74-Year-Old American Expat Faces Deportation Over Loan Sharking: Phuket

[moonbarman]

I wonder how incapable of reading some of the posters are. One poster, Napat9 post # 20 asked the question about the meaning of “BiB” and Shawndoc post # 25 tried to answer it but got the colours wrong. So it was immediately corrected with the next post (Sateev post # 26).

But although this point has nothing to do with the topic of this thread and although it has been corrected already, posters like Tatsujin # 35, Evilbaz # 38, Ericthai # 44, KarenBravo # 53, Theo007 # 54, Tonto21 # 56, Visions # 63, Coxyatcity # 67, Thailand # 74, Dap # 82, Brewsta # 84 and Jeanpierre # 92 showed how little they care about other posts (standard excuse: Have no time to read all posts …) and obviously just want to get their name on the list and increase the number of their own posts.

Thanks to Living in Kata post # 93 to have stopped this nonsense.

not entirely true lotus as people read the posts they get to no.20 and reply thinking they are being helpful, but by the time they carry on and reach no.53 they realise that loads of people have answered the query and think why did i bother so there could be more to come yet.

[FritsSikkink]

Really guys - what's the big bloody deal?

He's not interferring with kids, nor is he exploiting poor people as crack-smugglers..... he's not running a taxi mafia, he's not intimidating people, or skimming off the top...... someone walks in and says please can I have 10,000 - he says "yes you can, it will cost you 10% per month until its paid off" ..... expensive, yes..... but there is nothing deceiptful about that.

Its not like he is renting them a motorbike for a few hundred baht a day, then demanding 10,000 baht for a crack head light on its return.

Sure - there are some people absolutely desperate for money, for a seriously ill child or something ..... but for the most part, it is people living beyond their means in some way or another..... poor wages and all that are a greater social issues.... not his fault, nor his doing......

Really - I am at a lost to understand why everyone wants to see this guy nailed to the cross???

Yes you are.

[FritsSikkink]

I never understand why people moan when they decide to borrow at stupid rates, "they decide" they are high risk if no one else will loan to them. Go ahead tell me im disgusting hahahah

I 100% agree, noone forces these people to take out these loans, They know the deal and agree to it. If they don't like the interest rates then they can go somewhere else. I think that the person that reported them just saw a way not to repay the loan.

These people have nowhere else to go otherwise they did.

[osiboy]

I don't know about taking jobs from Thais but the 'lender' who services our village is an Indian on a 6 month visa. When his visa is up his brother takes over for the next 6 months.

and our ice-cream vendor is a Bangladeshi also on a 6 month visa.

brilliant ! hahahah, do you think its because other poor asians are less likely to pay any fine ? thais know if if they lock a farang up they will get some money, even if hes "poor", .........hes still an ATM to the BIB , why would they want to lock up bangladeshi ppl when they can lock up a westerner ? ............"KACH'ING " $$$$$$$ !!!!!!!, We pay a price here for being what we are,...... not as a person, or who we are , ..... to me this guy was giving poor people what you or i ,...or a bank would NOT , ..... i doubt he has killed or injured anyone , does anyone here want to send money to those who may still have to pay the loan to the "BUYER " OF THE LOANS ????.... Thought of that one ? ..... If anyone here is familiar with "lending a thai a few hundred baht ", ...ever had it given back ??? , even been 'offered ' some part payment , if thais owe you money , they ''lie low" hoping you will just "dissappear ", or leave the country , ......its "HIGH RISK " lending thais money,...........so personally i think he was giving a service at below the going rate but stepped on a few toes, ....hence the arrest....... hes not a pedo <deleted> !!,........... " may he who cast the first stone be without sin " ,....... if we were ALL as angry with the real BANKERS " who have cost us all $ and widened the income gap and robbed us all, MAYBE ,maybe, these loan sharks, good , or bad would not be needed , .....borrowed money is better than NO money !

Edited January 8, 2012 by osiboy

[kiwikeith]

10% interest until payday is not too bad. Typical rate for the Filipinos, i would have thought. I am sure that the guy did not know about the maximum rate of interest law. Ms Alpay was his Filipina secretary, i read. Are there so many Pinoys in Phuket, 500 ?

I think my calculations are correct, according to me, he was making over 30,000 USD a month from the interest, 15 million baht @ 10% interest per month. Loan sharking

probably just a mistake He thought the max allowed was 15% per month so he was still cheaper.

Thai loan extortion is happening in every village usually around the 5% mark many lenders get burnt one friend whos GF was lending got a couple of repayments by airmail late at night when the GF put pressure on the borrower and now hes lost face so never pay but no more airmail hopefully, its a way of life the farangs that are smart stay away from but then this guy had a neech market (he thought) maybe the wife speak to much or not nice to man with brown shirt..

[osiboy]

evil farang taking thai jobs again...

sad to see him go, hes probably a lot better for philipinos than those thai lenders who'd have you killed by someone from sri thamarat if you're 1 day late on a 50satang payment.

He IS a loanshark so don't try to make it look good

will you let me borrow 100,000b from you for free ?, let me know, i'll send you my email !,...... of course , you could just give it to me ,.....i promise ill give it back ok ?.......no risk of coarse,........honest ........and % free ? ,.....ohhh you sweety , thank you !

[osiboy]

I wonder how incapable of reading some of the posters are. One poster, Napat9 post # 20 asked the question about the meaning of “BiB” and Shawndoc post # 25 tried to answer it but got the colours wrong. So it was immediately corrected with the next post (Sateev post # 26).

But although this point has nothing to do with the topic of this thread and although it has been corrected already, posters like Tatsujin # 35, Evilbaz # 38, Ericthai # 44, KarenBravo # 53, Theo007 # 54, Tonto21 # 56, Visions # 63, Coxyatcity # 67, Thailand # 74, Dap # 82, Brewsta # 84 and Jeanpierre # 92 showed how little they care about other posts (standard excuse: Have no time to read all posts …) and obviously just want to get their name on the list and increase the number of their own posts.

Thanks to Living in Kata post # 93 to have stopped this nonsense.

not entirely true lotus as people read the posts they get to no.20 and reply thinking they are being helpful, but by the time they carry on and reach no.53 they realise that loads of people have answered the query and think why did i bother so there could be more to come yet.

<deleted> IS THAT ABOUT ??

[osiboy]

Well, there may be more to the story than we may ever know.

However, if the police "smell" money then they will take the time to follow up on a case and try to learn how much money is involved and work the case in a way that the people involved may volunteer to "pay a fine"

They may very well deport him and sometimes they do while making it look like they are doing such a fine outstanding job cleaning up the "crime" related matters flourishing in their realm of influence perpetrated by such sinister foreigners.

You would surmize the police have far more serious matters to attend to........and they do...but not if they can not smell any money.

That and foreigners are always easier marks than Thais.

BANG ON!!!,..... Or %80 of other asians too........watch the eyes light up as soon as they{bib} see Norway/Sweden/UK/USA/German/France/Dutch P,port , thats the "mark"....$$$ !!" , they dont know what color an indian or iranian /bangladesh p'Port is ! , cos most will take 1 month in the "monkey house" than pay 100$ !

[TallGuyJohninBKK]

I wonder how many Thai loan sharks stay within the legal limit.... Perhaps...NONE!!!

Under the Thai Civil and Criminal Code, personal loans are limited to a maximum interest rate of 15% per annum.

But if that info in the OP article is correct, it's interesting because the Thai banks have a pretty much standard APR on revolving credit card balances of 20% APR, which is an even higher rate...and one that stems I believe from Bank of Thailand policy.

[stevenl]

I wonder how many Thai loan sharks stay within the legal limit.... Perhaps...NONE!!!

Under the Thai Civil and Criminal Code, personal loans are limited to a maximum interest rate of 15% per annum.

But if that info in the OP article is correct, it's interesting because the Thai banks have a pretty much standard APR on revolving credit card balances of 20% APR, which is an even higher rate...and one that stems I believe from Bank of Thailand policy.

Big difference between credit balance and loans.

[TallGuyJohninBKK]

What do you think the bank is doing when you use their credit card and then don't repay the balance in full within 30 +- days?

They're LOANING you their money with the card agreement that you'll pay interest and repay the principal amount over time... Sounds remarkably like a LOAN.

[stevenl]

No, that is an unauthorised credit. Same as in many countries all over the world, these interest rates will be much higher than the maximum allowed for loans.

[TallGuyJohninBKK]

Terminology aside... it's still a strange result...

With credit cards in Thailand, the issuing bank may have some bank account for the cardholder, so at least has some direct source of funds to tap in the event the cardholder defaults...

With a personal loan, if it's really a personal or unsecured loan, there isn't usually any firm collateral put up... meaning such a loan would generally be considered riskier.

But in Thailand, the credit card issuing is allowed to charge a higher APR rate than the unsecured personal loan. Doesn't make a lot of sense, unless you consider that the bankers are writing or helping write the rules.

[Johnnie99]

So yes, if these charges are proven, then he should go. But please don't, I mean, really?, bring HSBC and the international banks to the discussion. People have the choice not to go to those - this fellow was preying on the vulnerable - those with few if any other avenues. Isn't the place full enough of indiginous criminals without wanna-be imports?

Edited March 1, 2012 by Johnnie99

[marinediscoking]

I know a farang that is loan sharking and 10% a month is the usual rate. As most loan sharking in thailand there is the money man and then a local who loans it out and collects. They split the profit by 50 50 and if they loan to people outside friends and acquaintances then the police are involved to prevent being arrested.