News Forum - A debt-ridden Thai woman seeks help after spiky durian assault

[Thaiger]

A Thai woman in the northern province of Lamphun has asked for media help after she was assaulted with some durian fruit because of a loan shark debt. The woman, Duangduen, revealed she borrowed about 20,000 baht from a money lender to open a shop with a friend last year. But things spiraled out of control and the interest repayment turned into an eye-watering 700,000 baht. Duangduen said she was paying back her debt but the Covid-19 situation affected the shop. She started losing money and she missed some repayments. The loan shark sold the arrears to debt collectors who […]

The story A debt-ridden Thai woman seeks help after spiky durian assault as seen on Thaiger News.

Read the full story

[PapayaBokBok]

i will never understand thais and their obsession with loans and seedy loan sharks.....

[Marc26]

14 minutes ago, PapayaBokBok said:

i will never understand thais and their obsession with loans and seedy loan sharks.....

What is hard to understand?

A huge % of a population earns just enough to get by

Any population anywhere in that predictament will have these issues

North America has these Payday Loan companies that charge 400% annual interest and they are huge business......

 

My wife was loaning money and I didn't agree with it, but what I found/observed, is they looked at her as almost doing a service for them, rather than charging them way over the odds

 

She had money lent out and no one paid back the principal but one person, but they never missed a monthly payment. Which blew me away, she had money out to 25-30 people

After making more than enough off what she lent out, I told her to forgive the loans............

[Prosaap]

That is just a part of it mostly it is because they not think about tomorrow or have no math skills and many time it to buy something to show off to the neighbors or buy lottery tickets because one monk tell them they can not lose maybe 10% have problems what not really is their fault 

its easy to spent and buy what you can not afford  

its never for food they borrow money 

[joseph]

Ask any Thai what 10% of a 100 is. Your question will be answered. 

[PapayaBokBok]

On 7/27/2022 at 11:56 PM, Marc26 said:

What is hard to understand?

A huge % of a population earns just enough to get by

Any population anywhere in that predictament will have these issues

North America has these Payday Loan companies that charge 400% annual interest and they are huge business......

My wife was loaning money and I didn't agree with it, but what I found/observed, is they looked at her as almost doing a service for them, rather than charging them way over the odds

She had money lent out and no one paid back the principal but one person, but they never missed a monthly payment. Which blew me away, she had money out to 25-30 people

After making more than enough off what she lent out, I told her to forgive the loans............

I have zero debt and live below poverty level----and yep ive even slept in my car---i dont take loans i cant afford to pay back.....as we see here  time and time again....is why i dont own a house..or have kids--or ever had a new car--i buy 2nd hand clothes-----i also live within my means.....if a thai has a house they are doing better than me---but im not the one in debt and sleep well knowing this(even in my car)

[HiuMak]

On 7/28/2022 at 11:37 AM, Prosaap said:

That is just a part of it mostly it is because they not think about tomorrow or have no math skills and many time it to buy something to show off to the neighbors or buy lottery tickets because one monk tell them they can not lose maybe 10% have problems what not really is their fault 

its easy to spent and buy what you can not afford  

its never for food they borrow money 

I read somewhere that 78% of Thais are in debt. They think of only today and not tomorrow. 

[HiuMak]

11 hours ago, joseph said:

Ask any Thai what 10% of a 100 is. Your question will be answered. 

Loan sharks interest rates are usually 20% and up per month and not per annum. That works out to be about 24% p.a. And I am not talking about compound interest. Thais taking up the loans will not be able to comprehend and maybe care less.

[Marc26]

17 hours ago, PapayaBokBok said:

I have zero debt and live below poverty level----and yep ive even slept in my car---i dont take loans i cant afford to pay back.....as we see here  time and time again....is why i dont own a house..or have kids--or ever had a new car--i buy 2nd hand clothes-----i also live within my means.....if a thai has a house they are doing better than me---but im not the one in debt and sleep well knowing this(even in my car)

But it's not a Thai thing

That's my point 

[Marc26]

6 hours ago, HiuMak said:

Loan sharks interest rates are usually 20% and up per month and not per annum. That works out to be about 24% p.a. And I am not talking about compound interest. Thais taking up the loans will not be able to comprehend and maybe care less.

They are usually 10% per month 

 

Still extremely expensive 

[KaptainRob]

22 minutes ago, Marc26 said:

They are usually 10% per month 

Still extremely expensive 

Correct.   J used to lend money out same as A, until 4 years ago when I told her to wind it up due to my crystal ball forecast of hard times ahead ... never imagined it would be so bad and her partner/aunt, lost a lot when she flagged it away more recently.

[PapayaBokBok]

5 hours ago, Marc26 said:

But it's not a Thai thing

That's my point 

 

5 hours ago, Marc26 said:

But it's not a Thai thing

That's my point 

then why are you telling me about North Americans and pay day loans???