farang000999 Posted February 16, 2011 Share Posted February 16, 2011 onnut i think you are making the right choice. even if you weren't having financial troubles, i would still personally walk away from this lemon house. these silly notions about a Thai bank chasing you to England over a debt is just silly. I have never heard of a Thai bank arresting a farang and holding them in Thailand until their 30 year long debt is paid. I don't even hear them doing this to Thais. There is no debtors prison in Thailand or the UK. who knows what will happen in the next 5 years. there could easily be another banking crisis that includes LOS. Link to comment Share on other sites More sharing options...
clinique Posted February 16, 2011 Share Posted February 16, 2011 (edited) onnut i think you are making the right choice. even if you weren't having financial troubles, i would still personally walk away from this lemon house. these silly notions about a Thai bank chasing you to England over a debt is just silly. I have never heard of a Thai bank arresting a farang and holding them in Thailand until their 30 year long debt is paid. I don't even hear them doing this to Thais. There is no debtors prison in Thailand or the UK. who knows what will happen in the next 5 years. there could easily be another banking crisis that includes LOS. Not quite true. Thai banks will not likely chase anyone overseas. BUT they will put it on your and your co-signers Credit Report and it will stay there forever. And as previously posted if the house is in his wifes name and she has a co-signer what is that person supposed to do after OP and wife leave ?? And passports are confiscated. Better try to negotiate with the bank - they would rather negotiate than have it as a new NPL - interest onlyloans are available at Thai banks in such circumstances. BTW if the loan is 4.5 milion then over 25 years it is still at appx 32-34,000- per month. Edited February 16, 2011 by clinique Link to comment Share on other sites More sharing options...
Heng Posted February 16, 2011 Share Posted February 16, 2011 I wonder if there is a time limit before they wipe your credit clean here? If not, any time you (or whoever's name is on the loan, dunno, haven't read the details) decide to own property again, you could probably expect the creditors to come knocking. That's probably as hairy (and more likely just inconvenient) as it would get. Link to comment Share on other sites More sharing options...
stander Posted February 16, 2011 Share Posted February 16, 2011 You definitely don’t want your wife coming back on her Thai passport, as you would be surprised at what immigration can do. A few years back we had an Italian specialist who was coming out to carry out some work for our company and the guy ended up spending one night in detention at the airport for a 3 year old mobile phone debt. Link to comment Share on other sites More sharing options...
prefabs Posted February 16, 2011 Share Posted February 16, 2011 If you were in England and had the same problems, what would your plan be then? Just wondered. The schooling would be taken care of, but the huse and mortgage are figuring pretty big on your horizon Link to comment Share on other sites More sharing options...
farang000999 Posted February 16, 2011 Share Posted February 16, 2011 (edited) In the West, going bankrupt is practically a right of passage. There is no moral issue at all nor much responsibility besides a fixed amount of time you wait to get your credit cleared and start again. Many even choose to go out with a bang and get as much credit as they find. Others were smart enough to obtain all those credit cards when their credit was still good. Just think how many department stores issue their own charge card. But this only happens in advanced Western societies. Edited February 16, 2011 by farang000999 Link to comment Share on other sites More sharing options...
farang000999 Posted February 16, 2011 Share Posted February 16, 2011 And passports are confiscated. Link? Link to comment Share on other sites More sharing options...
rick75 Posted February 17, 2011 Share Posted February 17, 2011 Onnut, if both you and your wife are professionals have you looked at opportunities in other countries, Australia, New Zealand, Canada, all these have skilled migrant programs, you may be able to line up work and visa's etc, and the three I have listed all have good public education and economies that are going ok. Worth a thought maybe..... Link to comment Share on other sites More sharing options...
theoldgit Posted February 17, 2011 Share Posted February 17, 2011 I noticed on the Kasikorn website they are offering foreclosed properties for sale at 40% less than the guide price. Clearly they want these properties off their books and no doubt they would be chasing the mortgagees for the balance. Link to comment Share on other sites More sharing options...
stander Posted February 17, 2011 Share Posted February 17, 2011 Onnut, if both you and your wife are professionals have you looked at opportunities in other countries, Australia, New Zealand, Canada, all these have skilled migrant programs, you may be able to line up work and visa's etc, and the three I have listed all have good public education and economies that are going ok. Worth a thought maybe..... I agree, OP, You have spend most of your adult life living and working outside the UK, so I think you would do well to consider other countries, because let's face it the UK does not have a lot going for it. Link to comment Share on other sites More sharing options...
robblok Posted February 17, 2011 Share Posted February 17, 2011 Onnut, if both you and your wife are professionals have you looked at opportunities in other countries, Australia, New Zealand, Canada, all these have skilled migrant programs, you may be able to line up work and visa's etc, and the three I have listed all have good public education and economies that are going ok. Worth a thought maybe..... I agree, OP, You have spend most of your adult life living and working outside the UK, so I think you would do well to consider other countries, because let's face it the UK does not have a lot going for it. I would say the same thing about Holland. The thing is you only see those things after you lived somewhere. And nothing is ever as good as advertised. Now you have dreams about Australia and Canada but how real are those. Thing is there are troubles everywhere and nowhere is as good as advertised and because you know the UK you can complain more about it. Holland scores good in many statistics and still i say its a bad place. Why.. because you always know more and have more to complain about a place you have lived. I complain about Thailand a lot more then when i just got here because i know more now. Does make it a bad place. Link to comment Share on other sites More sharing options...
rick75 Posted February 17, 2011 Share Posted February 17, 2011 If he is a mining allied professional, he will come out to Australia and walk into a job with ease, I would think. I only offered other countries as an option as most of you Britts seem to think the country has gone to hell, I on the otherhand think that while Australia is far from perfect it does offer plenty of opportunities. Food for thought. Link to comment Share on other sites More sharing options...
stander Posted February 17, 2011 Share Posted February 17, 2011 I count myself as being very luck, lived here since 1987, financially secure, married to a beautiful, considered Thai lady and have two great sons. I wish everybody could have what I have, but life is not like that. I feel for the OP as I am sure he wishes he could stay here, but now he needs to make a very tough decision. The only things that the UK has for the OP is a welfare system and a state paid education and there is nothing wrong with that for the short term. However as a place to live and bring up a family, I would say it would not be my choice by a long shot. Link to comment Share on other sites More sharing options...
onnut Posted February 17, 2011 Author Share Posted February 17, 2011 Stander I count myself very lucky. I myself have a wonderful Thai wife and 1 great son. We would like another soon. I am looking forward to going back to the UK because that is what we both want. We are not going because we have no choice. The only problem I have is off loading this house. Link to comment Share on other sites More sharing options...
anonymouse Posted February 17, 2011 Share Posted February 17, 2011 Stander I count myself very lucky. I myself have a wonderful Thai wife and 1 great son. We would like another soon. I am looking forward to going back to the UK because that is what we both want. We are not going because we have no choice. The only problem I have is off loading this house. If I were you I'd sit down with a decent lawyer and find out if they have a solution to your problem Good luck with your future plans. Link to comment Share on other sites More sharing options...
stander Posted February 17, 2011 Share Posted February 17, 2011 Stander I count myself very lucky. I myself have a wonderful Thai wife and 1 great son. We would like another soon. I am looking forward to going back to the UK because that is what we both want. We are not going because we have no choice. The only problem I have is off loading this house. Here is an interesting take on the current situation in the UK. http://www.telegraph.co.uk/finance/financevideo/yourmoneytheirhands/8328721/Blanchflower-Jobs-market-turmoil.html Link to comment Share on other sites More sharing options...
farang000999 Posted February 17, 2011 Share Posted February 17, 2011 why don't u talk to your neighbors maybe they have a relative looking to move closer? Link to comment Share on other sites More sharing options...
transam Posted February 17, 2011 Share Posted February 17, 2011 Stander I count myself very lucky. I myself have a wonderful Thai wife and 1 great son. We would like another soon. I am looking forward to going back to the UK because that is what we both want. We are not going because we have no choice. The only problem I have is off loading this house. Here is an interesting take on the current situation in the UK. http://www.telegraph...et-turmoil.html I am with stander on this one. My pal in UK is a financial adviser, letters after his name, done it for decades. He has just finished a stint of mini-cabbing cos a bunch of non natives put a knife to his throat to rob his earnings. Gave that up through shock and now drives a tow truck. My sisters husband has a roofing company and are in shit street. Remember the expression '' The Grass is always Greener. '' Link to comment Share on other sites More sharing options...
SGD Posted February 17, 2011 Share Posted February 17, 2011 The only decent school is a top school and a passing hope for a western standard education. That is around 500k a year at lower levels rising to around 700k. Add in the incidentals and trips / holidays and a nice round number if a cool million a year. The house plus bills is around half a million. Running a car another couple of hundred thousand. Food and expenditure another half mil or so at a minimum. So you need around 2m to 2.5m a year and 120k a month doesn' cut it. Back in the UK there are crap schools but the beauty of returning is that you can go live in the catchment area for a good one - all research available online. My only worry about the house would be a guarantor as they would remain in Thailand. In the short term I'd just forget about it and concentrate on the move back. Later, you could keep in contact with the bank via email and perhaps ask them to sue the builder for such a crap construction. In the end, if it remains a civil matter, it doesn't matter. Link to comment Share on other sites More sharing options...
jackr Posted February 19, 2011 Share Posted February 19, 2011 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.. Just for the Google record: you are absolutely right, there is no comparison, though I was not comparing the two. Link to comment Share on other sites More sharing options...
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