Lite Beer Posted October 17, 2014 Share Posted October 17, 2014 Police monitoring 3,000 loan sharksThanatpong Kongsai,Kittipong Maneerit,Pantipa JittrawuttipornThe Nation BANGKOK: -- Debtor's fiery action spurs moves to prevent more tragediesPolice are now monitoring the activities of more than 3,000 non-institutional moneylenders across the country to try to prevent any further tragic incidents, after a heavily indebted farmer set herself ablaze."If the moneylenders use harsh measures in debt collection and violate laws, we will take immediate action," Deputy National Police Commissioner General Worapong Chewprecha said yesterday.He was speaking after Sangvien Raksapetch set herself on fire over her debt woes on Wednesday. The woman had been hounded by a loan shark and lost hope of getting help from government officials.At press time, Sangvien remained in hospital, and her condition has been worsening as complications begin to arise.According to Sangvien's younger sister Janja Thong-aram, Sangvien had borrowed Bt350,000 four years ago but was told by the moneylender this year that she owed Bt3.5 million."After we petitioned for help from the authorities, the moneylender agreed to lower the amount to Bt1.5 million," Janja said, adding that Sangvien had tried to pay the debt including the hefty interest."But when paddy fields didn't provide crops she expected, she became desperate," Janja said. Sangvien's family lives in Lop Buri province.In Bangkok, a vendor at a fresh market yesterday disclosed that a loan shark in her area lent her Bt10,000 and charged her a daily interest rate of 30 per cent."I ended up paying Bt400,000 in total," she said. "I went to the point of mortgaging land plots in my home town in Si Sa Ket province because the moneylender's henchmen raided my home and threatened me."The Lawyers Council of Thailand, meanwhile, promised to extend help to those struggling with debt problems."Don't set yourself on fire. Don't kill yourself. If you fall into trouble, seek help from us," the council's vice president Sunthorn Phayak said.He said the council had about Bt25 million in funds to help people in need.Janja called for help from the council on behalf of her elder sister yesterday.Although her sister's moneylender has now said the debt will be written off, Janja remains worried because she does not have the promise to cancel the debt in writing yet.After meeting with Janja, Lawyers Council president Dej-udom Krairit vowed to set up a panel to look into Sangvien's case. He said the council would propose a draft law that would provide better legal protection for small-scale debtors and farmers."Many countries such as the United States already had such laws in place," Dej-udom noted.He said the council would also educate farmers and small-scale debtors about their rights and fair debt repayments.According to police, 1,724 loan sharks were arrested over the past year. Most were arrested in the Central region and the upper Northeast.Worapong warned police not to support loan sharks' illegal activities."If you are involved, you will face serious punishments," he said. Source: http://www.nationmultimedia.com/national/Police-monitoring-3000-loan-sharks-30245734.html -- The Nation 2014-10-18 Link to comment Share on other sites More sharing options...
EyesWideOpen Posted October 17, 2014 Share Posted October 17, 2014 Here is the real issue, from the article. "Worapong warned police not to support loan sharks' illegal activities. "If you are involved, you will face serious punishments," he said." Link to comment Share on other sites More sharing options...
hansgruber Posted October 17, 2014 Share Posted October 17, 2014 (edited) Let the hand outs begin. Debt ridden people owe that burnt woman a big thank you. Debt martyr. Sent from my LG-D858 Edited October 17, 2014 by hansgruber Link to comment Share on other sites More sharing options...
NongKhaiKid Posted October 17, 2014 Share Posted October 17, 2014 Here is the real issue, from the article. "Worapong warned police not to support loan sharks' illegal activities. "If you are involved, you will face serious punishments," he said." Oh yes that will definitely happen. I'm sure the BIB will immediately cease all of their ' support ' facilities. What about senior officials such as Provincial Governor who publicly negotiate with known loan sharks then report the debt has been written off in order to make merit ? Link to comment Share on other sites More sharing options...
Robby nz Posted October 17, 2014 Share Posted October 17, 2014 Could it be a possibility that some of the police would need a mirror to do the monitoring ? Link to comment Share on other sites More sharing options...
hgma Posted October 17, 2014 Share Posted October 17, 2014 Any news from abroad lately? Link to comment Share on other sites More sharing options...
chainarong Posted October 18, 2014 Share Posted October 18, 2014 This is scary , just who is watching the 3000 police, end of story Link to comment Share on other sites More sharing options...
BangkokHank Posted October 18, 2014 Share Posted October 18, 2014 If I were indebted to a loan shark who kept putting up my interest like that, I would be sure to take the loan shark with me if I committed suicide. Link to comment Share on other sites More sharing options...
oneday Posted October 18, 2014 Share Posted October 18, 2014 The words "loan shark" implies something illegal. Why not investigate, not monitor. It would be quite simple. Examine the loan sharks books to see what they are loaning to who and at what interest rate. Certainly they are required to keep books...yes? Then go verify. The only problem with this is the loan sharks may be intimidating debtors to keep their mouths shut and local police are probably in bed with the loan sharks. Exorbitant interest rates should already be illegal. All lenders should be regulated. If there is no limit on interest rates and lenders are not regulated then the government hasn't even taken the first step. Link to comment Share on other sites More sharing options...
Fiddlesticks Posted October 18, 2014 Share Posted October 18, 2014 Police monitoring 3,000 loan sharks It's called protecting their interest to ensure their cut of the profits. Not really news worthy, just business as usual in the Land of Smiles. Keep on smiling! Link to comment Share on other sites More sharing options...
Lite Beer Posted October 18, 2014 Author Share Posted October 18, 2014 Provincial governors told to look closer into problem of people's debtsBANGKOK, 18 October 2014 (NNT) – Provincial governors have been told to look closer into the plights of people in their provinces, especially into the problem of debts incurred from non-formal loans, after a woman set herself on fire this week upon learning that officials at a government-run help center for the public were unable to help her clear debts worth 1.5 million baht.According to Interior Minister Anupong Paochinda, about 400 complaints have been submitted to the government's Damrong Tham help centers in the provinces, and 257 of the cases have been solved, leaving 98 outstanding cases. He said non-formal loans are illegal, and the provincial governors and the local police need to come up with measures to address them.According to M.L. Panadda Diskul, the minister to the Prime Minister's Office, 4,224 complaints about non-formal loans have been lodged with the service center for the public at Government House.Police General Woraphong Chiewpricha, the deputy commissioner of the Royal Thai Police, said the police force possessed a list of the individuals known to be non-formal lenders. The police are monitoring their behavior, and will make arrests on anyone of the individuals if he/she clearly breaks the law. -- NNT 2014-10-18 Link to comment Share on other sites More sharing options...
pisico Posted October 18, 2014 Share Posted October 18, 2014 The words "loan shark" implies something illegal. Why not investigate, not monitor. It would be quite simple. Examine the loan sharks books to see what they are loaning to who and at what interest rate. Certainly they are required to keep books...yes? Then go verify. The only problem with this is the loan sharks may be intimidating debtors to keep their mouths shut and local police are probably in bed with the loan sharks. Exorbitant interest rates should already be illegal. All lenders should be regulated. If there is no limit on interest rates and lenders are not regulated then the government hasn't even taken the first step. In the past, no administration red, yellow or otherwise, has touched this area of "informal lending". Why this military appointed administration takes such tepid approach to this aspect of Thainess? Loan sharks to be "Monitored by the police."? I know that TIT but this is a warning sign of things to come... Story under-developing... just like the rest of the country. Link to comment Share on other sites More sharing options...
eggzthaioz Posted October 18, 2014 Share Posted October 18, 2014 For those of you who don't know the Thai Police actually run most of the loan sharks along with the military. After the coup they kept a very low profile around the town I live in in the Northeast. Some at that time used older cars instead of the usual Honda CB 150s or 250s they usually ride. These days some have resorted to smaller bikes and instead of going around in pairs only one guy is collecting. They use all kinds of threats and quite often resort to violence serious intimadation to get the interest payments. The poorer people who use these loan sharks find it difficult to repay the interest let alone the amount borrowed. Link to comment Share on other sites More sharing options...
Suffinator Posted October 18, 2014 Share Posted October 18, 2014 Well you'd have to be as dumb as a house brick to borrow at 30% in the first place. Love the word 'monitoring' ... Worapong warned police not to support loan sharks' illegal activities. And that statement just about says all you need to know about the RTP and Thailand. Link to comment Share on other sites More sharing options...
catweazle Posted October 18, 2014 Share Posted October 18, 2014 How about taking them out? I mean shooting them on the spot execution style without trial together with their "Muak Gan Nok" employees. Imagine the boost for Thai economy with millions of Thais all of a sudden being freed of their loans while the seized money and assets flow into school systems and health care... Why monitor scum if you can simply wipe it out? If I see a cockroach in my living room, I hit it with a shoe - end of story. Link to comment Share on other sites More sharing options...
BSJ Posted October 18, 2014 Share Posted October 18, 2014 How about taking them out? I mean shooting them on the spot execution style without trial together with their "Muak Gan Nok" employees. Imagine the boost for Thai economy with millions of Thais all of a sudden being freed of their loans while the seized money and assets flow into school systems and health care... Why monitor scum if you can simply wipe it out? If I see a cockroach in my living room, I hit it with a shoe - end of story. I couldn't have put it better myself. I am sure the police could organise 3000 teams on the one day to do it. The cops could go home that night and say to their wives: "You know honey how I said one day I would do something good for the country....well today was that day!" Link to comment Share on other sites More sharing options...
halloween Posted October 18, 2014 Share Posted October 18, 2014 Does Thailand have usury laws? Link to comment Share on other sites More sharing options...
catweazle Posted October 18, 2014 Share Posted October 18, 2014 Does Thailand have usury laws? Google is your friend: http://pattayatoday.net/property-business/legal-corner/%E2%80%9Cusury%E2%80%9D/ Link to comment Share on other sites More sharing options...
kurnell Posted October 18, 2014 Share Posted October 18, 2014 Police blah blah blah. It would be lovely to have a newspaper that reports the truth behind these ludicrous police claims Link to comment Share on other sites More sharing options...
NoshowJones Posted October 18, 2014 Share Posted October 18, 2014 How about taking them out? I mean shooting them on the spot execution style without trial together with their "Muak Gan Nok" employees. Imagine the boost for Thai economy with millions of Thais all of a sudden being freed of their loans while the seized money and assets flow into school systems and health care... Why monitor scum if you can simply wipe it out? If I see a cockroach in my living room, I hit it with a shoe - end of story. Great idea, but only one thing. There would almost certainly be innocent people caught up in this, and one innocent death is enough to not carry out your idea. Link to comment Share on other sites More sharing options...
huangnon Posted October 18, 2014 Share Posted October 18, 2014 How about taking them out? I mean shooting them on the spot execution style without trial together with their "Muak Gan Nok" employees. Imagine the boost for Thai economy with millions of Thais all of a sudden being freed of their loans while the seized money and assets flow into school systems and health care... Why monitor scum if you can simply wipe it out? If I see a cockroach in my living room, I hit it with a shoe - end of story. I couldn't have put it better myself. I am sure the police could organise 3000 teams on the one day to do it. The cops could go home that night and say to their wives: "You know honey how I said one day I would do something good for the country....well today was that day!" Loan sharking is seen as a legit career here. Same as "fortune telling". In the absence of a welfare system, semi-criminal activity thrives, and is encouraged. The BiB are the biggest and most well-organized criminals here anyway. Who is going to "wipe them out?" Link to comment Share on other sites More sharing options...
SOTIRIOS Posted October 18, 2014 Share Posted October 18, 2014 ....monitoring what....??? ....gouging the borrowers is okay....... ...just don't let them do anything to affect their payment schedule.....??? ...thank God......???....!@#$%^&* Link to comment Share on other sites More sharing options...
halloween Posted October 18, 2014 Share Posted October 18, 2014 Does Thailand have usury laws? Google is your friend: http://pattayatoday.net/property-business/legal-corner/%E2%80%9Cusury%E2%80%9D/ I liked the bit about cash from "prawn shops". Link to comment Share on other sites More sharing options...
j15mth Posted October 18, 2014 Share Posted October 18, 2014 Miss reporting again----should read 300 000 Load sharks.Fast motor Bikes No Back number plate and Guns showing.So many seen every day. Link to comment Share on other sites More sharing options...
WonnabeBiker Posted October 18, 2014 Share Posted October 18, 2014 (edited) Excuse me, what is the law regarding usury? What kind of interest rate is illegal? I personally know of 5% a month loans which would be illegal in the U.S. What's this talk about "monitoring" to mean? Extortion through excessive interest rates goes to the heart of Thai society's problems. Edited October 18, 2014 by WonnabeBiker Link to comment Share on other sites More sharing options...
Chris Lawrence Posted October 18, 2014 Share Posted October 18, 2014 So who do the 3000 loan sharks represent? Why aren't there arrests? Loan sharks are illegal? So the idea of a loan shark is tolerated, with 25 million baht to be handed to them via a populist policy? Wouldn't it have been better to regulate the industry, say like credit card interest, have everything registered, and collect a form of tax? The general appears to be on the ball with his vision, but as his wife said to him, 'you are taking too much on and not doing enough around the home'. The General is dropping the ball too much, maybe his wife is the one that should be Prime Minister? Link to comment Share on other sites More sharing options...
vogie Posted October 18, 2014 Share Posted October 18, 2014 Great advice from the council "Don't set yourself on fire. Don't kill yourself" Link to comment Share on other sites More sharing options...
harryfrompattaya Posted October 18, 2014 Share Posted October 18, 2014 (edited) If I were indebted to a loan shark who kept putting up my interest like that, I would be sure to take the loan shark with me if I committed suicide. This is happening everyday in Black America and soon the poor will learn that is their only way out Most loan sharks are afraid you heard me to lend to Black American's That is why their is almost impossible ti find a loan shark in Black America Edited October 18, 2014 by harryfrompattaya Link to comment Share on other sites More sharing options...
JOC Posted October 18, 2014 Share Posted October 18, 2014 For those of you who don't know the Thai Police actually run most of the loan sharks along with the military. After the coup they kept a very low profile around the town I live in in the Northeast. Some at that time used older cars instead of the usual Honda CB 150s or 250s they usually ride. These days some have resorted to smaller bikes and instead of going around in pairs only one guy is collecting. They use all kinds of threats and quite often resort to violence serious intimadation to get the interest payments. The poorer people who use these loan sharks find it difficult to repay the interest let alone the amount borrowed. Good post!! Why on earth have you waited more than 5 years before posting your first post?? The forum needs good posters, so please not another 5 years before post #2. Keep them coming!! Link to comment Share on other sites More sharing options...
allan michaud Posted October 18, 2014 Share Posted October 18, 2014 I am sure they are monitoring them very closely... to make sure they a getting their fair share. Link to comment Share on other sites More sharing options...
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