Incident At Wedding Shop Leads To Arrest Of Illegal Money Lenders

[Rimmer]

Incident at Wedding Shop leads to arrest of Illegal Money Lenders by Pattaya Police

PATTAYA:--The owner of a Wedding Shop in North Pattaya reported the illegal seizure of items from her shop by a gang of armed debt collectors on Thursday afternoon.

Khun Tanapat aged 32 reported the continual harassment by debt collectors who are known to work for an organization based in Chantaburi Province. She had borrowed the sum of 200,000 Baht from them and promised to pay 10,000 Baht per month until the loan plus interest was paid back. After the second month Khun Tanapat was unable to make the payments which led to daily visits from debt collectors who, on Thursday, began to seize items of value from the shop due to non-payment of the money.

At this point the Police were called and they arrested four individuals, one of them being only 17 years old. Police Colonel Tamanoon, the Pattaya Police Chief announced the arrests at a press conference at Pattaya Police Station and also revealed the seizure of a pen-gun with bullets,

Full story:http://www.pattayaon...pattaya-police/

-- Pattaya One 2012-10-26

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[candid]

Beats me why she even borrowed the money. Her business plan was obviously flawed or she would have managed a loan from a Bank. And to borrow off loan sharks is just asking for problems, especially as she defaulted after just 2 months.

[asiawatcher]

Thai way - don't borrow from banks as it is only short term - and they will pay as high as 20% a month - now is that blind stupidity or what?

[simple1]

Now she doesn't have to pay back the debt, but will need to look over her shoulder! wouldn't like to be in her shoes

[ShopBoy]

it will just get worse for her

[Suradit69]

Thai way - don't borrow from banks as it is only short term - and they will pay as high as 20% a month - now is that blind stupidity or what?

It may be stupidity, but hardly unique to Thailand. Loan sharks exist everywhere in the world and they prey on poor people who are unsophisticated.

It's only a few steps away from all the Americans and others who have discovered the magic called plastic money on loan from loan sharks like Citibank or Bank of America. Who would use a credit card charging over 20% p.a. ?? ... and then pay the minimum due each month into eternity??

Edited October 26, 2012 by Suradit69

[rotary]

These crook money lenders have ruined many lifes in Thailand. I know of a case where it broke a family up. Yes they play on people who many times should know better but the thai govt needs to crack down on this in any case.

[khaowong1]

This has been going on for many, many years.. It's probably the 2nd oldest profession.

[jbrain]

Beats me why she even borrowed the money. Her business plan was obviously flawed or she would have managed a loan from a Bank. And to borrow off loan sharks is just asking for problems, especially as she defaulted after just 2 months.

Business plan? You think she even has the slightest idea about the meaning of those words?

[jbrain]

These crook money lenders have ruined many lifes in Thailand. I know of a case where it broke a family up. Yes they play on people who many times should know better but the thai govt needs to crack down on this in any case.

Nobody forces them to borrow money, not?

[leafmould]

I wonder what the rates of intrest were. I.m in uk at the moment and have seen ads on tv for loans with 1700%+ apr saw one last week 5434.1% and they are legal!