Just a quick question

If a secured loan is taken out in Thailand, in this case a loan for a car, and the debtor (the debtor being a Thai national) breaks the agreement resulting in the car being re-possessed. What effect does this have on the debtors credit status?

Most Thais use their property as security for things they cant afford so the Banks take the Land and kick em out generally upcountry.They cant get a passport either

Recorded in the Thai Credit Bureau for the next 2 years at least - it will affect their future ability to get credit - impact depends on how seriously the next lender views it - the riskier lenders with higher rates will be more tolerant than the lower appetite lenders.

Recorded in the Thai Credit Bureau for the next 2 years at least - it will affect their future ability to get credit - impact depends on how seriously the next lender views it - the riskier lenders with higher rates will be more tolerant than the lower appetite lenders.

yepp, a motorcy shop financing their bikes with 3% a month will likely ignore it or just ask for higher downpayment, while a car dealers financecompany charging 2-3% a year, will not grant finance.

The banks financing property will just smile to you. No risky loans:)

"They cant get a passport either"

Not true.

Terry,my friends Wife has been refused last week for owing 25K to T.O.T.Hes back in Germany and wont pay the Bill run up by the Family.Perhaps you can help her.