Isaan loan shark tries to seize blocks of land from victims

[halloween]

1 hour ago, jonclark said:

Whilst I completely concur with the sentiments of other posters and the criminality of the loan sharks. This outrage still doesn't tackle the underlying issue that for the poor, access to money in the form of legitimate bank loans etc is actually quite difficult. 

 

Loans require evidence of a job (tax returns, payment slips etc), which for farmers etc may not be possible or even exist. Possible collateral - land deeds etc. and a willing guarantor which can demonstrate either one or both of the previous points. 

 

So whilst it is all well and good saying they shouldn't borrow etc etc. All people need at some point in their life access to a loan of some sort or another. 

 

 

 

 

Absolutely correct! My BIL wanted a small loan to expand his business but even owning his home and a few rai, couldn't get a loan from the bank. I offered him the B200,000 @ 1%/month reducible which I thought would be easy to calculate - end of each month add on 1% and then pay whatever he could afford. He thought that was too complicated and offered 10%pa flat, and was quite happy to pay what I thought was exorbitant. Paid in full in 2 years.

[starky]

3 hours ago, Prbkk said:

Sometimes stupid but more commonly desperate with nowhere else to turn.

Lot of poor desperate people in Isaan that at least have the common sense to not lose the family land on top of everything else by going to a loan shark.

[PremiumLane]

6 hours ago, ezzra said:

Many Thais in need of cash do the what Thai people term Khai-Fak process whereby they transfer

the property at the land department to the lender subject to a loan of a

specific time and interest payable at the end of the specified period, should

they fail, the land than will be transferred fully to the lender, and it's 100% legal....

what happened in many cases is when they fail to pay, some cries blue murder

and act as if they didn't know what they got themselves into.....

Another dullard Thai bashing post I see.

 

How about the fact that these people are poor and have a lack of education when it comes to financial goings on  and are then prayed upon by these loan sharks. Added to the fact that even though the country is awash with money, there is no social care system.

 

 

[Golden Triangle]

I really despise Loan sharks, they are the scum of the earth and should all be locked up.

 

" Her indoors " family approached (us) = me for a loan of Baht 200,000, that was to be repaid by the following year, that was in 2014 LOL,

I have just received a payment of Baht 50,000. They did actually want to repay 100,000 but I told them that the 50k would be okay and they can pay back some more when they have a good harvest, I don't care how long it takes as long as they pay it back and it's interest free.

 

I'm not complaining, I would rather that they come to me for a smallish loan rather than a loan shark and lose everything they have.

 

In all my years of coming here, about 13 I think, I have only lent money twice, once was too a lovely lady who was only a friend, she repaid me in full, and the other half,s family who are in the process of repaying.   

[oldlakey]

3 hours ago, biggles45 said:

"Certainly desperate, but ALWAYS stupid for not seeing the inevitable end"

 

Perhaps they don't have any other options to borrow ! Banks are not a possibility, unless of course you have so much already that you don't have a problem getting the loan. 

If you cant service your everyday financial needs from your income, then taking a loan from anywhere is only going to achieve a temporary respite

Its absolute madness to pledge your only concrete asset against the loan

Just a matter of time before you are further in the mire

I know for a fact there is no pleasure in being short of money

My own solution in days long gone was to go without, but that might not be an option for other peoples situation

[oldlakey]

1 hour ago, PremiumLane said:

Another dullard Thai bashing post I see.

 

How about the fact that these people are poor and have a lack of education when it comes to financial goings on  and are then prayed upon by these loan sharks. Added to the fact that even though the country is awash with money, there is no social care system.

 

 

The cure to the problems you mention can only come from the Thais themselves

Hopefully they will make a genuine start shortly

[peter124]

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[peter124]

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[Brigante7]

My wifes home town, I'll have to see if she knows the woman, the woman owns a motorcycle dealership so that should narrow it down.

 

 

 

Brigante7.

[Nip]

8 hours ago, ezzra said:

Many Thais in need of cash do the what Thai people term Khai-Fak process whereby they transfer

the property at the land department to the lender subject to a loan of a

specific time and interest payable at the end of the specified period, should

they fail, the land than will be transferred fully to the lender, and it's 100% legal....

what happened in many cases is when they fail to pay, some cries blue murder

and act as if they didn't know what they got themselves into.....

You are correct up to the part that the % charged must not be more than 15% per annum and the loan shark must have a registered tax paying loan company. 99% of loan sharks are opportunist criminals who disadvantage the poor and intentionally lend money that can never be repaid. They are scum pure and simple. 

[Stargeezr]

I am glad to hear that loan sharks are being arrested and shut down, as I believe there are too many of them

in Thailand that have gained land by loaning money to the poor people only to exploit them and get both their

money and land. Shameful practice that needs to be stopped. THis woman needs to be shut down.

[wprime]

22 hours ago, kannot said:

If I was lending money here ( which I dont) Id  also want the land plots as collateral in the "land of no responsibility" the people who  borrow money will often  try and default.

No one else will lend  them money as they are an obvious high risk so what do they expect?

I thought all loan sharking was  illegal anyway?

Yes but these loan sharks were refusing repayments so they could eventually take over the borrower's land.

[lamyai3]

20 hours ago, starky said:

No one asked them to borrow the money, no one forced them to give their property as collateral and no one made them accept any amount way less than the alleged worth of their property. No point in blaming the lender even though their methods are distasteful every person knew what they were getting themselves in for and also certainly knew they couldnt pay it back. How you going to pay off a loan as a peasant farmer from isaan with no income? Seems like just another typical Thai story of the rich screwing over the poor and disadvantaged.

Agree with your final sentence, but the rest of what you've written appears to blame the people who've been ripped off for not being savvy enough. You do realise many of these farmers are uneducated and illiterate, and likely had no idea what they were getting themselves into? 

 

Despicable behaviour, I hope they throw the book at the loan shark. 

[delgarcon]

On 17/05/2017 at 8:38 AM, djayz said:

Children from a very early age should be taught to "save for a rainy day". 

Although I despise these loan sharks preying on those desperate enough to go to them, I simply can't stand the people who go to them.

So you can't stand the people who have to borrow money to maybe save a family member's life or provide for children dumped on them by a lousy husband who is not required to look after his family when he leaves them. Save for a rainy day? You're living in cloud cuckoo land while they're living from hand to mouth. Don't you know that there is no welfare system in Thailand, apart from a 30 baht a day allowance which doesn't cover specialist treatment, what would you do if your old man was dying?

[cyberfarang]

On 17/05/2017 at 7:29 AM, clockman said:

And all good Buddhists.!

Nothing to do with it.

 

Loan shark or not, it is still his money and these people owe him the debts. What did they expect, the man was going to give them money as a charitable gift. He`s in this strictly for profit as a business and have no sympathy for the people who used his services. Sign on the dotted line and you`re committed. Always been that way and always will.

[pentap]

Typical.

But wait! Less than 1 percent are unemployed but over 15 million are claiming near poverty.

Yep! All is well!

[Bastos60]

53 minutes ago, cyberfarang said:

Nothing to do with it.

 

Loan shark or not, it is still his money and these people owe him the debts. What did they expect, the man was going to give them money as a charitable gift. He`s in this strictly for profit as a business and have no sympathy for the people who used his services. Sign on the dotted line and you`re committed. Always been that way and always will.

They borrowed 150000 baht and the final demand to repay was 850000 Baht, They were paying 5100 baht montly in interest that is an interest rate of 40%.
The interest paid are almost the amount he borrowed. 
This is a clear case of a loan shark 'extorting' these people,  she never had any plan of being fair to these people, she had already earned far enough but since
these people lack any protection they had to give up everyting.

If there was a valid contract, the loan shark would have never caved. But there was no valid contract.

 

So stop spewing BS.  
 

[djayz]

1 hour ago, delgarcon said:

So you can't stand the people who have to borrow money to maybe save a family member's life or provide for children dumped on them by a lousy husband who is not required to look after his family when he leaves them. Save for a rainy day? You're living in cloud cuckoo land while they're living from hand to mouth. Don't you know that there is no welfare system in Thailand, apart from a 30 baht a day allowance which doesn't cover specialist treatment, what would you do if your old man was dying?

You should look a little closer at 1) what they spend (waste?) their money on and 2) why are they living from hand to mouth. 

I see an awful lot of waste - people spending money on crap they don't really need and can't afford.

I don't condone what loan sharks do, but a lot of these borrowers/victims have nobody to blame but themselves. 

All of the scenarieos you paint are more of the exception than the rule. If I had a Baht for every sob story I've heard/read about, I'd be a billionaire by now. 

It's always the same lazy, ignorant sh*ts the world over. 

I have zero sympathy for them or the bunch of do-gooders who sympathise with them. 

How many of these people have you helped? How many children dumped on them by a lousy husbands have you raised, sent to school and university?

How many family member's lives have you saved? 

I used to believe in tne motto "One for all and all for one" until I noticed that too many people just take, take, take and never put anything back in the pot. 

Now I say <deleted> them all! Make your own way in life. Pay your own way. Raise your own family. Takw care of yourself. 

So I'll say it again: I despise people who victimize their fellow human beings and I can't stand people who constantly and repeatedly allow themselves to fall into the same trap and be victims. 

Like it or lump it.

Life's hard for everybody, and even harder for others. 

Edited May 22, 2017 by djayz

[Bastos60]

1 hour ago, djayz said:

You should look a little closer at 1) what they spend (waste?) their money on and 2) why are they living from hand to mouth. 

I see an awful lot of waste - people spending money on crap they don't really need and can't afford.

I don't condone what loan sharks do, but a lot of these borrowers/victims have nobody to blame but themselves. 

All of the scenarieos you paint are more of the exception than the rule. If I had a Baht for every sob story I've heard/read about, I'd be a billionaire by now. 

It's always the same lazy, ignorant sh*ts the world over. 

I have zero sympathy for them or the bunch of do-gooders who sympathise with them. 

How many of these people have you helped? How many children dumped on them by a lousy husbands have you raised, sent to school and university?

How many family member's lives have you saved? 

I used to believe in tne motto "One for all and all for one" until I noticed that too many people just take, take, take and never put anything back in the pot. 

Now I say <deleted> them all! Make your own way in life. Pay your own way. Raise your own family. Takw care of yourself. 

So I'll say it again: I despise people who victimize their fellow human beings and I can't stand people who constantly and repeatedly allow themselves to fall into the same trap and be victims. 

Like it or lump it.

Life's hard for everybody, and even harder for others. 

Quite harsh, but for many cases it is the truth.
But it is not the case for the people in the article. They had land to give as collateral, seems to me they have been investing their money, doesn't look like useless crap to me.
Another victim invested in his business with money from a loanshark. Again, not wasting money, seeing an opportunity and going for it, but a loanshark is not the best business partner for that. 

 

These are genuine stories that should be heard, just to offset those stories where your assumption is true.

[djayz]

2 minutes ago, Bastos60 said:

Quite harsh, but for many cases it is the truth.
But it is not the case for the people in the article. They had land to give as collateral, seems to me they have been investing their money, doesn't look like useless crap to me.
Another victim invested in his business with money from a loanshark. Again, not wasting money, seeing an opportunity and going for it, but a loanshark is not the best business partner for that. 

 

These are genuine stories that should be heard, just to offset those stories where your assumption is true.

...but for many cases it is the truth.

But it is not the case for the people in the article. Based on the article reported. I'd love to know the story that wasn't report ?

[oldlakey]

14 hours ago, Bastos60 said:

They borrowed 150000 baht and the final demand to repay was 850000 Baht, They were paying 5100 baht montly in interest that is an interest rate of 40%.
The interest paid are almost the amount he borrowed. 
This is a clear case of a loan shark 'extorting' these people,  she never had any plan of being fair to these people, she had already earned far enough but since
these people lack any protection they had to give up everyting.

If there was a valid contract, the loan shark would have never caved. But there was no valid contract.

 

So stop spewing BS.  
 

Well at least you seem to have grasped what a LOAN SHARK actually is and does

Contract my backside

[oxo1947]

On 17/5/2560 at 7:54 AM, Fulwell53 said:

these companies are universally condemned by all sections of the uk church movement and social justice advocates.

I think you will find that the church of England heavily invested in Wonga---and the Queen (who is head of the C.of.E is still their landlord.......

 

Her Majesty takes thousands of pounds a year in rent from company that charges up to 5,853% interest on loans . She has (what is described by the palace ) as a "small" £4billion property portfolio which includes Wonga's head office

-----------------------------------------------

The Church of England's financial arm has an interest in the payday lending firm, believed to be around £100,000. But this apparently forms part of much bigger pooled fund, and it isn't possible to get rid of the Wonga element without risking as much as £9million on the whole package. So the Ethical Investment Advisory Group of the Church of England has decided to retain the shares in 5,853% APR Wonga,

http://archbishop-cranmer.blogspot.com/2014/06/church-of-englands-wonga-woe.html