How To Deal With Loan Sharks In Thailand?

[KarenBravo]

Many wives do start a money-lending operation, but, they are usually short lived.

Once the debtors realise there are no consequences when they don't pay the wife...........they just stop paying.

For a successful money-lending business, the ability to use coercion must be there. The honour system just doesn't work here.

Edited May 10, 2013 by KarenBravo

[jackinbkk]

Many wives do start a money-lending operation, but, they are usually short lived.

Once the debtors realise there are no consequences when they don't pay the wife...........they just stop paying.

For a successful money-lending business, the ability to use coercion must be there. The honour system just doesn't work here.

Good point

[Khun Watchaporn]

For a successful money-lending business, the ability to use coercion must be there. The honour system just doesn't work here.

Yes, in the West all money is paid back quick sharp even though it doesn't need to be. Just look at the national banking systems to see how integral it is.

Edited May 10, 2013 by Khun Watchaporn

[falkan]

Many wives do start a money-lending operation, but, they are usually short lived.

Once the debtors realise there are no consequences when they don't pay the wife...........they just stop paying.

For a successful money-lending business, the ability to use coercion must be there. The honour system just doesn't work here.

if they dont take your chanote,green books or other papers..

[rene123]

Loan sharks? I deal with them the same way I deal with regular sharks. I stick a hook in them and play them awhile. Then I hang them out to bake in the sun after removing their teeth and other useful parts. I think banks come under the same category.

yes Ms Mitty.

What I would like to do and what I'm actually allowed to do are two entirely different things. I had to look up on Wickipedia to know who you were referring to... Walter Mitty. He was before my time.

I don't like banks and their practises, but understand their necessity. Loan sharks are just a nastier version of a bank. both prey on people who don't have other options. The old saying that "never a lender or borrower be" is oh so true when it comes to money. When friends ask me for a "loan" I say "No, but I will give you what I can afford to lose." I value good friendship more than I value money. I leave it up to the friend if they want to return what I gave to them in good faith.

However, I can understand all the other comments about "family" getting into trouble with loan sharks. From everything I've experienced and seen in Thailand, the immediate family is more important than a farang spouse. A mother, no matter how much a leech she might be, is more valued than a spouse trying to help everyone... but within reason. It is one thing to say what you would like to do and something entirely different in what you might be allowed to do. It might be easy to say... "To hell with the old bag; let her suffer." but if it means you've ended a good relationship with your spouse then that is something entirely different.

[Chittychangchang]

Loan sharks? I deal with them the same way I deal with regular sharks. I stick a hook in them and play them awhile. Then I hang them out to bake in the sun after removing their teeth and other useful parts. I think banks come under the same category.

yes Ms Mitty.

What I would like to do and what I'm actually allowed to do are two entirely different things. I had to look up on Wickipedia to know who you were referring to... Walter Mitty. He was before my time.

I don't like banks and their practises, but understand their necessity. Loan sharks are jeust a nastier version of a bank. both prey on people who don't have other options. The old saying that "never a lender or borrower be" is oh so true when it comes to money. When friends ask me for a "loan" I say "No, but I will give you what I can afford to lose." I value good friendship more than I value money. I leave it up to the friend if they want to return what I gave to them in good faith.

However, I can understand all the other comments about "family" getting into trouble with loan sharks. From everything I've experienced and seen in Thailand, the immediate family is more important than a farang spouse. A mother, no matter how much a leech she might be, is more valued than a spouse trying to help everyone... but within reason. It is one thing to say what you would like to do and something entirely different in what you might be allowed to do. It might be easy to say... "To hell with the old bag; let her suffer." but if it means you've ended a good relationship with your spouse then that is something entirely different.

@

To be honest if the relationship is secure more than the tie to mil, then one could say to hell with the mil.

The option i choose is to let sleeping dogs lie.

[WhiteCadillac]

They just want ur money.

Let the alleged loan sharks take what they want - house or whatever if ifs roughly 100k value - callt their bluff.

It wont probably even happen.

Use the saved 100k for expenses.

One more farang saved from a con.

[farang000999]

owing that kind of money is a very serious thing, your wife is very lucky to have a farang who can pay for her.

[wellred]

So what are you going to do?

[Chittychangchang]

So what are you going to do?

Play the waiting game.

[martynsnowmans]

never a lender or borrower be .............

[scorecard]

I've offered to source a thai lawyer to assist in the matter. It will be interesting to see how the situation develops when more info comes to light.

However the topic aggitates the wife so i'll keep out of it for now.

One things for sure no loan shark is getting a baht from our family budget. It's just suprising that a vague 12 year old debt should surface.

I even think the wife knows the long arm of the MIL is fabricating the whole "debt".

We'll see....

Could be because of the 'farang' factor, on the other hand (just got this from a rational and intelligent Thai family member) there are plenty of Thai families who have been paying off a 5,000 or whatever loan (to a loan shark) for long time periods.

The other point that come the family member; if your going to pay it off in full make sure there is a detailed discussion about the total amount to finalize it on a specific day (say 3 days from now), then get a known & high profile lawyer (preferably a lawyer well known to the police and someone that the police would not challenge (tall order) into the picture to attend when the final amount is paid off (will cost of course), and get the lawyer to prepare some documents in advance saying very clearly that 'this payment of xxxxBaht fully clears the loan (with some details of the loan - just in case there are other outstanding loans) and stating that there will be no further demands for any extra amounts', and obviously insist the loan shark signs before the cash is handed over.

But always remember that many loan sharks in Thailand (and everywhere) are ruthless and have little hesitation to be violent etc. Be prepared.

[Donnie Brasco]

The latest scam on me (I think so far) is that I have a sort-of gf in Isaan. (nothing wrong with Isaan per se.)

This "gf" has a masters degree and works in a school system at a good job. No way would there be immediate suspicion of her.

The story is that the parents are poor but have had a house in town that's been paid off for years. They let a sister of my "gf" borrow 1 mil baht against it and now that sister can't make the payments. The parents could lose the house unless a farang does a take-out loan.

No way in hell. I don't even know if there is a loan and I'm not going to check. If they were stupid enough to get into this predicament, they can get themselves out.

Oh, the additional sob story is that this master's degree "gf" made the final payments on the house, and everyone had agreed she was to inherit it. Now she loses all if the loan defaults.

I'm simply covered up in tears, I tellya.

Scam

Best way to deal with this BS is to "take a call from the old country" a coupla times.

First, while you are spending time with the gf who hasn't lifted a finger to flick these cockroaches away, after the call, you can tell your GF that some family member has run up a terrible debt. It could even be for the cost of that family member's education (an MA, for exampun.)

Then, next time you are all sat down spending some warm happy family occasion or a meal take "another one of these see seeliat mak mak calls and immediately go into a sulk. That pesky family member is going to lose her job and honor if you don't help out. (If you're really good at this, since she is already familiar with the details, you're "GF" will share your problem with her scamming family members.

Repeat as often as needed.

They'll get the picture soon enough.

In fact they'll know that you are BSing them the way they tried to BS you.

However, and most importantly, **** there will be no loss of face.*****

Sure it's all BS but you should be pretty good at this game by now if you've lived here for any length of time.

Cheers

[rene123]

Great idea, Donny. Just do a reversal on the same scam. Maybe the family will start helping you out.

[Donnie Brasco]

Come to think of it, since you may have run this "I need money too" charade on and on for a year or so, you can "take other calls" from your own needy farang family who "need" everything under the sun and always look to you for it.

When you eventually get tired of the game you can tell your gf's family that you urgently need a couple of hundred thou to complete the penis and test-A-cull reduction surgery you began back in the old country and which has helped you fit in so marvelously here.

Or not.

I used to play with Nigerian 419-ers like this. The greed and racism with which they approach a long con like this blinds them to the fact that you're giving them back their own. In Thailand, the massively vast body of folklore featuring imbecilic, jai dee, (sebeu!) farangs is more familiar to some than the Ramakiang saga.

Look at it like street theatre or performance art.

Donnie

[Donnie Brasco]

But then again, there's real need.

Its "real" component can be usually be vetted by the size of the loan.

I am currently (with great pleasure and only the most positive of expectations) forking over about $350 to set up the wife's niece.

Just graduated from some upcountry tech school with a 3.6 overall GPA this elfin little tomboy is getting her room deposit, 1st Monty's rent and some cool-@ss tomboy work togs.

And as family "luung" and auntie we are pleased as punch to be helping the kid out.

But a million Baht ???? Dude, I share your grief.

[Donnie Brasco]

Hey, thanks Rene.

Just killing time here with the funny papers.

Glad you enjoyed.

Hope I haven't offended any of TV's more sensitive souls.

[wellred]

I think the old country call thing is a good idea. It's the only way you can get them off your back short of just telling them to F off with their requests.

[Chittychangchang]

Quick update -

Since first starting this thread 2 months ago, the mention of the "old debt" has magically evaporated.

There have been no more developments, so i believe the let sleeping dogs lie route of action worked best ways.

It still makes you wonder where it came from!

Regards

CCC

[Heng]

The best way to deal is to not get involved in the first place. That probably includes getting involved with people who do not have the discipline to manage their assets. I've seen cases where farang / mia farang couples have been 'doing okay' living like a regular family for years, sometimes up to 10-15 years... and the minute any significant amount of property is transferred to the wife's name (and this is from guys who were smart enough to go the company route to begin with)... the women run to the nearest finance company or shark and take out loans against the property. It seems that many indigenous Thais have adopted the Native American school of thinking when it comes to land.... it's like they think it's some kind of abstract thing that can't or shouldn't be owned.

[Digitalbanana]

The best way to deal is to not get involved .... with people who do not have the discipline to manage their assets.

yep, this will never go away until the op runs for the hills. 'nuff said.