Bad Debts

[abc789]

Can anyone tell me if it is legal to in Thailand to sell on a debt ?

I have a client who owes me 2M baht and i have been offered 1M baht for it by a debt collecting agency.

If they get it then they are 1M up but if they dont they are obviously 1M down. But they seem confident in taking it on and i wondered if this type of arrangement is allowed in Thailand.

[BookMan]

If they pay you 1 million baht for a debt you don't think you can recover yourself...why over think it? Take the money.

[Briggsy]

Even in developed nations, there are different kind of debts, e.g. bills of exchange (which are designed to be sold), secured debt, written contract, verbal contract, etc. In Thailand, negotiation is often preferred to the law.

For the amount involved you need legal advice.

p.s. Did you know the debt collector is the debtor's best mate?

[abc789]

If they pay you 1 million baht for a debt you don't think you can recover yourself...why over think it? Take the money.

Because i want to know if it is legal or not to do so.

[CharlieH]

Wouldnt it make sense considering the amount involved to get some "real" legal advice.

[Briggsy]

No debt collector is going to hand over 1 million baht (or any other large fictional amount) to you without a written contract in Thai. Unless both your Thai language skills and your legal knowledge are up to the mark, you should be getting advice from somebody who knows what they are doing.

The fact that you are posting such vague questions on here would suggest the latter.

[NeverSure]

p.s. Did you know the debt collector is the debtor's best mate?

Good chance.

[wym]

Since as others point out it's likely the debtor is testing the waters to see if you'll take a haircut, I'd personally ignore this option and invest your time/money/energy on vigorously collecting the full debt, or as much as you can as quickly as you can.

Even if you settle for less than the full amount, anything over 50% will be pure profit for you since it seems you'd be willing to settle for that at the moment.

[NoshowJones]

Wouldnt it make sense considering the amount involved to get some "real" legal advice.

That would be the best bet, but ask around first about a lawyer, find one with a good reputation. All the better if you can talk to someone who is, or was a client of a reputable lawyer.

[prvtdetdave]

I do not normally encourage someone

to seek illegaI avenues of help.

If this was a verbal agreement through

friends, Seek to prove it, Find a loan shark.

If he buys it great and the dead beat learns a lesson.

[p_brownstone]

I'd be very careful here.

"Professional" Debt Collectors in Thailand often resort to physical violence to get payment; if you "sell" the Debt and your Debtor is later injured by the Collector it could come back to cause you problems since you could easily be held ultimately responsible.

Patrick

[abc789]

Thanks to the posters with constructive advice.

[Sirbergan]

I don't know your situation, your communication with the debtor up to this point, what kind of documentation you've got or the reasons why you can't collect the debt yourself, but;

If the debt collection agency is willing to pay you 1 million to collect it for you, isn't it likely that it can be worthwhile to try some negotiation with your debtor yourself? Like I said, I don't know what you've tried so far. Offering them a 25% reduction if they pay by a certain date, offering a 15% reduction + installments etc. There are good and bad ways to deal with such debtors, and the best approach often depends on the situation.

Edited February 14, 2014 by Sirbergan

[LUSHGOAT]

Go to the debtor and tell him your are going to sell the debt to a collector if he is arrogant and cocky its most likely he is in on it and is trying to scam you. Anyway if you sell the debt and he gets injured I cant see it been your problem as you wouldn't have injured him. If you are in Pattaya there is good lawyer in Soi 6. Good Luck hope you recover all or most of your money and let it be a lesson dont give people borrow money again.

[cup-O-coffee]

I'd be very careful here.

"Professional" Debt Collectors in Thailand often resort to physical violence to get payment; if you "sell" the Debt and your Debtor is later injured by the Collector it could come back to cause you problems since you could easily be held ultimately responsible.

Patrick

BS. Go to the one who owes you money and let them know what you are contemplating. They are screwing you because you are a foreigner and they can do this.

Tell them that you are going to collect half owed, and in doing so, unleash hell in the form of the Thai mafia coming after them.

I am quite sure that the debtor will pay more than one million to prevent you from doing this.

Right now, you've got one million coming your way. Leverage this back and forth. The collection agency does not have to know that you are contacting the debtor to give them fair warning that their life is about to go to ruin, or worse.

It's amazing how scumbags can crap money out of their <deleted> when their lives are on the line.

Be held responsible? BS. You've already got one million getting into your hand to seal this deal. People who dole out one million rarely turn the cards on the ones whom they purchased the right to collect. THINK, stupid! As Clinton said. You can get away with murder in this country for much less than one million. So they are going to give you one million and then turn on you? HAH! Just pay half of that to the system and you are scott free, and still have 500,000 with the knowledge that the dirt bag who lies to you is fertilzer. That, to me, equates to a million dollar smile and a Havana cigar in your mouth.

I really believe that you could get more than one million shortly if the debtor has the means to pay that. If they don;t, and they truly took your money and did not pay you back, then take the million and have a long drink when you read the headlines.

Bottom line... my mother taught me to never ever ever f#ck with other people's money. NEVER!

I hate hate hate people who plead for sympathy and get a loan and then lie and never pay it back. There is no word for them other than fertilizer.

Flame out!

[Thongkorn]

I hate people who plead for sympathy and get a loan and then lie and never pay it back. There is no word for them other than fertilizer.

Flame out!

You do not know Thailand and its people then, Thats how the Rich Thai people make there money, they wait till the poor person cannot pay back the loan, then take there land at a knock down price. or other goods such has motor bikes. extra. Desperate people do desperate things in a crises.

[khunPer]

Even in developed nations, there are different kind of debts, e.g. bills of exchange (which are designed to be sold), secured debt, written contract, verbal contract, etc. In Thailand, negotiation is often preferred to the law.

For the amount involved you need legal advice.

p.s. Did you know the debt collector is the debtor's best mate?

I will agree with Briggsy – for an amount of that size it is worth consulting a lawyer.

[Loles]

You have to transmit the mentioned debt as an "uncertain debt" and you can forget the case.

[cup-O-coffee]

I hate people who plead for sympathy and get a loan and then lie and never pay it back. There is no word for them other than fertilizer.

Flame out!

You do not know Thailand and its people then, Thats how the Rich Thai people make there money, they wait till the poor person cannot pay back the loan, then take there land at a knock down price. or other goods such has motor bikes. extra. Desperate people do desperate things in a crises.

Thongkorn, don't be an ass and quote me, then delete 90% of what I said, and then take the remaining quote and misconstrue it to suit your needs. It is disingenuous and makes you out to be an ass.

I'll not report this, but be please be advised...

[Colabamumbai]

If they pay you 1 million baht for a debt you don't think you can recover yourself...why over think it? Take the money.

Because i want to know if it is legal or not to do so.

What legal business would you let a client run up a debt of 2 million?

Can I run up a debt with you?