an AMEX Platinum Card with well over 100k credit.

I eventually gave in to them and still enjoy the benefits. I must confess to thinking that there must be a lot of people who have done the same and ended up with problems re-payin them.

Correct If I am wrong, but a AMEX card needs to have its full balance paid at the end of every month ??...if so not really a credit card then...

[Soutpeel]

With examples like this no wonder it's so hard for farangs to get a credit card unless you have a work permit/in-Thailand job. Of course the ability to quickly leave the Thailand (forever) has an impact also.

A few bad apples spoil the barrel for the rest and more numerous good apples.

The example above has nothing to do with it making it hard for farangs to get credit cards.....Farangs have a hard time getting credit cards simply because Thai banks perceive them as being high risk of defaulting on payments, and you can see their point.

Almost all Farangs here are perpetual tourists, whether married or not, and have no "legal" staus here, therefore you can understand where a Thai bank is coming from.

Someone with a long standing WP generally gets accepted for a credit card as 1. They have a "legal status" ie in he system legally, paying taxes etc, 2. The banks feel if someone defaults they can contact the Thai company the person is working for to recover the money.

[Pib]

With examples like this no wonder it's so hard for farangs to get a credit card unless you have a work permit/in-Thailand job. Of course the ability to quickly leave the Thailand (forever) has an impact also.

A few bad apples spoil the barrel for the rest and more numerous good apples.

Sorry to disillusion you, but I stay in Thailand on an Extension based on Retirement, and, as such, cannot have a work permit. However, this did not stop Amex pestering me for months to take an AMEX Platinum Card with well over 100k credit.

I eventually gave in to them and still enjoy the benefits. I must confess to thinking that there must be a lot of people who have done the same and ended up with problems re-paying them.

You got lucky to get an "unsecured" Thai-based credit card and the rule of thumb Thai banks go by is you must have a Work Permit. Now I have no doubt others on Retirement Extension of Stay or some others on long stay visas have gotten unsecured credit cards (and we'll proabably hear from them), but you fine folks are the lucky exceptions as for the great, great majority of folks a Work Permit is what opens the door to a credit card.

It's amazes me that good income from retirement sources (e.g., military retirement, social security, etc) which continues regardless carries little weight in getting a Thai credit card; I guess a Work Permit gives the thai credit card company more of a warm fuzzy of steady income since retirement incomes for Thai's is very low (for the few/mostly ex-govt workers who get one). And maybe it makes it easier for them to track you down later/put pressure on you if you don't pay/maybe even garnish your wages if still in Thailand.

Now it's fairly easy to get a "secured" credit card as long as you allow the bank to lock down some of your savings account funds...like 150K Baht locked down for a 100K limit secured credit card.

Summary: rule is thumb for a Thai-based credit card is a work permit; but rules of thumb are broken occasionally.

[aussiemarkinthailand]

With examples like this no wonder it's so hard for farangs to get a credit card unless you have a work permit/in-Thailand job. Of course the ability to quickly leave the Thailand (forever) has an impact also.

A few bad apples spoil the barrel for the rest and more numerous good apples.

Unfortunately, the company I work for has just gone into receivership as a result of the Red Shirt protests, and until then was looking to settle the debt, however now, maybe difficult, sometimes I see here that there are too many people quick to judge without knowing all the facts.

I was asking about what are the ramifications if i cant pay, rather than me trying to AVOID paying my debts..... so this is a little clearer .....

[Crossy]

Correct If I am wrong, but a AMEX card needs to have its full balance paid at the end of every month ??...if so not really a credit card then...

I was offered an Amex VISA card with no requirement for a WP, indeed they would have been happy with just the embassy certification of a pension income.

The regular classic Amex card does require a full balance payment each month.

[noahvail]

It's a pity that the company had to go into receivership, with - if I understand it correctly - you having a debt to the c/c company. Was this a charge that the company had asked you to make?

In any case, the best thing is to communicate! Call the card company, follow up with a letter stating what you feel were the statements made in the phone call.

If it is simply impossible for you to pay the debt, call them and tell them. Then send them a personal balance sheet and bank statements, along with a certified letter from the former employer that because of the riots, you are now without income.

At that point, see what they come back with. They may make an offer to pay it all on a reduced sum, to forgive interest, all of that. But they will also file your name with the credit bureaux/exchanges in your home country, which can make it more difficult for you to secure credit in the future.

Off topic: just because you have a work permit does not mean you cannot skip the country just as fast as someone on a retirement visa. Most countries like the stability of retirees. Not LoS.

[theoldgit]

Correct If I am wrong, but a AMEX card needs to have its full balance paid at the end of every month ??...if so not really a credit card then...

AMEX also do a credit card which I was also offered with just my retirement pension, we could go on for ages about the advantages and disadvantages of a credit card as well as the risks of running up debt, but they are really convienient.

[theoldgit]

Sorry to disillusion you, but I stay in Thailand on an Extension based on Retirement, and, as such, cannot have a work permit. However, this did not stop Amex pestering me for months to take an AMEX Platinum Card with well over 100k credit.

I eventually gave in to them and still enjoy the benefits. I must confess to thinking that there must be a lot of people who have done the same and ended up with problems re-payin them.

Likewise, as per my previous post, I was offered one as a Thai Airways Gold Card holder, only applied out of devilment as I live here on a retirement pension. Surprised to receive the card a couple of weeks later, with a 310,000 Baht credit limit, though I only use it within my means as I appreciate the dangers of building up debt.

I suspect I fell through the net as a friend who has lived here for about 10 years had his application declined.