Student Loans Fund to get tough with undisciplined borrowers

[webfact]

Student Loans Fund to get tough with undisciplined borrowers



BANGKOK, 18 September 2015 (NNT) – Student Loans Fund (SLF) has voiced its readiness to impose tougher actions on undisciplined borrowers after its campaign for debt repayment successfully forced more than two million loaners to settle their accounts with SLF this year.

SLF Manager Thitima Vichairat disclosed that the agency managed to reclaim 800 million baht in 2014, and was likely to get back another five billion baht this year thanks to its intensified punitive campaign against rule-breaking debtors. The number of borrowers this year is estimated at 750,000.

Since its establishment in 1996, SLF has filed a complaint against 800,000 debtors. Apart from prosecution, the agency this year has requested the court to issue an order allowing authorities to confiscate assets of undisciplined debtors. Those facing such an order have numbered 786. Their confiscated assets are worth 22 million baht.

SLF has also planned to launch new incentives such as interest reduction to encourage borrowers to pay off their debts. For those found to have intentionally evaded repayment, SLF will submit the list of blacklisted people to the National Credit Bureau as part of its penalty measures.


-- NNT 2015-09-18

[Strangebrew]

Now if they can only go after those deadbeat Thai fathers for back child support Then they got something.

[worgeordie]

Its the same with all these funds,look at what the teachers owe,

Village funds ?,many donot see it as a loan but a gift,and dont

want to repay.

regards Worgeordie

[lovelomsak]

I read an article a while ago about a problem they had in New York with students not paying back their loans. The university or universities I amnot sure,gave the unpaid loan people A date to pay their loans off or the university would remove all record of them ever attending the university and the records that they had graduated and what degree they had would be removed. There would be no history of them and no history of degree achieved. 95% of the loans were paid by the deadline and the other 5% were deceased.

Maybe Thailand should try this hardball approach.

[farangmick]

England in the same boat. Lending money to EU students to study in England, but never getting it back. The lenders should get tough, and only lend against security, such as the parents chanoute on house or land.

[optad]

There have been a lot of schools, especially in the vocational sectors, luring kids with low education but aspiring prospects, aged 14-17~ish from Issan and other northern regions to board in school rooming house for meaningless certificates so the kids can access these grants/loans. The schools pretty much control the funds and have the students for a guaranteed income period. Sell the promise of the future, poorly equip them and make personal millions.

Difference here is that the schools get 90% of the money for fees, food and board immediately! The adolescent students get the debt.

Sound implausible?

[Evolare]

My old neighbour who is Thai was taken to court for this. He has an income of 23000 baht per month and his wife make about 18000. they have 2 kids and he is forced to pay 3000 baht per month and same for his wife so combined they have to pay 6000 baht on a 41.000 baht per month of income. Doesn't seem very humane in my opinion.

besides that they also pay 6.000 baht per month for their 2 kids to go to bilingual kindergarten...

[dageurreotype]

Now if they can only go after those deadbeat Thai fathers for back child support Then they got something.

And round up all the farang ones occasionally posting 'can they track me down here in Thailand?' <deleted>.

[dageurreotype]

My old neighbour who is Thai was taken to court for this. He has an income of 23000 baht per month and his wife make about 18000. they have 2 kids and he is forced to pay 3000 baht per month and same for his wife so combined they have to pay 6000 baht on a 41.000 baht per month of income. Doesn't seem very humane in my opinion.

besides that they also pay 6.000 baht per month for their 2 kids to go to bilingual kindergarten...

You keep saying 'they', what 'they'? Is there more than one father? And how is 6000 baht per month 'inhumane' to care for a wife and kids? Not enough? Too much? Dear God ..

[Evolare]

On 21/09/2015 at 2:28 PM, dageurreotype said:

My old neighbour who is Thai was taken to court for this. He has an income of 23000 baht per month and his wife make about 18000. they have 2 kids and he is forced to pay 3000 baht per month and same for his wife so combined they have to pay 6000 baht on a 41.000 baht per month of income. Doesn't seem very humane in my opinion.

besides that they also pay 6.000 baht per month for their 2 kids to go to bilingual kindergarten...

 

You keep saying 'they', what 'they'? Is there more than one father? And how is 6000 baht per month 'inhumane' to care for a wife and kids? Not enough? Too much? Dear God ..

I forgot the mention they each have a student loan of about 200.000 baht left. And the payment of 3.000 per month each totals 6.000 per month covers only interest charges so they are paying about 18% in interest.

The cost for student loan interest is inhumane not the school fees for the kids...