Many Turning To Loan Sharks: Thai Chamber Of Commerce

[BigSkip]

Knew She does not get much (9600b per month), but didn't know that my lady being a School Teacher in a college teaching English is in the bottom 30% Pay Bracket. She needs to quit ASAP!

Edited March 30, 2012 by BigSkip

[PoodMaiDai]

Here is a good idea: Give them all credit cards

Thailand hasn't even seen trouble with loan sharks yet. Wait until they are neck deep in credit card debt in addition to whatever debt they are already in.

[unanimosity]

.....and I'm the loan ranger ( did anyone else write this )

If they did, you're not a loan.

[moe666]

".................................................said Thanavath Phonvichai, director of the Economic and Business Forecasting Centre of the University of the Thai Chamber of Commerce"

Everything I have seen associated with this Thai Chamber of Commerce seems an extension of Opposition agenda's, including this one with a Researchy type overlay. This leads me to conclude that these people are 'agenda launderers' for the Opposition, either by design or unwittingly. Meaning having entities other than the Opposition advance their agenda's. Contrarily, and by extension, one could say the same thing for Nitirat, as they certainly advance the agenda of the PTP.

In other national settings, the C. of C. is typically associated with the ultra-Conservative side of the Political Spectrum. This C. of C. is true to that form. The policy statements they support consistently, are therefore as good an indicator as anything, of where the Thai Opposition is positioned on that Spectrum .

You donot believe that the PTP government is conservative with the war on drugs. You really donot have very much crediability sir as you jump from one side to the other in you support of Big T

[moe666]

I am sorry but a few of you people are idiots in many cases the only option poor people have is a loan shark. Why because they have no collateral and need money to pay the hospital are for medicine. I realize a few are trying to be cute but unless you go where these people go you donot have a clue.

[geriatrickid]

I am sorry but a few of you people are idiots in many cases the only option poor people have is a loan shark. Why because they have no collateral and need money to pay the hospital are for medicine. I realize a few are trying to be cute but unless you go where these people go you donot have a clue.

Perhaps Mr. Abhisit can ask his friends in the oligarchy to spare some coins for the poor?

[GentlemanJim]

".................................................said Thanavath Phonvichai, director of the Economic and Business Forecasting Centre of the University of the Thai Chamber of Commerce"

Everything I have seen associated with this Thai Chamber of Commerce seems an extension of Opposition agenda's, including this one with a Researchy type overlay. This leads me to conclude that these people are 'agenda launderers' for the Opposition, either by design or unwittingly. Meaning having entities other than the Opposition advance their agenda's. Contrarily, and by extension, one could say the same thing for Nitirat, as they certainly advance the agenda of the PTP.

In other national settings, the C. of C. is typically associated with the ultra-Conservative side of the Political Spectrum. This C. of C. is true to that form. The policy statements they support consistently, are therefore as good an indicator as anything, of where the Thai Opposition is positioned on that Spectrum .

...

words fail me.

I understand why, but they haven't failed me on this one. Calgary...pleeeeeeease put a sock in it!

[GentlemanJim]

I recently suggested the Mrs. make THB 100k "loans" secured by chanote. The deal would be structured as a legal purchase of the land for 100k and the "borrower" would be able to buy the land back for 100k +10% "interest" if bought back within 6 months or 20% interest if bought back after 6 months, but before 12 months. After 12 months, they lose the option to buy it back and the wife keeps it (having already transfered it to her name when she forked over the money).

What's so "illegal" about that.

WE all know what happens when the minimum wage goes up (40% +/-?). The land rich but cash poor in the country start looking to monetize their land to keep up with the cost of living. Morality aside, exploiting that is simply good capitalism.

Well, a couple of things.

You could say you are just doing what any Thai does, and sure, many people have lost 1 million baht houses because they couldn't pay back a 100K loan. Its the sort of thing the banks do. They give you a loan for 500K take your 5Mil house as security. When you cant pay it back unlike Europe, they don't sell the house, take their money and give you the rest back, they take it all, everything.

Geriatrikid and I don't often agree on a lot but I am with him 100% on this one, it is a good way of getting yourselves both whacked. Someone gives you their house as collateral for a 100K, the house is worth, 500K, 1 Mil whatever. They can't pay back, you take everything they have and they end up on the street. It costs 10K to get someone to whack you, either in your bed, or in tesco lotus car park...go figure. Thais are better than Elephants for not forgetting!

Lastly, you think this forum is anonymous, it is not, and the feds can ask the site owners at any time for names, ip addresses etc etc and like any website company these days, those details will be handed over in a heart beat otherwise the owners can be charged with being an accessory to any crime. It is totally forbidden for a farang to be involved in the financial services/loan industry in Thailand and you have just incriminated yourself on a public forum of serious wrongdoing, as you are providing the money for the loans, ergo you are deeply involved.. Silly in the extreme!

[hellodolly]

".................................................said Thanavath Phonvichai, director of the Economic and Business Forecasting Centre of the University of the Thai Chamber of Commerce"

Everything I have seen associated with this Thai Chamber of Commerce seems an extension of Opposition agenda's, including this one with a Researchy type overlay. This leads me to conclude that these people are 'agenda launderers' for the Opposition, either by design or unwittingly. Meaning having entities other than the Opposition advance their agenda's. Contrarily, and by extension, one could say the same thing for Nitirat, as they certainly advance the agenda of the PTP.

In other national settings, the C. of C. is typically associated with the ultra-Conservative side of the Political Spectrum. This C. of C. is true to that form. The policy statements they support consistently, are therefore as good an indicator as anything, of where the Thai Opposition is positioned on that Spectrum .

What a nonsense post. Jeeeez.

Yes indeed it is nonsense.

He has reached a new low for nonsense.

He has shown through his ignorance of events that happened within the last few years that he wasn't here or if he was he was in intensive care. Maybe he ought to look at what they are saying rather than put it down because he believes it is coming from enemies of the pay master in Dubai.

Edited March 30, 2012 by hellodolly

[hellodolly]

The loan shark system is a disgrace to any country wanting to call itself civilized. It's an absolutely watertight way of keeping the poor population poor. I just had one of the victims on the phone. She's bought a 7,000 baht fridge for 19,000 baht from one of them. Down payment rates are far beyond what any low income girl with a baby can hope to manage. It's illegal of course, but for those who run these businesses, nothing is illegal, and that includes rape, murder and other ways of getting their money back. Thailand 2012.

I assume your contempt of these outfits also includes those in other uncivilised countries such as the UK and America, where pay day loan companies charging APRs of several thousand per cent interest operate very openly, advertise on TV and in the mainstream media and - in some cases - even sponsor Premier League football clubs, with their company names proudly on the players' shirts.

Apparently you know nothing of the loan sharking here in Thailand. People can unexpectedly die or loose fingers or toes from Loan Sharks here in Thailand.

In the States and the UK that can happen if you go to loan sharks rather than licensed payday loan companies.

And only that companies that offer payday loans in the states and the UK advertize.

[hellodolly]

The loan shark system is a disgrace to any country wanting to call itself civilized. It's an absolutely watertight way of keeping the poor population poor. I just had one of the victims on the phone. She's bought a 7,000 baht fridge for 19,000 baht from one of them. Down payment rates are far beyond what any low income girl with a baby can hope to manage. It's illegal of course, but for those who run these businesses, nothing is illegal, and that includes rape, murder and other ways of getting their money back. Thailand 2012.

And why didn't she buy a regular cheap fridge?

Because she needs money to do that, and she doesn't have any. But there are always people coming to the village who can "help", and since there are millions of people in Thailand who are completely uninformed with regards to what other options may exist and what rights they have, they sign papers that will tie them to the loan shark for years or decades.

you can buy a small second hand fridge for a few hundred Baht. If she does not has a few hundred Baht she don't need a fridge because she anyway can't buy something to put in.

And my guess is, that not fridges are the problem, but mobile phones.

No they got the mobile phones with money lent to them to pay ff their other bills by Thaksin.

[hellodolly]

Yawn...yawn....zzzzzzzzzzzzzzzz

why is it whenever someone cannot rebut a position with something intelligent, they resort to a childish comment?

If you disagree, please share why you do.

I happen to disagree in part and believe if anything this position indirectly supports the government's policy to boost minimum wages and to encourage exports by adjusting the value of the baht. Increased exports increase government revenues and allow additional spending on programs.

Not sayng I agree with the strategy, but that's basically what they are looking at.

Well yes to devalue the baht will increase exports to give raises to some will all so cost the price of things to go up.

have you been paying attention they just increased the wages of some workers all ready making over 300 baht a day by as munch as 40% How is this going to help the wage earners who have received nothing but talk and are in real need of more money only problem is that to get that money the companies will have to raise their prices there by causing inflation and leaving a farm hand with a nice check that will not buy him as munch as his smaller checks did.

Do you have any idea of how munch unemployment the whole thing will bring. Just look at 7 11's for example do you really think they will keep all those employes? And what about the street vendors?

[Thaddeus]

Yawn...yawn....zzzzzzzzzzzzzzzz

why is it whenever someone cannot rebut a position with something intelligent, they resort to a childish comment?

If you disagree, please share why you do.

I happen to disagree in part and believe if anything this position indirectly supports the government's policy to boost minimum wages and to encourage exports by adjusting the value of the baht. Increased exports increase government revenues and allow additional spending on programs.

Not sayng I agree with the strategy, but that's basically what they are looking at.

Although I agree with the original yawn, I wanted to do the same thing after reading yet another tongue buried deep in the collective PTP arse type post from the either brainwashed or funded red merchant from Canada (assumption) I credited you with more brains than that.

I was wrong.

(or he could just be a wind up merchant, no one could be that dumb)

[hellodolly]

The loan shark system is a disgrace to any country wanting to call itself civilized. It's an absolutely watertight way of keeping the poor population poor. I just had one of the victims on the phone. She's bought a 7,000 baht fridge for 19,000 baht from one of them. Down payment rates are far beyond what any low income girl with a baby can hope to manage. It's illegal of course, but for those who run these businesses, nothing is illegal, and that includes rape, murder and other ways of getting their money back. Thailand 2012.

I assume your contempt of these outfits also includes those in other uncivilised countries such as the UK and America, where pay day loan companies charging APRs of several thousand per cent interest operate very openly, advertise on TV and in the mainstream media and - in some cases - even sponsor Premier League football clubs, with their company names proudly on the players' shirts.

Do enlighten us..........which Companies in the UK & USA,charge "APRs of several thousand percent interest"

A quote in the UK Guardian was "1700% or more"

http://www.guardian....gher-regulation

Now who in there right mind is going to walk into a pay day loan company and say I want to borrow 1,000pounds and in two weeks on pay day I will give you 2,700 pounds.

Yes if you continue paying only the interest eventually it could get that high.

I did read the article and it was a quote from a labor minister

There is always ridicules opinions out there and a long line of those willing to believe them.

"Creasy said: "This isn't broken Britain, but broke Britain – and it is being bled dry by the legal loan shark industry and their interest rates of 1,700% or more."

Edited March 30, 2012 by hellodolly

[hellodolly]

I am sorry but a few of you people are idiots in many cases the only option poor people have is a loan shark. Why because they have no collateral and need money to pay the hospital are for medicine. I realize a few are trying to be cute but unless you go where these people go you donot have a clue.

Perhaps Mr. Abhisit can ask his friends in the oligarchy to spare some coins for the poor?

What about your hero in Dubai?

[MAJIC]

I am sorry but a few of you people are idiots in many cases the only option poor people have is a loan shark. Why because they have no collateral and need money to pay the hospital are for medicine. I realize a few are trying to be cute but unless you go where these people go you donot have a clue.

Perhaps Mr. Abhisit can ask his friends in the oligarchy to spare some coins for the poor?

What about your hero in Dubai?

Thaksin can't give anymore,he still hasn't made all Thais Rich in 6 months yet,give the bloke a break.

[hellodolly]

I am sorry but a few of you people are idiots in many cases the only option poor people have is a loan shark. Why because they have no collateral and need money to pay the hospital are for medicine. I realize a few are trying to be cute but unless you go where these people go you donot have a clue.

Perhaps Mr. Abhisit can ask his friends in the oligarchy to spare some coins for the poor?

What about your hero in Dubai?

Thaksin can't give anymore,he still hasn't made all Thais Rich in 6 months yet,give the bloke a break.

Silly me I forgot about that.

[Skywalker69]

Yawn...yawn....zzzzzzzzzzzzzzzz

why is it whenever someone cannot rebut a position with something intelligent, they resort to a childish comment?

If you disagree, please share why you do.

I happen to disagree in part and believe if anything this position indirectly supports the government's policy to boost minimum wages and to encourage exports by adjusting the value of the baht. Increased exports increase government revenues and allow additional spending on programs.

Not sayng I agree with the strategy, but that's basically what they are looking at.

Yawn...yawn....zzzzzzzzzzzzzzzz

[zakk9]

The loan shark system is a disgrace to any country wanting to call itself civilized. It's an absolutely watertight way of keeping the poor population poor. I just had one of the victims on the phone. She's bought a 7,000 baht fridge for 19,000 baht from one of them. Down payment rates are far beyond what any low income girl with a baby can hope to manage. It's illegal of course, but for those who run these businesses, nothing is illegal, and that includes rape, murder and other ways of getting their money back. Thailand 2012.

I assume your contempt of these outfits also includes those in other uncivilised countries such as the UK and America, where pay day loan companies charging APRs of several thousand per cent interest operate very openly, advertise on TV and in the mainstream media and - in some cases - even sponsor Premier League football clubs, with their company names proudly on the players' shirts.

To start with, being in the same boat doesn't help much if it's sinking. The fact that there are all kinds of scams around the globe doesn't help a poor farmer girl in Thailand one iota. Secondly, the countries you mention have consumer protection schemes, a functioning legal system and an education system that helps make people aware of the dangers. Thailand has none of these.

Several thousand percent? Wouldn't that cause newspaper headlines?

[zakk9]

The loan shark system is a disgrace to any country wanting to call itself civilized. It's an absolutely watertight way of keeping the poor population poor. I just had one of the victims on the phone. She's bought a 7,000 baht fridge for 19,000 baht from one of them. Down payment rates are far beyond what any low income girl with a baby can hope to manage. It's illegal of course, but for those who run these businesses, nothing is illegal, and that includes rape, murder and other ways of getting their money back. Thailand 2012.

And why didn't she buy a regular cheap fridge?

Because she needs money to do that, and she doesn't have any. But there are always people coming to the village who can "help", and since there are millions of people in Thailand who are completely uninformed with regards to what other options may exist and what rights they have, they sign papers that will tie them to the loan shark for years or decades.

you can buy a small second hand fridge for a few hundred Baht. If she does not has a few hundred Baht she don't need a fridge because she anyway can't buy something to put in.

And my guess is, that not fridges are the problem, but mobile phones.

A few hundred baht? Ok, if you say so. The problem is that many people in rural Thailand are unbelievably ignorant about things that could have improved their lives. Add to that smart, well spoken, well dressed people who visit the villages regularly "helping" with loans etc. With the Thai respect for anything that smells superiority, that's a very dangerous combination.