PM Prayut cracks down on loan sharks

[webfact]

PM cracks down on loan sharks

 

BANGKOK, 18 April 2017 (NNT) - Prime Minister Gen Prayut Chan-o-cha has ordered authorities to keep a look out for loan sharks and report any suspicious activity to the authorities. 

Permanent Secretary to the Prime Minister’s Office Jirachai Moontongroy revealed that the premier had instructed his office to monitor the activities of informal creditors for loans with illegally high-interest rates. 

There have been several cases of loan sharking reported through the government’s various complaint channels, including Damrongtham centers across the country. 

Any informal lenders found to have issued loans with illegal interest rates will be prosecuted. According to the 2017 Act Prohibiting the Collection of Interest at an Excessive Rate, violators face a fine of no more than 200,000 baht or a jail term no longer than two years, or both. 

Jirachai said his office has been examining complaints of loan sharking for common suspects and repeat offenders. In these cases, the loan contracts will be scrutinized according to the 2017 Act. 

However, if the loan shark operation involves other investors, the penalties increase to a fine not more than 500,000 baht, a jail term no longer than five years, or both. The penalties double for civil servants.

 

-- nnt 2017-04-18

[darksidedog]

Good. These people are a scourge on society, preying on the poor and leaving them in a lifetime of debt with exorbitant interest rates. The law has been there for  long time, now implement it and put these evil b@stards out of business.

[SABloke]

Headline = PM cracks down on loan sharks
 
And then......Prayut Chan-o-cha has ordered authorities to keep a look out for loan sharks and report any suspicious activity to the authorities. 

Not the same thing at all

[ratcatcher]

2 minutes ago, SABloke said:

Headline = PM cracks down on loan sharks
 
And then......Prayut Chan-o-cha has ordered authorities to keep a look out for loan sharks and report any suspicious activity to the authorities. 

Not the same thing at all

"Prayut Chan-o-cha has ordered authorities to keep a look out for loan sharks and report any suspicious activity to the authorities. "

 

[mark01]

I keep seeing these "crack downs"  announcements.

Nothing really changes.... Except perhaps the bib buying bigger cars.

[Mickmouse1]

From my knowledge and experience the law enforcers are the ones protecting the big unofficial lenders.I sat daily with both at the same table once upon a time?

[Hayduke]

3 hours ago, webfact said:

Prime Minister Gen Prayut Chan-o-cha has ordered authorities to keep a look out for loan sharks and report any suspicious activity to the authorities. 

So if the authorities in question notice any suspicious activity while ‘looking out’, they will report it to…themselves?

A cunning plan. Another crack down assured of success and another problem solved.

Edited April 18, 2017 by Hayduke

[trainman34014]

Oh Whoopee; another 48hr crackdown !      Laughable; i've lived in The Boonies for ten years and you can go to any market and find at least one loan shark.   The local community rely on them as they are not all charging high interest rates; indeed, many are competitive or lower than the banks.   People often borrow money on a weekly or at most monthly basis and many would starve without it.

 

What people should be 'watching out for' is their leaders wasting billions on unneeded Submarines and Tanks ! 

[Get Real]

I have always said that this guy Prayut, was a good guy. Now everybody vcan see it.

[hanuman2543]

Let me tell you a secret: look out for 

two guys, normally wearing green jackets, full face helmets and riding on a CB 150. The driver is normally the "enforcer". Just ask every normal Thai for confirmation. All over Thailand you can find them.

Edited April 18, 2017 by hanuman2543

[pentap]

Let me tell you a secret: look out for 
two guys, normally wearing green jackets, full face helmets and riding on a CB 150. The driver is normally the "enforcer". Just ask every normal Thai for confirmation. All over Thailand you can find them.

Very true.


Sent

[pentap]

Start the crack-down from the very top. It's not rocket science.


Sent from my iPad using Thaivisa Connect

[ukrules]

Exactly what interest rate is regarded as too much ? What's the cut off point where it changes from being legal to illegal ?

[fxe1200]

There is something I am missing. That is the crackdown on pawnshops, especially the motorcycle type. Here downtown Hat Yai they will charge you 3 percent per month of the initial amount or 36 % per annum. As this is an annuity with monthly payments, the effective interest rate is then about 72%, which is a complete rip-off.

[Chris Lawrence]

10 minutes ago, fxe1200 said:

There is something I am missing. That is the crackdown on pawnshops, especially the motorcycle type. Here downtown Hat Yai they will charge you 3 percent per month of the initial amount or 36 % per annum. As this is an annuity with monthly payments, the effective interest rate is then about 72%, which is a complete rip-off.

Hope u send this off to the General and ask to keep u informed; or u might want to get out of Dodge while the gentle people at the bike shop are being prosecuted.

[fxe1200]

Posted 7 minutes ago · Report post

19 minutes ago, fxe1200 said:

There is something I am missing. That is the crackdown on pawnshops, especially the motorcycle type. Here downtown Hat Yai they will charge you 3 percent per month of the initial amount or 36 % per annum. As this is an annuity with monthly payments, the effective interest rate is then about 72%, which is a complete rip-off.

Hope u send this off to the General and ask to keep u informed; or u might want to get out of Dodge while the gentle people at the bike shop are being prosecuted.

 

The police get their share, no way for me to do something about it.

 

[saakura]

4 hours ago, Get Real said:

I have always said that this guy Prayut, was a good guy. Now everybody vcan see it.

Agree. Truly, he is a selfless leader of the masses, champion of the poor and downtrodden, a revered statesman who will be remembered by history.

[Dumbastheycome]

4 hours ago, hanuman2543 said:

Let me tell you a secret: look out for 

two guys, normally wearing green jackets, full face helmets and riding on a CB 150. The driver is normally the "enforcer". Just ask every normal Thai for confirmation. All over Thailand you can find them.

Yes,  true.

And  often the  two on  the  bike  are  doing  the  job  because  they  are  also deep in debt  to  the   Boss. 

[jacko45k]

Well done PM, in the UK we make them legal and let them advertise their 70% plus loans on TV.

[Get Real]

8 hours ago, saakura said:

Agree. Truly, he is a selfless leader of the masses, champion of the poor and downtrodden, a revered statesman who will be remembered by history.

When I read this, it´s like nothing I ever read. I mean, you just say it so much better than me.

[stereolab]

Well done PM, in the UK we make them legal and let them advertise their 70% plus loans on TV.

Have you seen a recent U.K. Advert with 1289% apr. Astonishing.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

[Jimbo in Thailand]

Well PM 'Little P', here's a tip to attack the loan sharks.  Come to Roi Et (city) early in the morning and watch all the motorbike mafia guys heading out, like clockwork, in all directions each day to 'service' all the small villages within Roi Et district.  I've watched these guys for years and years preying on the Isaan poor.  One of the Thai locals borrowed money from them and couldn't pay them back in full thanks to the exponential interest rates they charge.  One day the poor guy simply disappeared.  When he didn't show up his roommate went searching for him. He finally found his burned corpse in the woods not far from his house.  No problem because there was a suicide note actually written by the dead guy.  The only problem was an autopsy revealed a gunshot wound to the back of his head.  Amazingly this 'suicidal' chap was able to set himself ablaze after shooting himself in the cranium... and... no gun was found at the scene.  Yep, simply amazing.

 

Obviously this never-ending daily tsunami of easy cash for the criminal Thai lenders runs deep in Thailand and could not exist without the RTP and/or government big wigs protecting the industry.  Anyone who thinks that Fearless Leader  will lift even a pinky fingernail to stop this is nuts.   

Edited April 19, 2017 by Jimbo in Thailand