Thai loan shark gang executes victim inside his own house

[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 in the same year) x 100%)

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

Edited May 14, 2014 by FredNL

[F4UCorsair]

Six posts Fred.....six of the SAME post Fred!!!

Edited May 14, 2014 by F4UCorsair

[SanSaiExPat]

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

They could still get their money. The cook had a house. If it is unencumbered they could go after the son, force him to sell it or just simply demand the money from the son and tell him if he doesn't pay up he'll meet the same fate as his father. They will stop at nothing. They have no fear they are protected.

[SanSaiExPat]

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

They could still get their money. The cook had a house. If it is unencumbered they could go after the son, force him to sell it or just simply demand the money from the son and tell him if he doesn't pay up he'll meet the same fate as his father. They will stop at nothing. They have no fear. They are protected.

Edited May 14, 2014 by SanSaiExPat

[jonesthebaker]

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

and Jesus. usury! In fact any right and moral minded person understands that usary is wrong. of course the biggest money lenders today are the same types that Jesus trhough out the temple. evil and corrupt.

Edited May 14, 2014 by jonesthebaker

[unanimosity]

There not going to get their money back now

Sure they will, from every other person that might have been thinking about not paying them. Even the ones that cannot pay will find a way. That's how it works.

[Pralaad]

This won't scare away potential borrowers. People who use loan sharks are generally desperate and have nowhere else to go. When you are desperate you will do anything to try and get yourself out of a hole. You will also persuade yourself you can pay the money back.

As others have said, this was them setting an example. If they let one guy away with not paying then the potential losses when others stop paying could be millions. They have probably done this to protect their larger investments.

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May i ask where you get the idea that people who use loan sharks are desperate? and where you get the idea that this was the first bump?

As i have said, and will say it again, anyone with half a brain would not do that and it does scare away potential customers.

In case you have not noticed, in this country many do not use their brain at all, perfect examples

1. shooting over 30 baht chicken sauce

2. stabbing over 200 baht unpaid bill

3. Self performed operation to increase dick size

4. stabbing over wrong drink, or wrong look.

And the list goes on

"May i ask where you get the idea that people who use loan sharks are desperate?"

I get that idea from the fact that loan sharks charge way above the going interest rate compared to any legitimate lender and that the penalties for defaulting on the loan generally include physical violence and at worst death. People usually resort to loan sharks as they cannot borrow money from any other source and despite knowing the extortionate repayments and consequences of failing to repay, they still go ahead and borrow money therefore making them desperate.

As for the 4 examples of Thais failing to use their brains that you have provided, I am sure that this is not representative of all Thais and you could find examples of people who kill others for little or no reason in any other country in the world.

And i always thought people who use loan sharks, are the ones who can not get a loan from the bank because

1. Have bad credit history

2. No job

3. No legitimate reason for a loan

Desperate? to pay off gambling debt? yes.... may be

The 4 example are NOT a representative of all Thai? did i say it was a representative of ALL Thai?

Since you know and understand the game so well, care to share where you got your experience from?

In my stupid early 20's i was a debt collector for loan sharks, do you have same experience? or learned it from the movies?

[SanukJoeII]

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.

Your morals are as questionable as your maths ... but assuming you are referring to 10% per month, do you really think that is not a bad deal, and that the banks are worse than that? I can certainly tell you that that is not the case...!

Nothing wrong with his maths, and he is probably more informed how things go than most posters!

10% per month it is, Thais (at least the rural ones) don't think a year ahead, but a month. I agree that 10% is not unusually high, as stated in the OP, as it is the "normal" rate. I have been approached by quite a lot of locals to lend them money, and they themselves came up with a 10% interest per month. The only loan I gave was to my SIL, 200K to start a motocy shop, no interest, no payment first year, then she paid every baht back!

[mogo51]

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 need to go back to school, it is 10% PER DAY in fact 3650% per annum

[slipperylobster]

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.

Never heard of a bank hanging anyone, so I guess I will finance with them...and not the sharks. Doh !!!

[Alwyn]

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

Agreed but it will certainly incentivize others to pay their debts to this particular firm. They'll probably hit on his family for the money next though

[sabye]

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.

Better do your math again. That is 365% per year interest. That is just a wee bit more than the banks. Also the banks don't kill you if you don't pay. I would still prefer to deal with the banks.

[Metisa]

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...

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Actually, I got my own back on banks. When I had been abused pretty similarly, in my first year as a university student, I got my first terms grant cheque- as it was back then, when you got a student grant. I received a cheque from my LEA, for approx. 580 quid. I paid it into my Midland Bank account, and proceeded to draw 500 quid, as they also allowed back then. I went to 5 different banks, Nat West, Lloyds, etc.. and opened accounts with 100 quid each, in those days it was easy and no credit checks were done, but as you were a student you could overdraw upto circa 500 quid... so over the first term I did.. having a whale of a time 555

Term 2 came, and I received another cheque for about 560 quid. I was overdrawn by 550 quid at Nat West, so paid my cheque into there, and proceeded to draw 20 quid at the same time. Two weeks later, I received a letter from the branch manager, a scouser, as I studied at Liverpool Uni. His letter was hilarious, and I still have it today, framed:

"Congratulations, Mr. X, I see that you were in credit for approximately 15 seconds on the 6th February, 1972. This is an achievement of the highest calibre, and our bank sincerely sends its whole hearted congratulations for such a feat. We wish that you remain as loyal to us as we have been to you, in that you are, to some degree, able to maintain credit for seconds at a time.

Yours Sincerely,

Brutus,

Branch Manager,

Bootle Branch - Nat West PLC.

4th Feb 1972."

After 5 years of graduation, all of my student debts were written off.... just don't see that happening nowadays...

[bobl]

Is it just me that's pmsl at how many people said "go back to school" then completely farked it up themselves? 1,000 baht/day on 300,000 is 10%/day???

1,000 baht x 1 year is 356k???

And the most recent 'it's. 365%pa'???

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[ggt]

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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

Thai-ness...demands an immediate reward...or suffer immediate...often violent...consequences...it should come as no surprise...if law enforcement...was involved...this is Thailand...

[tonyboy33]

hidavey, on 13 May 2014 - 18:02, said:

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 don't know what type of math you studied, but 1,000 baht/day = 365,000 baht per year interest, assuming no principal is repaid. That works out to a little over 120% per annum!

[dighambara]

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!

For a very few Baht, the Police will search and never find the culprit - of any crime.

Plus, in some villages, it is the Police association that are the loan sharks...

[Maestro]

Removed two troll posts.

[paddyjenkins]

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.

Ummm, no, it's over 100%!...and no, banks aren't the real loan sharks loan sharks are the real loan sharks, banks don't break into houses and murder people

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[F4UCorsair]

At the risk of appearing callous, this situation could have been avoided by not getting involved with loan sharks, if in fact that's what it was, and not involvement by the son.

Borrowing money at exorbitant rates of interest is not unlike getting involved in drugs....it's a one way street, and it's not going to end well.

Having said that, it's an awful way to end your life, and I have great sympathy for the family.

[ableguy]

There not going to get their money back now

We don't know how much he already paid back in interest.

[mojorison]

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.

It is actually about 105% per annum... Nothing like 10%. (Did you study in Thailand?)

[Bluespunk]

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

Did they have loan sharks 2,500 years ago?

Hell, yes.

[F4UCorsair]

They lent money so that guys could pay hookers!!! Of the two, which is the older profession? That's another chicken and egg question.

[MW72]

They lent money so that guys could pay hookers!!! Of the two, which is the older profession? That's another chicken and egg question.

Always the egg first.

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