Morgage But Cant Afford To Pay

[MegaRanter]

For a veteran and just 35 yr old in Thailand, you seem to know how the river flows. I am a few years older than you, with a much darker skin color, I put some good money in a house and when my relationship went south, I refused to move out because the ex went through my pile of cash for 11 years and I asked her for a settlement of 10M, she left the country and the banks kept sending notice, I just forwarded them to her mother, all of a sudden, she sorted the banks out on her own , but I have been living rent free for 14 months.

As your lady is a nice one, I think you should mail the keys to the bank from the UK, or declare bankruptcy before leaving.

[samong]

There are some nice answers here, thanks to those posters.

I cannot sell the house at all and nobody will rent. here is why!

its a double town house, both side built at different times. one side was built well and the other was not, resulting in one hell of a crack going through every wall and floor in the house splitting in in two. come the rainy season it gets worse.

3 years ago we spent 400k getting it fixed and it split and leaked at the next rainy season, so we tried again with another company with the same result at the next rainy season. its funny because when we bought the house it was a dream home, very nice inside and outside. two days after we moved in it rained hard and we then realised we had a problem. we were recommended to do some work which cost 300k so we did and it helped but did not solve the fact that the last builder who built the 2nd side of the house did not piledrive down enough..

so. we cant sell, and I wouldnt sell it to anybody. its a lemmon so to speak. also nobody would want to rent it at all. if we pay the mortgage while in the UK the place will be collapsing and will be in ruins by the time we come back.

this is why we are prepared to walk away from it. anyone else with some ideas ?

How much do u still owe the bank?

[onnut]

About 4.6 million.

[thaimate]

About 4.6 million.

You know the old saying

"you owe the bank a thousand pounds ,you have a problem"

"you owe the bank 4 million they have a problem"

[MegaRanter]

Paint over the cracks and Insure the house, then ............ .

the land must be worth something, get it apraised, and see how much you are still short.

Are you still in talking terms with whoever introduced the property to you? take him out and feed him toxic seaweed.

[oldsailor35]

How much are the monthly morgage repayments?

[onnut]

How much are the monthly morgage repayments?

32k a month for another 26 years!

[stander]

How much are the monthly morgage repayments?

32k a month for another 26 years!

Wow.....at one time or other you must have been making a good money

Edited February 12, 2011 by stander

[onnut]

How much are the monthly morgage repayments?

32k a month for another 26 years!

Wow.....at one time or other you must have been making a good money

Yeah, 18 months ago we were doing very well. Nice and secure for 6 years at work until the company got bought out and there was a change of directors.

No body is indispensable, so I learnt.

Be careful out there folks! He he

[eefoo]

How much are the monthly morgage repayments?

32k a month for another 26 years!

32K x 12 x 26 = a tad under 10 million. For a 4.6 million outstanding loan? Seems a bit excessive to me.

[onnut]

How much are the monthly morgage repayments?

32k a month for another 26 years!

32K x 12 x 26 = a tad under 10 million. For a 4.6 million outstanding loan? Seems a bit excessive to me.

How do you think the banks make money.

This includes monthly insurance plus life insurance and whatever else they include to make more money!!!!

[scorecard]

Here's another suggestion on rental(if the house is in an area where there are potential rental tenants).

Put the house in the hands of a good real estate agent and offer to give them 1.5 or even 2 months commission to ensure they push your house ahead of others.

I did this a couple of years back when it was difficult to get a tenant, and it worked like a charm, I got a tenant within a week.

Very best of luck, and by the way, I admire your intent in regard to your son's education.

[Boo]

would it be possible to make it into student type bedsitters, might be a good way to rent out, room by room for much lower rents but to multiple people, students, low income workers from the area, it might not cover the full cost of the mortgage but it would definitely be a more viable option imo than trying to rent it out as a whole, especially with the subsidence sounding problems?

[roamer]

Renting out that house is surely the way to go... at least give the Classifieds here a try for sale or rent.

Is there any chance you could move elsewhere in Muang Thai and do your work? Chiang Mai, for example, is cheaper to live and there are many cheaper schooling options. Regards schooling in the UK, I really wouldn't want to inflict state school on the nipper even though it's free, unless as a last resort! For a decent education, one would need to go public / boarding, and even then it's largely down to the kid I guess. Get him in a half-decent school here and to read books at home.

So you really believe a "half decent school" in LOS and reading books at home is better than state education in the UK ? Well lets say the OP went down that road and toughed it out, before you know it the kid might make it into a "half decent" Uni in LOS, provided of course you could find enough money for the back handers. Of course he/she might make into one of the "decent" Uni's , possibly even Chula who knows ? But I think you will find even Chula barely makes the lower reaches of the worlds top 500 Uni's. On the other hand there are a lot of state educated kids in the UK making it into some of the worlds top ranked educational establishments on merit alone, and even if you don't scale those lofty heights,any UK degree in a CV tops the pile with Thai employers. Sure there are crap, low achieving schools in the UK just like everywhere else, and for every one of those there is more often or not some damm good ones within a stones throw. I'm sure onnut has the sense to seek one of those out.

Edited February 12, 2011 by roamer

[Heng]

Have seen (and bought) a few bad builds like that. What you need to do is build another roof over the whole thing. Better for commercial properties because it makes your house look like a construction materials, used car lot, car wash, etc. type shop.

[jimbeam1]

Hi onnut, not that it helps, but really sorry to read of your plight. Have you been to talk to the bank at all, to see if they, can come up with any sugestions, or are interested in helping in any way. You never know?

jb1

[transam]

Onney, you have spoilt my day, my week 'ol chum. Stories of this nature really hit hard with people like me, we've never met but a chum you are. My vibes are with you and yours and just perhaps things will work out.

Sorry l cannot be of useful help but it seems the renting option is the way to go, at least it will help with payments. As advised, if a guarantor was used then they will be pursued.

Fingers crossed and good luck. T/A

[Petesear]

Onnut, I feel for you. If you are sure that you and yours will not want to return to Thailand soon(to live) then maybe walking away could be the right move.

We left Thailand nearly 3 years ago for our daughter's education, my desire for her to have a British accent and the wife's Masters. We will return.

I just wanted to reiterate the UK's financial problems to you. The Uk has been hit hard at every level, I have a small company here and I was paying myself £54k a year but last year I was only able to pay half of that. This is a huge difference and I am not sure how long we can put up with this. Plus England is not the best place in the World to live... but Thailand is... I hope you do what is right for you. Good luck.

[transam]

Onnut, I feel for you. If you are sure that you and yours will not want to return to Thailand soon(to live) then maybe walking away could be the right move.

We left Thailand nearly 3 years ago for our daughter's education, my desire for her to have a British accent and the wife's Masters. We will return.

I just wanted to reiterate the UK's financial problems to you. The Uk has been hit hard at every level, I have a small company here and I was paying myself £54k a year but last year I was only able to pay half of that. This is a huge difference and I am not sure how long we can put up with this. Plus England is not the best place in the World to live... but Thailand is... I hope you do what is right for you. Good luck.

+1

My UK chum moved back to Thailand cos the situation in UK was crap for his daughter and the shit way the kids are brought up.. He goes back to UK for work but his daughter is educated in LOS at a great school.

[smokie36]

Onnut, I feel for you. If you are sure that you and yours will not want to return to Thailand soon(to live) then maybe walking away could be the right move.

We left Thailand nearly 3 years ago for our daughter's education, my desire for her to have a British accent and the wife's Masters. We will return.

I just wanted to reiterate the UK's financial problems to you. The Uk has been hit hard at every level, I have a small company here and I was paying myself £54k a year but last year I was only able to pay half of that. This is a huge difference and I am not sure how long we can put up with this. Plus England is not the best place in the World to live... but Thailand is... I hope you do what is right for you. Good luck.

+1

My UK chum moved back to Thailand cos the situation in UK was crap for his daughter and the shit way the kids are brought up.. He goes back to UK for work but his daughter is educated in LOS at a great school.

Two excellent posts. OP is mit not possible to rent out your place and move somewhere cheaper?

Just an idea....anyway best of luck.

[mstribling]

Just an idea. Many old, unlivable townhouses are easily converted into these giant swift habitats. We have dozens here. The birds make nests and the Thais collect and sell the nests to make those brand drinks you see on tv and on 7-11.

You have a lemon, make lemonade.

[scorecard]

Renting out that house is surely the way to go... at least give the Classifieds here a try for sale or rent.

Is there any chance you could move elsewhere in Muang Thai and do your work? Chiang Mai, for example, is cheaper to live and there are many cheaper schooling options. Regards schooling in the UK, I really wouldn't want to inflict state school on the nipper even though it's free, unless as a last resort! For a decent education, one would need to go public / boarding, and even then it's largely down to the kid I guess. Get him in a half-decent school here and to read books at home.

So you really believe a "half decent school" in LOS and reading books at home is better than state education in the UK ? Well lets say the OP went down that road and toughed it out, before you know it the kid might make it into a "half decent" Uni in LOS, provided of course you could find enough money for the back handers. Of course he/she might make into one of the "decent" Uni's , possibly even Chula who knows ? But I think you will find even Chula barely makes the lower reaches of the worlds top 500 Uni's. On the other hand there are a lot of state educated kids in the UK making it into some of the worlds top ranked educational establishments on merit alone, and even if you don't scale those lofty heights,any UK degree in a CV tops the pile with Thai employers. Sure there are crap, low achieving schools in the UK just like everywhere else, and for every one of those there is more often or not some damm good ones within a stones throw. I'm sure onnut has the sense to seek one of those out.

Let's go backwards a little, the OP has concerns about his son's education, which is very admirable.

So, there is an interesting question whether to stay in Thailand and try for education in better than Gov't schools (and there are many options) or go to UK for schooling.

Chiang Mai has been mentioned, and I know from my own recent research, searching for a school for my Thai granddaughter, that Chiang Mai has lots of options many of which are not so bad in terms of quality, focus on English as the medium of teaching, student centered learning, and in terms of cost (more expensive of course than Thai gov't schools, but some options not too bad for cost).

I should also mention that I am a business man, turned business consultant who, in later life has become a business professor at Thailand supposed top two business schools. Thirty years in Thailand.

I mention all of this for a reason. The negatives (some just above) about the quality of Thai universities is not necessarily true. The main uni where I teach is trying very hard, and has been for quite a few years, to lift it's quality, especialy in terms of teaching methodology, and it's making OK progress.

There's a further bottom line - the 'supposed' top three business schools in Thailand have numerous exchange agreements with many of the most prestigious business schools across the world.

In an opposite analysis, the world's most prestigious business schools don't enter exchange arrangements unlesss they are totally satisfied with the quality of the exchange uni.

Some quick examples, my uni has exchange agreements with both the National University of Singapore (NUS) and the Singapore Management univerity (SMU), both of which are highly impressive business schools. I could explain more about 'why' but that's getting too far away from the real topic here.

The OP certainly has problems and I sincerely hope that he can be creative and somehow turn a negative situation into a positive situation.

The OP certainly get's my vote for trying! Hang in there my friend, you can do it, I admire you!

Edited February 13, 2011 by scorecard

[jackr]

Is there any chance you could move elsewhere in Muang Thai and do your work? Chiang Mai, for example, is cheaper to live and there are many cheaper schooling options. Regards schooling in the UK, I really wouldn't want to inflict state school on the nipper even though it's free, unless as a last resort! For a decent education, one would need to go public / boarding, and even then it's largely down to the kid I guess. Get him in a half-decent school here and to read books at home.

So you really believe a "half decent school" in LOS and reading books at home is better than state education in the UK ? Well lets say the OP went down that road and toughed it out, before you know it the kid might make it into a "half decent" Uni in LOS, provided of course you could find enough money for the back handers. Of course he/she might make into one of the "decent" Uni's , possibly even Chula who knows ? But I think you will find even Chula barely makes the lower reaches of the worlds top 500 Uni's. On the other hand there are a lot of state educated kids in the UK making it into some of the worlds top ranked educational establishments on merit alone, and even if you don't scale those lofty heights,any UK degree in a CV tops the pile with Thai employers. Sure there are crap, low achieving schools in the UK just like everywhere else, and for every one of those there is more often or not some damm good ones within a stones throw. I'm sure onnut has the sense to seek one of those out.

Yes. Again; regards schooling in the UK, I really wouldn't want to inflict state school on the nipper even though it's free, unless as a last resort! That's part of it, but there's also the mentality thing of the lower echelons of UK society that I wouldn't want him mixing with. It's certainly not perfect here, but I'm pretty sure I wouldn't want him growing up in that environment, or anything less than a quality boarding school, thanks.

Anyway, hope it works out op. I can see why you fancy walking.

[flying]

I will not be able to afford the morgage when we get back to the UK. we have talked to the bank to see there views and was told its our problem.

what is the worst case if we just go to the UK and default on payments? this is a serious question as it looks like this is our only option at the moment.

You just slip out the back, Jack

Make a new plan, Stan

You don't need to be coy, Roy

Just get yourself free

Hop on the bus, Gus

You don't need to discuss much

Just drop off the key, Lee

And get yourself free

Edited February 14, 2011 by flying

[Ulysses G.]

I should also mention that I am a business man, turned business consultant who, in later life has become a business professor at Thailand supposed top two business schools. Thirty years in Thailand.

I mention all of this for a reason....

To show off?

[nocturn]

Onnut, I feel for you. If you are sure that you and yours will not want to return to Thailand soon(to live) then maybe walking away could be the right move.

We left Thailand nearly 3 years ago for our daughter's education, my desire for her to have a British accent and the wife's Masters. We will return.

I just wanted to reiterate the UK's financial problems to you. The Uk has been hit hard at every level, I have a small company here and I was paying myself £54k a year but last year I was only able to pay half of that. This is a huge difference and I am not sure how long we can put up with this. Plus England is not the best place in the World to live... but Thailand is... I hope you do what is right for you. Good luck.

+1

My UK chum moved back to Thailand cos the situation in UK was crap for his daughter and the shit way the kids are brought up.. He goes back to UK for work but his daughter is educated in LOS at a great school.

i know of two people who moved back to the UK about 4 months ago. They are still looking for work..

[Petesear]

Yes. Again; regards schooling in the UK, I really wouldn't want to inflict state school on the nipper even though it's free, unless as a last resort! That's part of it, but there's also the mentality thing of the lower echelons of UK society that I wouldn't want him mixing with. It's certainly not perfect here, but I'm pretty sure I wouldn't want him growing up in that environment, or anything less than a quality boarding school, thanks.

Anyway, hope it works out op. I can see why you fancy walking.

There are some very good state schools in the UK it just depends on where you live.

If you were to compare a good state school in the Land of Smiles to one in the UK I believe the UK school would prove to be better..

We all have different opinions on education but ultimately we do what we trust is right for our children. I think that if we did not give our daughter the opportunity to learn the Queen's English and the King's Thai then we as parents would be failing her. A Thai state school, even one with an 'English Programme' would not be right for us.

Good Luck Onnut, Stay happy..

[Bagwan]

they might pursue you all the way to England. Its not like you are in hiding there. Its easy to find you and all the cost will ad to the debt. They might not but you never know.

Debt is not a criminal offence in the UK. Unless your Thai mortgagor's business is incorporated in the UK they cannot persue you through the civil courts. If the business is incorporated they may bring a civil suit but these are usually subject to arbitration. If you offer as little as, say 5 UKP per month, you are off the hook. Making a token payment means that judgment is not made against you. County Court judgments are registered by credit agencies that suppliers of goods and services use to check credit worthiness but AFAIK the records are deleted after 6 years - which is the statute of limitations. You cannot be chased for a debt incurred over 6 years previously.

Creditors in the UK often sell the debt to debt collection companies for a percentage of the outstanding debt. If the collection agencies come on too strong a complaint can be made with the police who will bring a charge of harrassment against the company.

I do not know what the Thai system is but I'd put the housekeeping money on it being less than forgiving than the UK system.

[onnut]

Some very nice posts here. Thanks for the support.

It's not all that bad really.

Problem: I think education in Thailand is below par on back home. Also to get a better education for my son in Thailand will cost more that I can manage.

Solution: go back to the UK and have him educated in state schools. I did it and so did my siblings and we all come out with good qualifications.

The most I can earn in Thailand right now is 120k month. We would like another child so ad this cost to schooling also. We have both spoken at length about going back and we both agree it's the right thing to do. We have good support from my family and there is plenty of work in my field.

I'm looking forward to going back and am positive this move will work out for us. I'm a grafter and so is my wife.

The only drama we are having now is this bloody house. I can't walk unless I know my wife will be safe when visiting Thailand. We have spoken to the bank and it looks like they may take the house and sell it for what they can meaning we will have to pay the rest. This I can live with, I hope this works. At least it is legal and we will not have future problems. I hope LOL.

Another thing about the education thing. I need my son to grow up thinking for himself with a Western attitude to life. We plan on giving him the best of both worlds. And his mum will do a great job of that in the UK.

While in the UK. I plan on getting revenge on his mum by dragging her around every church we pass. He he he. Get my own back on all the temple tours.

[jazzbo]

Re: Post #59 Problem: I think education in Thailand is below par on back home... I have assisted 2 Thai students one of whom received a Master's Degree from U of Leeds on a Chevening/British Council Scholarship and another who on a Thai government scholarship now attends the Law School at City University of London after having done undergraduate work at the London School of Economics. These may be exceptions but it can be done.

Edited February 14, 2011 by jazzbo