Lending money to a Thai relative, legal advise?

[little mary sunshine]

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[helloagain]

On Monday, June 12, 2017 at 11:42 PM, Here It Is said:

Legal coverage? Are you pulling my ahem?


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Hold on to their chanote with a letter stating if not paid by ? The land is given to you. Make a company then sell it

[bangkokairportlink]

You must be joking !

 

 

[GarryP]

I lent Baht 200,000 to a motorcycle taxi driver I have known for a number of years. I drew up a contract with a repayment schedule, which was also witnessed by a third party. I received every Baht back. Not once was he late with payment. In fact, if he knew I was going to be busy on any payment due date, he repaid in advance.  

 

So many posters paint all Thais with the same brush, when in fact there is no difference with other nationalities. There are good and bad people everywhere. You just need to be careful. 

[al007]

Thai s generally are very bad at repaying loans, hence the credit card companies will only let government employees have them

 

First of all many towns give and pay for new roofs when blown off

 

Suggestion just say you do not lend money, maybe GIVE 10.000 to 15,000 bhat as contribution

 

Another comment 100,000 for a roof very big roof maybe a full temple

 

Good luck be careful

[Ahab]

Don't do it. if you have extra cash laying around give it to them, that way you will not expect it back. Otherwise just say no. That is what I do with my relatives back in the USA, and what I would do here in Thailand (mostly just saying no).

[Confuscious]

I need to repair the roof of my house too.
I would be glad if you would lend me 500,000 baht.
I will sign all "legal" contracts possible in Thailand.
Do we have a deal?

By the way, I also have a bridge for sale in England.
A 1 in a million deal.

[Nice Boyd]

I take their Gold and they don't  have to pay pawn shop or gold shop, ez, that or nothing except gifts

[Nice Boyd]

51 minutes ago, GarryP said:

I lent Baht 200,000 to a motorcycle taxi driver I have known for a number of years. I drew up a contract with a repayment schedule, which was also witnessed by a third party. I received every Baht back. Not once was he late with payment. In fact, if he knew I was going to be busy on any payment due date, he repaid in advance.  

 

So many posters paint all Thais with the same brush, when in fact there is no difference with other nationalities. There are good and bad people everywhere. You just need to be careful. 

One in a million, 67 more out there, lol

Edited June 14, 2017 by Nice Boyd

[bazza73]

100,000 baht for a roof? 10K to 20K would be more like it. I suspect this is a fishing expedition to see how much they can con out of the OP.

[BTB1977]

Ooooh my buddha, why are you responsible for your girl friend s aunts roof????. Many red flags here. Run away as far as possible. Are you new to thailand??you will have dumb ass written on your forehead if you give any money to the family. Take care of the girlfriend only. And nothimg if she is not working. My girlfriend has her own money. She works. She says I do not need your money. But I would help her mother and father if needed. They are out there. You just have to look. Kiss your money good bye. I would kiss her good bye fast. 

[Upnotover]

1 hour ago, al007 said:

hence the credit card companies will only let government employees have them

 

Not true.

[Roger Harris]

In Thailand "Don't lend and don't Borrow" stay on the safe side, roof far to expensive, doe's it house the buffalo

[Foozool]

There is a "small" chance that you get your money back. 

How much or when, no one knows. 

My girlfriend often asks for 2 or 3000, but I never receive the money back in full. I don't mind, but the question is when she will ask for a big one. 

 

[ross163103]

I did this once or twice--didn't learn the first time, anyway, never again. In the end I ended up calling it a gift.......made myself feel better about the situation. My advice.........DON'T

[Retiredandhappyhere]

Having paid a Thai builder around 3 million bahts for (good) work carried out on my properties, I was asked to lend him 70000 bahts to enable him to start his next job for another customer.  During the period of about a year that he worked for me, my wife and I became good friends with him and his wife and we spent many dinners etc together naturally at my expense.

 

In the light of that background, I was happy to lend him the 70000, interest-free, which he signed for, supposedly just for a one month period.  We never saw him again and were unable to trace him.  This was the last example of 5 or 6 such previous (smaller) "loans", to my wife's friends and relatives,  allegedly for worthy causes (medical treatment, car repairs etc) which all turned out to be gifts. 

[jgm005]

Plain and simple don't!

My wife loaned her 1st cousin 100k years ago and she is still waiting to see even 1 baht back. Thais have a unending number of excuses. And no I am not Thai bashing. Just plain old common sense.

 

Edited June 14, 2017 by jgm005

[natway09]

There is no such thing here as lend.    You give or you DON"T

[The Deerhunter]

On 6/12/2017 at 11:52 PM, SiamBeast said:

Here's the best legal advice I can give you:

 

"Don't"

 

 

In Thailand, lending money means giving money.

A bit on the tough side but not too far from the truth.  Many people are hopeless at planning and that means planning how to get you back the money they couldn't save up in the first place.  100 Thousand baht is not that much, even in Thailand but for many people it is may as well be a million dollars (not baht,).  The poor are really poor.   We have been very generous to wife's parents but some in my (wife's) family have borrowed money from several other family members (but not me) with no realistic intention to pay it back, ever!!  There are tens or perhaps 100's of thousands who every year, borrow for a few days, the principal for the vote-bribe loans from Thaksin's era, pay a year's interest and renew the loan over for another year.   Many will never pay it off.  If they cannot, eventually the bank will take their land and/or house.  Sad but very true. 

Edited June 14, 2017 by The Deerhunter

[thaipo7]

I would love to have all the money that I lent to Thai people through the years.  No one gets any loans anymore.  When you marry a Thai, you marry the whole family.  Very fortunate to get the 50,000 baht from the one person.  Maybe now he thinks he has trust will you and will ask to borrow 100,000 baht.  Be careful.

[Rc2702]

1 minute ago, thaipo7 said:

I would love to have all the money that I lent to Thai people through the years.  No one gets any loans anymore.  When you marry a Thai, you marry the whole family.  Very fortunate to get the 50,000 baht from the one person.  Maybe now he thinks he has trust will you and will ask to borrow 100,000 baht.  Be careful.

It's the same lyric I hear but it's not one we adopt. Marry the whole family? Mugs game that big time.

[rapom]

I have loaned money several times over last 3+ years.  I loaned 1200b to wife's cousin to buy an holding steel table to sell produce at the market. Paid back 2weeks later.  Loaned 1500b to single mother neighbor, who works as a custodian at University.  Paid back next pay period. Loaned 2000b to wife's younger sister and her husband to help with the funeral, after the sudden death of his father. It was paid back within a month. Have on several occasions over last 3 years, loaned money to wife's 35 year older sister.  She has always paid back more than she borrowed. She borrowed money in May with repayment due August 1st. I have no doubt loan will be repaid, but told my wife after August 1st the interest charge will be pu**y, payable every 4 weeks while wife is on menses  Wife just laughed.

[balo]

If you really have to lend out money to someone here, make sure you get paid interest if they don't pay back in time. You need a signed contract , copy of ID and everything. Nobody likes to pay extra money for a loan , eventually they will pay if not completely broke.

[alwaysrainsinUK]

From a veteran, give them sweet F all mate you will get nothing back only more sad stories and I want I want .... enough is defo never enough with the Issan crew.

[tomwct]

Don't loan money because they will never pay you back. If you want to give them some money, Don't! Buy them the roofing

materials and have it delivered to the house as a gift. They can find someone to install it, if they want a dry roof. No money

should change hands and you can buy some water during installation.

[chilli42]

Take possession of something of value.  Do they have gold, a pickup truck, something you might consider an antique?  Whatever you land on, remove it immediately and be sure there is a contract ... else you will be accused of theft.  One other thought might be to find a GF who is an orphan.

[oldhippy]

consult an astrologer before lending money

 

[ericthai]

On 6/12/2017 at 1:07 PM, tonray said:

100,000 baht for a roof ? What size house and unless this is a real clay tile roof...that is pretty steep. 

I agree we had a new roof put on a few years ago it was around 30K

[cat handler]

How do you cover your self when lending money to a Thai.....with a sheet.

 

[Kwasaki]

3 minutes ago, cat handler said:

How do you cover your self when lending money to a Thai.....with a sheet.

 

You put it over your head and they think your a ghost and you say if you do not pay me back l will haunt you and your family.