Ref Thai wife acting as a gurantor wth no income

[ableguy]

I asked this question in the middle of a previous thread but got no answers, Farang married to a Thai wife farang retired with a pension living here on a marriage visa, he has cash in the bank due to visa requirments 400.000, plus a pension amount unknown, does not own property in Thailand.

The wife with no income and no assets acts as gurantor for the purchase of a new truck and then a motor cycle for a close relative, tells the husband she has done this but he does not understand how she can do this with no job and no assets. Question , how can she do this ? Is she quoting the husbands income for the guarantee, in case of default on payment will the husband be liable even though he signed nothing.

I think I know the answer but I have to convince him, note this is not me, so save all your snide comments for another post.

All true answers much appreciated.

[rocketboybkk]

She can't

But all of a sudden she is asked to pay the loan & farang husband is then asked to step in as she has nothing

Scammed - him by her

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[johnatong]

Is it any of your business or is this farang you ?

I doubt anyone could act as a guarantor without being able to evidence personal assets which, if what you say is fact, is not the case in respect of this lady.

No bank or reputable finance company would agree to such an arrangement.

[rgs2001uk]

I suggest you read up on Thai law.

The husband will be held responsible for the Thai wifes loans, vice versa.

Thats for free.

Nothing anti farang in it, its the law.

[rocketboybkk]

What Thai law?

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[tubby johnson]

You got scammed.

Your wife's subterfuge will leave you responsible for these unpaid debts.

Contact a lawyer.

[stevenl]

You got scammed.

Your wife's subterfuge will leave you responsible for these unpaid debts.

Contact a lawyer.

Contacting a lawyer will cost money and won't help anything: the husband and wife are together liable for unpaid truck and motorbike loan.

[shirtless]

You have been done over on the marriage scam , you will end up paying when she inevitably defaults.

[johnnybgood]

Could someone care to explain the steps the Thai people can take

to make the foreign spouse pay anything without him just walking away?

Perhaps a gun to the head at an ATM?

Civil Law and such stuff..............

Edited May 29, 2016 by johnnybgood

[Don Mega]

I suggest you read up on Thai law.

The husband will be held responsible for the Thai wifes loans, vice versa.

Thats for free.

Nothing anti farang in it, its the law.

only half the debt would be his.

[Seizetheday]

Obviously your wife has a good credit history that the bank will allow her to be a guarantor despite her having no income.

Assets in your name are safe, any joint assets would be subject to the guarantee.

When I bought my first car 12 years ago they wanted a guarantor, the woman who guaranteed us barely had any assets, but they were happy for her to be the guarantor and we got the car.

[stevenl]

Obviously your wife has a good credit history that the bank will allow her to be a guarantor despite her having no income.

Assets in your name are safe, any joint assets would be subject to the guarantee.

When I bought my first car 12 years ago they wanted a guarantor, the woman who guaranteed us barely had any assets, but they were happy for her to be the guarantor and we got the car.

Assets in his name can be joined assets as well. Only assets already owned pre marriage are not included.

[ableguy]

Thanks for the replies, for all of you who cannot read past first grade level ask someone to help you.

I am not married.

I have assets.

I have a high pension.

I would never act as a gurantor for anything, neither would I ever marry, I live with my gf of seven years happily.

[tomwct]

She's married to you! Half of your assets are hers. When the creditor comes calling you'll pay up or lose half your property.

Welcome to Amazing Thailand!

[NanLaew]

True story. In a similar way as the OP infers, the financing my ex-wife negotiated with a reputable Thai bank for the home purchased over 30 years ago was guaranteed by my overseas income. However, I signed absolutely no paperwork to this effect and they never sought any actual proof of my income. Skip forward several years and unknown to me, she has remortgaged the property before doing a runner (left the country) and subsequently going into default on the loan. The bank came to visit and asked what I could do to help them. Since I hadn't signed anything there was nothing that I was legally obliged to do and they knew it. When they suggested legal steps, I reminded them that since they had made no effort to confirm the (soon to be ex-) wife's remortgaging with me personally, they were on a hiding for nothing. Neither of us needed a lawyer to work that one out. Since I didn't even have any contact details for her, they left totally empty handed. I moved out (and moved on) and she came back and found she no longer had a home. A couple of years later, she didn't have a husband either.

With regard to the OP's questions, I seriously doubt that any bank will finance a house purchase on a foreigners stated pension these days; it's hard enough for Thai's to qualify for home financing. The biggest danger is the OP's friends wife setting up this purchase through a loan shark which is much more likely these days. That is fraught with danger.

[Don Mega]

She's married to you! Half of your assets are hers. When the creditor comes calling you'll pay up or lose half your property.

Welcome to Amazing Thailand!

Only half of what was obtained during the marriage.

[Bullie]

Thanks for the replies, for all of you who cannot read past first grade level ask someone to help you.

I am not married.

I have assets.

I have a high pension.

I would never act as a gurantor for anything, neither would I ever marry, I live with my gf of seven years happily.

Is your girlfriend of 7 years happy too if she unexpectedly is left emptyhanded upon your demise?

[ableguy]

Thanks for the replies, for all of you who cannot read past first grade level ask someone to help you.

I am not married.

I have assets.

I have a high pension.

I would never act as a gurantor for anything, neither would I ever marry, I live with my gf of seven years happily.

Is your girlfriend of 7 years happy too if she unexpectedly is left emptyhanded upon your demise?

n

She will not be empty handed, we live in anew house I bought for cash fifteen months, ago in her name me on a usafruct agreement, she also has a two year old Ford Fiesta and a decent sized bank account

[hanuman2543]

She's married to you! Half of your assets are hers. When the creditor comes calling you'll pay up or lose half your property.

Welcome to Amazing Thailand!

Please give proper advice or keep quiet. I suggest you read the TCC starting from Section 1460 (property of husband and wife)

[rocketboybkk]

The bickering has commenced

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[Toscano]

This is common practice in Thailand . Usually the person wishing to borrow money gathers as many family members and friends together as they can to act a guarantors .

The Farang should know the borrower and the capacity of other guarantors to pay up if necessary . Thais don't see it as fraud , just helping family or friend , I think the Farang is quite safe .

[meatboy]

i would have a guess that the op's freind doesnt know his wife.to borrow money she must have assetts tucked away somewhere,nobody would lend money or go gurantor without any proof.dont forget if you borrow they will only give you no more than half of what the total assetts are worth.

your freind ableguy needs a reality check.

[Generalchaos]

There are some interesting links here regarding "personal" and "Marital" property. http://www.thaicontracts.com/learning-6.html and here is a bit more detail about requiring consent from the spouse.

Section 1476. In managing the Sin Somros in the following cases, the husband and wife have to be joint manager, or one spouse has to obtain consent from the other:

1. Selling, exchanging, sale with the right of redemption, letting out property on hire-purchase, mortgaging, releasing mortgage to mortgagor or transferring the right of mortgage on immovable property or on mortgageable movable property;
2. Creating or distinguishing the whole or a part of the servitude, right of inhabitation, right of superficies, usufruct or charge on immovable property;
3. Letting immovable property for more than three years;
4. Lending money;
5. Making a gift unless it is a gift for charitable, social or moral purposes and is auitable to the family condition;
6. Making a compromise;
7. Submitting a dispute to arbitration;
8. Putting up the property as guarantee or security with a competent official or the Court.

This area is a little bit grey, but it looks like there needs to be sort of agreement from the other spouse if one spouse takes on personal debt.

Section 1490. Debts that both spouses are jointly liable to perform, shall include the following debts incurred by either spouse during marriage:

(1) debts incurred in connection with management of household affairs and providing for the necessaries of the family, or maintenance, medical expenses of the household and for proper education of the children;
(2) debts incurred in connection with the Sin Somros;
(3) debts incurred in connection with a business carried on by the spouses in common;
(4) debts incurred by either spouse only for his or her own benefit but ratified by the other.

Edited May 30, 2016 by Generalchaos

[D3030]

I asked this question in the middle of a previous thread but got no answers, Farang married to a Thai wife farang retired with a pension living here on a marriage visa, he has cash in the bank due to visa requirments 400.000, plus a pension amount unknown, does not own property in Thailand.

The wife with no income and no assets acts as gurantor for the purchase of a new truck and then a motor cycle for a close relative, tells the husband she has done this but he does not understand how she can do this with no job and no assets. Question , how can she do this ? Is she quoting the husbands income for the guarantee, in case of default on payment will the husband be liable even though he signed nothing.

I think I know the answer but I have to convince him, note this is not me, so save all your snide comments for another post.

All true answers much appreciated.

It's up to the bank or whomever is going to put the money up, that agreed his wife can be the guarantor, even with no proof of employment/income..

Seems the bank would have wanted to know, how could she pay the loan back, if necessary..

So "I assume" she said, my husband is a farang with a monthly income, and would have had to shown proof to the finance company..

Plus, it helps if they have been married awhile, with child(ren).

Just shows that you're most likely going to stay in Thailand for awhile..

Anyway.. Apparantly, Thai law, if you get a divorce, you split your assets 50/50..

So, sounds like being married, makes your friend liable to pay for the loan, or morally responsible if the relative defaults on the payments..

Edited May 30, 2016 by D3030

[dotpoom]

I suggest you read up on Thai law.

The husband will be held responsible for the Thai wifes loans, vice versa.

Thats for free.

Nothing anti farang in it, its the law.

By "vice versa" I assume you mean if the shoe were on the other foot, the wife would be responsible for the husband's loans (taken out after they were married, of course). Somehow can't see much of that happening?

[mikiea]

I suggest you read up on Thai law.

The husband will be held responsible for the Thai wifes loans, vice versa.

Thats for free.

Nothing anti farang in it, its the law.

the truth is as 2001uk stated ,same is true in most countries . run forrest run ....................

[mikiea]

Thanks for the replies, for all of you who cannot read past first grade level ask someone to help you.

I am not married.

I have assets.

I have a high pension.

I would never act as a gurantor for anything, neither would I ever marry, I live with my gf of seven years happily.

yea ...yea ... right , they all say that ... riding kinda tall in the saddle are we ? it is ok ... insult and then whine ? next time ride a horse not a Shetland pony .

Edited May 30, 2016 by mikiea

[chilli42]

You can't be a guarantor on a loan with no income or assets ... period.

The wife has pledged her husbands assets to act as guarantor.

The husband will have to cover the debt/payments when there is a default. Given the description you have given here, a default seems like a sure thing.

Tell your freind to find a new wife ... this one is a liar and a cheat.

[jacksam]

Few members typing about banks, finance companies etc. The OP did not mention who provided finance for relative. If it loan shark they will get the money out of him.

[hatewaitin]

Section 1476. Sin Somros

8.Putting up the property as guarantee or security with a competent official or the Court.

Section 1490.

(4) debts incurred by either spouse only for his or her own benefit but ratified by the other.

Both of these descriptions should answer your question