Thai loan shark gang executes victim inside his own house

[skorchio]

There not going to get their money back now

U sure about that? He has a living son, the debt did not die with the debtor .... I expect this is passed on.

[BlueSkyCowboy]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

I am afraid your calculator is running low on power. The year has 365 days, right?

[BlueSkyCowboy]

Common knowledge any time you see two guys on a motorbike with full face helmets and no number plates - debt collectors,

Hardly a day goes by when I don't see them,

Thank's for the information. Why do loan sharks have a bad name???? If it is the last source of money why complain? Many of us get into bad situation due to our own lack of brains. I was thinking about this as a profession, but the second part did not impress me. You know the collecting or else.....

Edited May 14, 2014 by BlueSkyCowboy

[skorchio]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

my reckoning is over 300%

Well you're both struggling with basic Maths. He borrowed 300k, he was reported to be paying INTEREST at 1k per day, which is 356k per annum. To me this is 118% interest per annum if the principal is not reduced.

[allan michaud]

I know from personal experience of my wife's family that the loan sharks in Khon Ken are now charging as much as 10% per month on loans. An 80,000 baht loan also required the 'deposit' of a 1 year old car. The loan shark even told us openly she already had 30 new cars from people that could not pay up on time.

"At this point, the police are doing whatever they can to arrest the perpetrators so that they could be brought before a court of law."

This is simply a lie, the police are being paid by the loan sharks. Similar to the well known drug dealer that lives in my wife's village. Everyone knows what he is and he know owns approx 1/4 of the village land. No one in their right mind would report him to the police as they all know full well he pays them for protection. I would not be at all surprised to find out that it was off duty police that did this. TIT.

[usasia8888]

There not going to get their money back now

certainly seems true except for what they may have taken from the house or come back to the family. one benefit for the loan sharks is it will "tighten" up the credit procedures, defaults and delays to their other customers who may think twice about not paying on time or everything back. its a real shame, certainly criminal and not very thai for the matter which all probably agree. very sad story.

agree, never get involved with these guys anywhere.

[bobl]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

my reckoning is over 300%

Well you're both struggling with basic Maths. He borrowed 300k, he was reported to be paying INTEREST at 1k per day, which is 356k per annum. To me this is 118% interest per annum if the principal is not reduced.

You're assuming our planet revolves around the sun at the same rate as yours. Ours is a bit slower... Takes 365 days... :-p

Sent from my i-mobile IQ 6.2 using Thaivisa Connect Thailand mobile app

[Gonki]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

Just what I was thinking! I once incurred overdraft fees in a Merucan bank and my APR amounted to over 1300% (!!!). In one specific instance they charged $35 for a two dollar transaction. Does it make [name of Merucan bank kept blank to avoid libelissues] is more criminal than Thai loan sharks?

[Utley]

Sounds to me that he died from an asthma attack just like the American tourist in Phuket!

[Gonki]

Sounds to me that he died from an asthma attack just like the American tourist in Phuket!

Or overdosed on sodium nitrate.

[gemini81]

Yeah, right. The police will do everything in their power...........my arse they will. RIP for the cook and his family but you should also have known that dealing with loan sharks is a dangerous game, even more so now in Thailand!

Very true, and when that money changes hands they have you over a barrel. Just another reason to stay well clear of them !!

Better to live on Mama noodles and sell your Toyota Hilux & I phone and speakers until you get through rough times.

[bobl]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

Just what I was thinking! I once incurred overdraft fees in a Merucan bank and my APR amounted to over 1300% (!!!). In one specific instance they charged $35 for a two dollar transaction. Does it make [name of Merucan bank kept blank to avoid libelissues] is more criminal than Thai loan sharks?

My bank (Lloyds, 35 years ago) charged me £20 to bounce a £5 cheque when there was only £4.56 in the account - making me £15.44 overdrawn instead of £0.44. 3 days before payday. What's more, the cheque was to the NAAFI (RAF) and they reported me. I was charged with "conduct unbecoming" and sentenced to 7 days in Colchester military prison. Which was during our training for the Bisley shooting competition so I lost my place there too.

I really love banks. Haha...

Sent from my i-mobile IQ 6.2 using Thaivisa Connect Thailand mobile app

[Eloelo]

would probably be the dumbest loan sharks on the planet!I , I mean seriously how do you get your money now, why borrow off a loan shark if you could put property up as collateral to a bank. poor fella!

[Loles]

And please tell me, mostly who are behind the loan-sharks ?

If you don't know the answer I may help you ..... police.

[maximillian]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

12+%

I doubt if the bank would send you a killer gang.

[Docno]

There not going to get their money back now

Loan passes onto the adult children.

More likely he signed over any property he had as collateral. Now it belongs to the mafia thugs.

I wonder about this - that would make the thugs easy to track down in the event of a 'suicide' or other 'misfortune'.

[belg]

if you believe the gangster movies, the debt now belongs to the son or the rest of the family...

[Tchooptip]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

1,000 a day multiply by 365 is 365,000 for me, that is to say well over 100% IMHO

Edited May 14, 2014 by Tchooptip

[F4UCorsair]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

B1000 X 365 days = B365,000, well over 100% !!

I wonder if that's daily reducing or simple interest? Simple I would guess.

Depending on the term, that could be impossible to pay off.

[F4UCorsair]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

TRY 120%+

Edited May 14, 2014 by F4UCorsair

[larsjohnsson]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

Thats why if you are going to borrow money, borrow BIG. They are less likely to have you bumped off if you have a huge unpaid debt.

Haven't you blokes ever heard of setting an example to others who may also entertain the idea of failing to pay?

Can not get water out of stone. A beating is enough "example"

I'm sure they have done that and a lot of other stuff first. It's not like they kill you the first time you can't pay

[realenglish1]

You would have to be a complete retard to kill someone who owes you money.

A dead person can not give back the money.

Those with half a brain would work out a payment plan to keep on getting the money

Who said they had brains

[catweazle]

Rest in peace, Mr. Prakob. What a waste, what a tragedy, the life of a family father and skilled man taken for just 300.000 THB...

I know that it takes two to tango, but am I alone when I say that I simply hate those Muak Gan Nok loan shark debt collector f%#$#rs on their motorbikes to the extend that I want to simply force them off the road with my car whenever I see them to then stop and take em out for good with a blunt object?

Whenever I see those lowlifes (always on a 2-stroke street bike, always two, always long sleeves, gloves and helmets while the one in the back carries the money belt) passing by I can't help it but to think about all the tragedies behind the people they gonna "visit" today, squeezing horrendous interest rates out of their "clients", threatening them, threatening their families, hurting them, etc. I just hope that all of those lowlife scumbags including their loan shark bosses go straight to hell when they die.

I know of a story from a nearby village here, where the mother of a 15 year old girl was in debt to an extend that she saw no other option but to run and (this is the shocker) simply left the girl behind. The next day, those Muak Gan Nok f%$#$ers came back and tried to beat and rape the girl as "compensation" what they called it, but instead received a nice beating themselves from the men in that village. They made their point using sticks and iron rods, and the debt collector motherf#$#$rs were just lucky to get out alive. No one ever returned to ask for payment.

The mother however, would deserve similar treatment for leaving her own flesh and blood behind if you ask me...

This is only one sad story regarding those loan shark scumbags. Think of all the other hundreds of thousands being in debt, knowing that they can never pay it off unless they hit the jackpot in the lottery. Education would help and explaining people what interest and compound interest, etc. really means and that - in most cases - it is impossible to pay the money back.

Also at car dealers, I have never seen a Thai making the calculation - adding the downpayment, plus 72 times whatever they have to pay monthly together, minus the cash price to see how much they lose on interest. Usually it is a number close to what the downpayment is - all down the drain, straight down the greedy throats of the financing companies.

Best advise: Keep away from bank loans, loan sharks, automotive loans, etc. and try to work and earn money first before spending it. But Thai people will never listen to advise given by a "stupid farang" anyway, do they?

Edited May 14, 2014 by catweazle

[Choonpon]

Stupid loansharks. They killed the debtor, how are they going to get back the loan?

RIP to the deceased.

No matter how desperate one is, one should never borrow from loansharks. The pit is bottomless.

Edited May 14, 2014 by Choonpon

[SOTIRIOS]

....if he was a successful chef....who knows what they may have gotten....or taken in return......

[makkam]

One of the proffesions frowned upon by Lord Buddha in the sense it was not considered right livelihood. RIP poor man.

Clearly correct spelling was frowned upon at your school

[skildpadden]

I seem to remember that the (now defunct) government tried to create loan types so people would avoid loan sharks a few years ago. I wonder if he would qualify for such a loan, but is there a limit on the amount of money you are allowed to loan?

[FredNL]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

You better go back to school !!!

1,000 x 365 days = 365,000 THB / year

365,000 THB interest on a 300,000 THB loan = 121,67 % interest rate without repayment.

If he repays the loaned 300,000 THB in the same year then the interest rate would have been 243,33 %. (Formula: (interest paid per year / average debt) x 100%)

(365,000 /(300,000 + 0)/2) x 100%=243,33

[FredNL]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

You better go back to school !!!

1,000 x 365 days = 365,000 THB / year

365,000 THB interest on a 300,000 THB loan = 121,67 % interest rate without repayment.

If he repays the loaned 300,000 THB in the same year then the interest rate would have been 243,33 %. (Formula: (interest paid per year / average debt) x 100%)

(365,000 /(300,000 + 0)/2) x 100%=243,33

[FredNL]

1,000 baht a day on an unsecured loan of 300,000 is only 10% interest, not a bad deal. Better than some banks here, the banks are the real loan sharks.

You better go back to school !!!

1,000 x 365 days = 365,000 THB / year

365,000 THB interest on a 300,000 THB loan = 121,67 % interest rate without repayment.

If he repays the loaned 300,000 THB in the same year then the interest rate would have been 243,33 %. (Formula: (interest paid per year / average debt) x 100%)

(365,000 /(300,000 + 0)/2) x 100%=243,33