Loan shark gang members arrested for violent debt collection

[TPI]

I was at a convenient store where the news broke out on tv, the Thai (female)owner started to rant about how lazy Thai people were, and how easy they could get money to borrow...she had to earn her money and could not spend more then she earned....fair enough.......but what struck me was that she didn't seem at all bothered by the gangs display of violence......not a word.

T.I.T

The store owner would justify the violence by saying "well, she did owe them money, that's the important thing!!!"

[DennisF]

Even though I have and never will have any business with Thai loan sharks, I feel a deep disgust / repugnance whenever I see those Muak Gan Nok guys (mostly on 250cc bikes, mostly 2, both wearing helmets/masks, often gloves, long sleeve shirts, the pillion rider carrying a money shoulder bag) to an extend that I want to run them off the street. I hope all those devil's henchmen will have a life full of despair and misfortune as karmic repayment for working as debt collectors. As for the loan sharks themselves, charging 10% interest and more PER MONTH! I wish them nothing but gastric cancer, leprosy and brain tumors...

10% per month is less than some western instant SMS loans that can be up to 20% per month. Every country has debt collectors,some in the form of governmental credit bureaus. if you don't want to meet them either pay back your loan or don't loan money. I hate people who take loans and don't expect to pay them back. That's why there's debt collectors.

Good point.

How many government credit bureaus do you know that take firearms to collect debts and shoot at people and their houses?

You have great insight into this story, please share with us exactly how you know they were not just financially embarrassed and didn't expect to pay the loan back?

Why do you hate them? Is it personal?

Strange post

[whatproblem]

Pay your debts

[DennisF]

Pay your debts

That was a useful contribution to a thread that threatens a family.

Big thanks.

[Arlo112]

I feel this is a serious issue in Thailand that needs addressing for the greater benefit of the people and country. I have a friend who got into financial difficulties with his business and has used these loan sharks for financial help.

While they provide very easy and quick access to funds which is a positive and useful resource the problem is in the unrealistic and unsustainable costs for such funds. He currently has to pay 20% interest every 24 days including a 5,000 thb “paper work” fee for every 50k.

This is simply ridiculous and unsustainable. The net result is that money flows out of the business and very rapidly into the pockets of the loan sharks. He is then locked into a cycle of borrowing from loan sharks as the rate of return is so high making it impossible to ever improve upon his situation. The end result waiting to happen will be the end of his business and a likely default on the funds. This is of no benefit to either party and damaging to the economy.

It should be the function of the banks to lend to businesses to help the economy. I can accept that in many situations banks will refuse credit to people or businesses they feel are too risky. In this situation loan sharks can provide a valuable service, however in the current form it is unsustainable. I feel this issue should be looked at in depth to find a working solution. Perhaps some sort of regulation or control of the practice that would make it sustainable for both parties involved.

[Thongkorn]

Every village in Thailand, has a loan shark. Its a way of life here.

Yes very true and it is a <deleted> joke it is about time the government should try and stop this shit happen here in thailand.

Policemen do lend money too, you know. Also Big money people get Land cheap by lending to people they know cannot pay back , They borrow on the strength of their land.So I cannot see the Government cracking down on their own ,

[anon467367354]

What makes a loan shark illegal? They are everywhere and in the open, they don't hide what they do at all.