Woman involved in loansharking activities busted by Udon Thani police

[webfact]

Woman involved in loansharking activities busted by Udon Thani police

UDON THANI, 23 June 2014 (NNT) - Police in Udon Thani province have arrested a middle-aged woman who runs an illegal automobile pawn shop that charges unusually high interest rates.

40 year-old Jintana Wongchari has been apprehended by the Udon Thani Provincial Police for charging her clients at least 20 percent interest per month, which is beyond the rate specified by the law. According to police, Ms. Jintara also did not have a valid license to operate this pawn shop.

For this reason, they’ve confiscated at least two automobiles, 123 motorbikes, several car keys, and other related documents found under her possession.

Investigations reveal that many of cars in her pawn shop were illegal. Some of these cars were also stolen by somebody else and then resold here.

Among the cars that were confiscated, at least 50 of them were cars under finance, 51 of them were privately-owned cars, and 22 of them were still pending investigation.


-- NNT 2014-06-23

[Cuchulainn]

Good, good, good. Keep it up, Police Army.

[clockman]

This loan sharking is in every village now. Bad news.

[canopus1969]

This loan sharking is in every village now. Bad news.

Always has been

[dinger]

She was charging 20% interest which is above the rate specified by law. So if she was charging say 18% she would have been okay?

[marsstar14]

She was charging 20% interest which is above the rate specified by law. So if she was charging say 18% she would have been okay?

According to the law, the legal interest rate for personal loans in Thailand are supposed to be only 15% per annum. This is roughly only 1.25 percent interest per month. Therefore, anything beyond that is considered illegal.

Source: http://www.refworld.org/docid/52ab0f4b4.html

[shirtless]

Looks like she was not to bright as they hocked many stolen items and cars they didnt own, som num na

[monkeycountry]

She was charging 20% interest which is above the rate specified by law. So if she was charging say 18% she would have been okay?

Perhaps you have a reading problem? 20% is above the legal limit, which is correctly written in the article. It is not specified, nor does it matter, what the legal limit is in this regard. But to answer your question, 18%/month would also have been illegal, the legal rate is closer to 18%/year, although I do not remember the exact rate.

[northernboy]

More like 18% for banks loans and 12% for private loans per year if i recall so banks are legally more allowed to be loan sharks than people yet the government bails out banks. Yet nobody complains about banks.

[Suradit69]

For this reason, they’ve confiscated at least two automobiles

Among the cars that were confiscated, at least 50 of them were cars under finance, 51 of them were privately-owned cars, and 22 of them were still pending investigation.

Seems things don't add up at NNT.

More like 18% for banks loans and 12% for private loans per year if i recall so banks are legally more allowed to be loan sharks than people yet the government bails out banks. Yet nobody complains about banks.

"Yet nobody complains about banks."

Nobody? Do you mean specifically in Udon Thani? Otherwise I'm pretty sure much of the world is endlessly complaining about the banksters ... for all the good it does them.

Wanted for pillaging and plundering.

Edited June 23, 2014 by Suradit69

[shaurene]

She was charging 20% interest which is above the rate specified by law. So if she was charging say 18% she would have been okay?

Dinger, read the article, it say she was charging 20% which is over the legal rate! the legal rate could be 12%, 10% it does not say what the legal rate is. 18% could still be over the legal rate.

[ezzra]

More like 18% for banks loans and 12% for private loans per year if i recall so banks are legally more allowed to be loan sharks than people yet the government bails out banks. Yet nobody complains about banks.

Yeah, try credit card, not sure about Thailand, but in some countries there're allowed

to charge up to 24% per annum.... Highway robbery....

[TerryLH]

If you read the article, it says she was charging 20% a month. The banks charge per year, a much lower rate.

[dinger]

I guess you guys don't understand sarcasm which is what my statement was supposed to be and nothing more

[HerbalEd]

She was charging 20% interest which is above the rate specified by law. So if she was charging say 18% she would have been okay?

That's 20% per MONTH.

[HerbalEd]

More like 18% for banks loans and 12% for private loans per year if i recall so banks are legally more allowed to be loan sharks than people yet the government bails out banks. Yet nobody complains about banks.

Yeah, try credit card, not sure about Thailand, but in some countries there're allowed

to charge up to 24% per annum.... Highway robbery....

It's not robbery when you do it willingly .... which people do. However, it's really stupid to play the credit-card loan game. Instead, I pay my credit card on time and thus get free monthly loans ... and earn thousands of frequent-flyer miles to boot.

[dinger]

Lighten up guys, I know how the system works here, as I said it was a sarcastic remark and nothing more.

Yes I know a lot of people are involved in loan sharking here.

Yes I know a few people are making a lot of money from it.

Yes I know a number of people are up to their eyes in debt as a result of it.

Yes I know the interest rate is per month.

Yes I know that 20% is pretty excessive.

No I don't have a reading problem. The article says 20% is above the legal rate, if you read my reply I stated exactly that, so that would lead one to believe I can read. The article doesn't state what the legal rate is

Yes I did read the entire article

I didn't realize the government was involved in setting interest rates for personal loans and am surprised to learn this.

[marsstar14]

For this reason, they’ve confiscated at least two automobiles

Among the cars that were confiscated, at least 50 of them were cars under finance, 51 of them were privately-owned cars, and 22 of them were still pending investigation.

Seems things don't add up at NNT.

Probably, they referred to the number of motorbikes that were confiscated instead of cars. If it were motorbikes, then the numbers would add up since the article mentioned that 123 motorbikes were confiscated (50 + 51 + 22) = 123 motorbikes.

The second sentence should say:

Among the motorbikes that were confiscated, at least 50 of them were under finance, 51 of them were privately-owned, and 22 of them were still pending investigation.

This is obviously one unchecked news item...

[marsstar14]

Come on guys, give poor old dinger a break.

Edited June 24, 2014 by marsstar14

[socksy01]

Anyone know where this shop is in the Province? It is not stated on the post.

[timewilltell]

Woman involved in loansharking activities busted by Udon Thani police

UDON THANI, 23 June 2014 (NNT) - Police in Udon Thani province have arrested a middle-aged woman who runs an illegal automobile pawn shop that charges unusually high interest rates.

40 year-old Jintana Wongchari has been apprehended by the Udon Thani Provincial Police for charging her clients at least 20 percent interest per month, which is beyond the rate specified by the law. According to police, Ms. Jintara also did not have a valid license to operate this pawn shop.

For this reason, they’ve confiscated at least two automobiles, 123 motorbikes, several car keys, and other related documents found under her possession.

Investigations reveal that many of cars in her pawn shop were illegal. Some of these cars were also stolen by somebody else and then resold here.

Among the cars that were confiscated, at least 50 of them were cars under finance, 51 of them were privately-owned cars, and 22 of them were still pending investigation.

-- NNT 2014-06-23

That is the current racket. Steal a car or a house, change the name, sell it to the loan shark for 20% of its value, who registers under their name charges interest at some huge rate, bugger off with the money and the loan shark gets free title to the asset.

Defence in Thai law being that they did not know the asset was stolen and therefore are protected as a buyer. Some subterfuge required there as they have to lie to show the asset was bought at a reasonable price but hey lying no problem here is it!

Person defrauded loses out not only the asset but also the legal fees trying to recover it as costs are not recoverable to the same extent as elsewhere.

Sent from my iPad using ThaiVisa app

[ttthailand]

The rich taking advantage of the poor. Happens in employment, in rundown housing, in over charging for services .......

Money is power and gives you the ability to select the best options.

[siampolee]

As said the interest usury rate is 20% per month I.E. 240% per year which is in fact then compounded for the year.