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Teachers to get reprieve on debts

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Teachers to get reprieve on debts

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BANGKOK: -- Teachers will soon have their debts burden relieved after the cabinet yesterday agreed with the proposal of the Finance Ministry to help clear their overwhelming financial burdens.

Government spokesperson Maj-Gen Sansern Kaewkamnerd said that the cabinet agreed to let the Government Saving Bank offer soft loans to debt-stricken teachers to refinance their debts owed to the bank and the Education Ministry.

But he said teachers wishing to join the refinancing package will have to use future pension payments to their heir as collateral to secure the loan.

The future pension payments include money their heirs will receive from the cremation welfare fund of the Welfare Promotion Commission for Teachers and Education Personnel Office and inheritable pensions.

The refinancing package carries an interest rate of 4 percent which is lower than the rate of 5.75-6.70 percent at which debt-stricken teachers now have to pay to the bank.

He said some 283,000 debt-ridden teachers are expected to benefit from the measure.

He went on saying the measure should help reduce debt worth 300,000-600,000 baht for each teacher and cut their monthly repayment burden by 2,000-4,000 baht.

The latest measure came after the Education Ministry and the Government Saving Bank agreed to temporarily suspend legal action against teachers who default their debt payment, and to postpone their debt settlement deadline.

The cabinet has agreed to the financing package because it perceives that the measures of Education Ministry and the Government Saving Bank are insufficient to help teachers overcome their debt burdens, the spokesman said.

He added that the measures could only address financial problems of 1,000 of 51,000 debt-ridden teachers and settle debts worth 1.3 billion baht out of total 72 billion baht owed by the teachers.

Source: http://englishnews.thaipbs.or.th/content/150316

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-- Thai PBS 2016-02-10

Seems Thai teachers are generally pretty poor in high school maths...

But Why?

Aren't these people both educated and salaried enough not get into debt, or if they do let them sort it out themselves by selling the odd Fortuner vios etc, that should release some monthly credit as its probably on finance .

Just enquiring?

All they are doing is move the debt from one Bank to another,

the Government Savings Bank,and Government Housing Bank,

are always under pressure from the Government,loan to Farmers,

Rubber tappers,now the Teachers.over and over again it seems.

regards worgeordie

The Teachers were able to borrow up to 90% of their salaries. So, being highly educated they borrowed 90% and they bought new

cars,houses, washing machines, ect, because it was free money. In order to offset their decrease in salary, the schools started

paying teachers overtime, which they took from the students for extra learning classes. That would be a good idea, except

overtime was more of a after school baby sitting service. The students played and the teachers got OT!

My son is a Thai Teacher, teaching Advanced Thai Language, at a school in the northernmost area of Chiang Dao. When I offered to buy him a car, he told me he didn't need one right now. He "car pools" with other teachers from Chiang Mai to get to and from school. Because of the distance involved (2 hour drive), he receives extra pay. Every month he diligently pays on his student loans, and I help him pay for his Masters Degree program, which he is half way through now. At home he has a 300cc Honda Forza to drive on the weekends, which he loves. We have talked about how teachers get into debt, and he clearly understands it. His thoughts are to finish his Masters, get a better paying job, finish paying off his student loans, and THEN think about buying a car - when he can better afford it.

This is a smart young man who is one of the rare Thai who can actually think 5 - 10 years down the road. He also feels the same about a relationship. He's a damn good looking young man, with more real friends than I ever had, great personality, and the women all love him. When I tease him about not having a girlfriend, he tells me he is still young (32), and once he has a better job, then he'll think about marriage. In the meantime, he says he's still buying condoms. lol.

His goal is to get his Masters, then get transferred to a good school here in Chiang Mai, which will be better for him. He says that some of the other teachers he knows, and works with, are already in debt up to their eyeballs from buying new cars and trucks, and that's a parade he doesn't want to be a part of.

Keep the people in debt to the govt...another means of control.

But Why?

Aren't these people both educated and salaried enough not get into debt,.....

Just enquiring?

No, they tend to be not highly educated but are allowed to hold a high opinion of themselves and imagine that they are educated. This leads them to be easy marks for banks and real estate scammers who play to their inflated sense of self-worth. My brother in-law is a teacher. He and his peers, and I have known many for decades now, have a paltry education, and are all in debt over land or cars.

This is similar to the old '' coal miners company store, town'' except the government lets the teachers have loans which they splurge

on the most popular item of the day, but they recieve no addition income to pay on additional debt.

Both groups work a lifetime doing what they are told just getting by, and every so often a debt relief plan is proposed, but each time the debt owed to whatever finanical system, has gone up in total. At least the teachers put most of what they get back into local economy, as little as it is, as there is no company store needed, doing it this way.

You are all financial dinosaurs!

Borrow as much as you can, and never worry about repayment, it isn't your problem.

This is how everyone in the modern world works (including banks and governments).

I wonder why this government does not, with a stroke of a pen, limit loans to teachers within 40% of their annual pay.

After a soft loan you can then reload the hard ones, no? Mewannabenz.

When I first came here years ago. I met many teachers (women). After meeting a few I started avoiding them like the plague. Up to there eyeballs in debt, and wanting someone to bail them out. What a mess. I've been in teachers homes where they gamble almost every night. With other teachers and whoever else has money to gamble. Gambling, drinking, and in debt. Amazing.

I'm sure not all are like that. But the ones I meet were.

Edited by garyk

My son is a Thai Teacher, teaching Advanced Thai Language, at a school in the northernmost area of Chiang Dao. When I offered to buy him a car, he told me he didn't need one right now. He "car pools" with other teachers from Chiang Mai to get to and from school. Because of the distance involved (2 hour drive), he receives extra pay. Every month he diligently pays on his student loans, and I help him pay for his Masters Degree program, which he is half way through now. At home he has a 300cc Honda Forza to drive on the weekends, which he loves. We have talked about how teachers get into debt, and he clearly understands it. His thoughts are to finish his Masters, get a better paying job, finish paying off his student loans, and THEN think about buying a car - when he can better afford it.

This is a smart young man who is one of the rare Thai who can actually think 5 - 10 years down the road. He also feels the same about a relationship. He's a damn good looking young man, with more real friends than I ever had, great personality, and the women all love him. When I tease him about not having a girlfriend, he tells me he is still young (32), and once he has a better job, then he'll think about marriage. In the meantime, he says he's still buying condoms. lol.

His goal is to get his Masters, then get transferred to a good school here in Chiang Mai, which will be better for him. He says that some of the other teachers he knows, and works with, are already in debt up to their eyeballs from buying new cars and trucks, and that's a parade he doesn't want to be a part of.

I have 4 kids and certainly didn't want any to be a school teacher. The ones with Masters from abroad certainly would never dream of being teacher due to the poor money. Is it your real son or a step-son? If the latter, I'd be very suspicious as he's probably playing for the large inheritance or house. I suspect it's a step-son and the story seems very fishy. I'd bet nobody else here has a Thai step son who would refuse a car.

When I first came here years ago. I met many teachers (women). After meeting a few I started avoiding them like the plague. Up to there eyeballs in debt, and wanting someone to bail them out. What a mess. I've been in teachers homes where they gamble almost every night. With other teachers and whoever else has money to gamble. Gambling, drinking, and in debt. Amazing.

I'm sure not all are like that. But the ones I meet were.

Teachers here have an elevated Ajarn status. Must suck when you don't have the material goods to show for it. So what do you do, try to keep up appearances at any cost.

Many teachers have bought their degrees so they are not well educated the payments they made to receive it was the beginning of their debt problems.

My son is a Thai Teacher, teaching Advanced Thai Language, at a school in the northernmost area of Chiang Dao. When I offered to buy him a car, he told me he didn't need one right now. He "car pools" with other teachers from Chiang Mai to get to and from school. Because of the distance involved (2 hour drive), he receives extra pay. Every month he diligently pays on his student loans, and I help him pay for his Masters Degree program, which he is half way through now. At home he has a 300cc Honda Forza to drive on the weekends, which he loves. We have talked about how teachers get into debt, and he clearly understands it. His thoughts are to finish his Masters, get a better paying job, finish paying off his student loans, and THEN think about buying a car - when he can better afford it.

This is a smart young man who is one of the rare Thai who can actually think 5 - 10 years down the road. He also feels the same about a relationship. He's a damn good looking young man, with more real friends than I ever had, great personality, and the women all love him. When I tease him about not having a girlfriend, he tells me he is still young (32), and once he has a better job, then he'll think about marriage. In the meantime, he says he's still buying condoms. lol.

His goal is to get his Masters, then get transferred to a good school here in Chiang Mai, which will be better for him. He says that some of the other teachers he knows, and works with, are already in debt up to their eyeballs from buying new cars and trucks, and that's a parade he doesn't want to be a part of.

I have 4 kids and certainly didn't want any to be a school teacher. The ones with Masters from abroad certainly would never dream of being teacher due to the poor money. Is it your real son or a step-son? If the latter, I'd be very suspicious as he's probably playing for the large inheritance or house. I suspect it's a step-son and the story seems very fishy. I'd bet nobody else here has a Thai step son who would refuse a car.

First off, he's my legally adopted son. On the day of his adoption, on his own, he legally changed his last name to mine. On his first day at the new school, when he was introduced, the students all wondered why he had a farang last name. He told them he changed his name to honor the man who was his father. My wife told me once that she overheard a conversation between him and some of his friends, in which he stated that his American father was a hell of a lot better than most Thai fathers he knew.

A few years ago I offered to buy him a new lap top to replace the one he had. He told me he didn't need a new one, his was only 3 years old, and just fine.

I later offered to buy him an iPhone. He laughed and said his 1 year old Samsung was just fine.

When I offered to buy him a car, he said he didn't need one now. His Forza is fine for the weekends when he is home, and when he's at school, he doesn't need one. He rides his bicycle everywhere.

My wife has told me more than once, that it would devastate him if I died, and how much he loves me. When I had my stroke, he offered to quit working so he could stay home to take care of me.

He also knows I'm not rich, getting a full pension from the Veteran's Administration, and 50% from Social Security. When I die, it will take about a year for his mother/him, to be able to start collecting that, and then they don't get the full amount. The life insurance I have is just enough to pay off everything, leaving them payment free. When I wanted to buy a new CBR 250 right after they came out, my wife was against it. My son got pissed and told her - "Look at everything he has given us! And the only things he wants are a good compute and a good bike, so shut up and let him buy it!" My wife was floored, to say the least.

Yeah, you're right, there's probably damn few that have an adopted son like him, but I do, and I'm proud to call him my son.

So you can be "suspicious" all you want, but you don't know him, so you're in no position to pass any kind of judgment.

So basically their debts are passed on to their offspring as even the cremation welfare money is now serving as collateral.

My son is a Thai Teacher, teaching Advanced Thai Language, at a school in the northernmost area of Chiang Dao. When I offered to buy him a car, he told me he didn't need one right now. He "car pools" with other teachers from Chiang Mai to get to and from school. Because of the distance involved (2 hour drive), he receives extra pay. Every month he diligently pays on his student loans, and I help him pay for his Masters Degree program, which he is half way through now. At home he has a 300cc Honda Forza to drive on the weekends, which he loves. We have talked about how teachers get into debt, and he clearly understands it. His thoughts are to finish his Masters, get a better paying job, finish paying off his student loans, and THEN think about buying a car - when he can better afford it.

This is a smart young man who is one of the rare Thai who can actually think 5 - 10 years down the road. He also feels the same about a relationship. He's a damn good looking young man, with more real friends than I ever had, great personality, and the women all love him. When I tease him about not having a girlfriend, he tells me he is still young (32), and once he has a better job, then he'll think about marriage. In the meantime, he says he's still buying condoms. lol.

His goal is to get his Masters, then get transferred to a good school here in Chiang Mai, which will be better for him. He says that some of the other teachers he knows, and works with, are already in debt up to their eyeballs from buying new cars and trucks, and that's a parade he doesn't want to be a part of.

I have 4 kids and certainly didn't want any to be a school teacher. The ones with Masters from abroad certainly would never dream of being teacher due to the poor money. Is it your real son or a step-son? If the latter, I'd be very suspicious as he's probably playing for the large inheritance or house. I suspect it's a step-son and the story seems very fishy. I'd bet nobody else here has a Thai step son who would refuse a car.

First off, he's my legally adopted son. On the day of his adoption, on his own, he legally changed his last name to mine. On his first day at the new school, when he was introduced, the students all wondered why he had a farang last name. He told them he changed his name to honor the man who was his father. My wife told me once that she overheard a conversation between him and some of his friends, in which he stated that his American father was a hell of a lot better than most Thai fathers he knew.

A few years ago I offered to buy him a new lap top to replace the one he had. He told me he didn't need a new one, his was only 3 years old, and just fine.

I later offered to buy him an iPhone. He laughed and said his 1 year old Samsung was just fine.

When I offered to buy him a car, he said he didn't need one now. His Forza is fine for the weekends when he is home, and when he's at school, he doesn't need one. He rides his bicycle everywhere.

My wife has told me more than once, that it would devastate him if I died, and how much he loves me. When I had my stroke, he offered to quit working so he could stay home to take care of me.

He also knows I'm not rich, getting a full pension from the Veteran's Administration, and 50% from Social Security. When I die, it will take about a year for his mother/him, to be able to start collecting that, and then they don't get the full amount. The life insurance I have is just enough to pay off everything, leaving them payment free. When I wanted to buy a new CBR 250 right after they came out, my wife was against it. My son got pissed and told her - "Look at everything he has given us! And the only things he wants are a good compute and a good bike, so shut up and let him buy it!" My wife was floored, to say the least.

Yeah, you're right, there's probably damn few that have an adopted son like him, but I do, and I'm proud to call him my son.

So you can be "suspicious" all you want, but you don't know him, so you're in no position to pass any kind of judgment.

Im sure what you say is true. But why do you feel the need to share with all the mouthbreathers on this forum. None of their business.

wot worgeordie says it's a bank bailout

My son is a Thai Teacher, teaching Advanced Thai Language, at a school in the northernmost area of Chiang Dao. When I offered to buy him a car, he told me he didn't need one right now. He "car pools" with other teachers from Chiang Mai to get to and from school. Because of the distance involved (2 hour drive), he receives extra pay. Every month he diligently pays on his student loans, and I help him pay for his Masters Degree program, which he is half way through now. At home he has a 300cc Honda Forza to drive on the weekends, which he loves. We have talked about how teachers get into debt, and he clearly understands it. His thoughts are to finish his Masters, get a better paying job, finish paying off his student loans, and THEN think about buying a car - when he can better afford it.

This is a smart young man who is one of the rare Thai who can actually think 5 - 10 years down the road. He also feels the same about a relationship. He's a damn good looking young man, with more real friends than I ever had, great personality, and the women all love him. When I tease him about not having a girlfriend, he tells me he is still young (32), and once he has a better job, then he'll think about marriage. In the meantime, he says he's still buying condoms. lol.

His goal is to get his Masters, then get transferred to a good school here in Chiang Mai, which will be better for him. He says that some of the other teachers he knows, and works with, are already in debt up to their eyeballs from buying new cars and trucks, and that's a parade he doesn't want to be a part of.

I have 4 kids and certainly didn't want any to be a school teacher. The ones with Masters from abroad certainly would never dream of being teacher due to the poor money. Is it your real son or a step-son? If the latter, I'd be very suspicious as he's probably playing for the large inheritance or house. I suspect it's a step-son and the story seems very fishy. I'd bet nobody else here has a Thai step son who would refuse a car.

First off, he's my legally adopted son. On the day of his adoption, on his own, he legally changed his last name to mine. On his first day at the new school, when he was introduced, the students all wondered why he had a farang last name. He told them he changed his name to honor the man who was his father. My wife told me once that she overheard a conversation between him and some of his friends, in which he stated that his American father was a hell of a lot better than most Thai fathers he knew.

A few years ago I offered to buy him a new lap top to replace the one he had. He told me he didn't need a new one, his was only 3 years old, and just fine.

I later offered to buy him an iPhone. He laughed and said his 1 year old Samsung was just fine.

When I offered to buy him a car, he said he didn't need one now. His Forza is fine for the weekends when he is home, and when he's at school, he doesn't need one. He rides his bicycle everywhere.

My wife has told me more than once, that it would devastate him if I died, and how much he loves me. When I had my stroke, he offered to quit working so he could stay home to take care of me.

He also knows I'm not rich, getting a full pension from the Veteran's Administration, and 50% from Social Security. When I die, it will take about a year for his mother/him, to be able to start collecting that, and then they don't get the full amount. The life insurance I have is just enough to pay off everything, leaving them payment free. When I wanted to buy a new CBR 250 right after they came out, my wife was against it. My son got pissed and told her - "Look at everything he has given us! And the only things he wants are a good compute and a good bike, so shut up and let him buy it!" My wife was floored, to say the least.

Yeah, you're right, there's probably damn few that have an adopted son like him, but I do, and I'm proud to call him my son.

So you can be "suspicious" all you want, but you don't know him, so you're in no position to pass any kind of judgment.

You're right I don't know him and was wrong to pass judgement, but I can say you are a lucky man! Most step-sons, or adopted Thai sons are a nightmare.

My son is a Thai Teacher, teaching Advanced Thai Language, at a school in the northernmost area of Chiang Dao. When I offered to buy him a car, he told me he didn't need one right now. He "car pools" with other teachers from Chiang Mai to get to and from school. Because of the distance involved (2 hour drive), he receives extra pay. Every month he diligently pays on his student loans, and I help him pay for his Masters Degree program, which he is half way through now. At home he has a 300cc Honda Forza to drive on the weekends, which he loves. We have talked about how teachers get into debt, and he clearly understands it. His thoughts are to finish his Masters, get a better paying job, finish paying off his student loans, and THEN think about buying a car - when he can better afford it.

This is a smart young man who is one of the rare Thai who can actually think 5 - 10 years down the road. He also feels the same about a relationship. He's a damn good looking young man, with more real friends than I ever had, great personality, and the women all love him. When I tease him about not having a girlfriend, he tells me he is still young (32), and once he has a better job, then he'll think about marriage. In the meantime, he says he's still buying condoms. lol.

His goal is to get his Masters, then get transferred to a good school here in Chiang Mai, which will be better for him. He says that some of the other teachers he knows, and works with, are already in debt up to their eyeballs from buying new cars and trucks, and that's a parade he doesn't want to be a part of.

Sounds like he is made of the right stuff. I understand that 283,000 teachers have money problems is that out of a total of 284,000 or how many. If teachers with their education cannot handle money what hope is there for the other Thais. Is helping teachers classed as another populist policy? They sure seem to be building up lately.

I wonder why this government does not, with a stroke of a pen, limit loans to teachers within 40% of their annual pay.

Sorry no can do thats discrimination. Everybody else is allowed to go in the hole 100% or more and the teachers will be cut off at 40% We need all the spendthrift consumers we can get borrow or steal to keep this economy chugging along. As one poster stated why worry pass the debt on to the next generation. Borrow by happy for tomorrow we might be no more.

Edited by elgordo38

My son is a Thai Teacher, teaching Advanced Thai Language, at a school in the northernmost area of Chiang Dao. When I offered to buy him a car, he told me he didn't need one right now. He "car pools" with other teachers from Chiang Mai to get to and from school. Because of the distance involved (2 hour drive), he receives extra pay. Every month he diligently pays on his student loans, and I help him pay for his Masters Degree program, which he is half way through now. At home he has a 300cc Honda Forza to drive on the weekends, which he loves. We have talked about how teachers get into debt, and he clearly understands it. His thoughts are to finish his Masters, get a better paying job, finish paying off his student loans, and THEN think about buying a car - when he can better afford it.

This is a smart young man who is one of the rare Thai who can actually think 5 - 10 years down the road. He also feels the same about a relationship. He's a damn good looking young man, with more real friends than I ever had, great personality, and the women all love him. When I tease him about not having a girlfriend, he tells me he is still young (32), and once he has a better job, then he'll think about marriage. In the meantime, he says he's still buying condoms. lol.

His goal is to get his Masters, then get transferred to a good school here in Chiang Mai, which will be better for him. He says that some of the other teachers he knows, and works with, are already in debt up to their eyeballs from buying new cars and trucks, and that's a parade he doesn't want to be a part of.

I have 4 kids and certainly didn't want any to be a school teacher. The ones with Masters from abroad certainly would never dream of being teacher due to the poor money. Is it your real son or a step-son? If the latter, I'd be very suspicious as he's probably playing for the large inheritance or house. I suspect it's a step-son and the story seems very fishy. I'd bet nobody else here has a Thai step son who would refuse a car.

First off, he's my legally adopted son. On the day of his adoption, on his own, he legally changed his last name to mine. On his first day at the new school, when he was introduced, the students all wondered why he had a farang last name. He told them he changed his name to honor the man who was his father. My wife told me once that she overheard a conversation between him and some of his friends, in which he stated that his American father was a hell of a lot better than most Thai fathers he knew.

A few years ago I offered to buy him a new lap top to replace the one he had. He told me he didn't need a new one, his was only 3 years old, and just fine.

I later offered to buy him an iPhone. He laughed and said his 1 year old Samsung was just fine.

When I offered to buy him a car, he said he didn't need one now. His Forza is fine for the weekends when he is home, and when he's at school, he doesn't need one. He rides his bicycle everywhere.

My wife has told me more than once, that it would devastate him if I died, and how much he loves me. When I had my stroke, he offered to quit working so he could stay home to take care of me.

He also knows I'm not rich, getting a full pension from the Veteran's Administration, and 50% from Social Security. When I die, it will take about a year for his mother/him, to be able to start collecting that, and then they don't get the full amount. The life insurance I have is just enough to pay off everything, leaving them payment free. When I wanted to buy a new CBR 250 right after they came out, my wife was against it. My son got pissed and told her - "Look at everything he has given us! And the only things he wants are a good compute and a good bike, so shut up and let him buy it!" My wife was floored, to say the least.

Yeah, you're right, there's probably damn few that have an adopted son like him, but I do, and I'm proud to call him my son.

So you can be "suspicious" all you want, but you don't know him, so you're in no position to pass any kind of judgment.

Its all in the raisin and you raised a good apple and it seems to have not fallen far from the tree. You can die knowing that he will make it through life avoiding stupid debt pitfalls. He has the wword "winner" stamped on him.

You are all financial dinosaurs!

Borrow as much as you can, and never worry about repayment, it isn't your problem.

This is how everyone in the modern world works (including banks and governments).

Yes and no. Do not lump government in with the private sector. This leads to belief that government imposed austerity programs work as they would work within a household. That is nonsense.

I smell a plot to relieve them of their pensions.

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