News Forum - Pattaya loan shark threatens to cut off debtor’s finger

[Thaiger]

A department store employee from Pattaya in Chon Buri province is terrified because a loan shark threatened to cut off her finger for missing some debt repayments. The woman secretly voice recorded the creditor and took the evidence to the police. Yesterday, 35 year old Angumalee Suriya from Pattaya revealed that a loan shark offered to deduct 10,000 from her mountain of debt in exchange for one of her fingers. Angsumalee said she borrowed a total of 14,000 baht from the loan creditor back in October 2021 and agreed to pay a staggering 15% interest on the loan per month. […]

The story Pattaya loan shark threatens to cut off debtor’s finger as seen on Thaiger News.

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[PapayaBokBok]

fish guts---theft--damaged property adn now taking fingers

and as i type this there are several thais taking a loan they will never be able to pay

[HiuMak]

7 hours ago, PapayaBokBok said:

fish guts---theft--damaged property adn now taking fingers

Kidneys maybe more valuable

[Skip]

Whatever became of the concept that if you borrow money you pay it back as agreed?  When you don't pay it back it becomes theft by deception and there should be reparations.

[Chaimai]

27 minutes ago, Skip said:

Whatever became of the concept that if you borrow money you pay it back as agreed?  When you don't pay it back it becomes theft by deception and there should be reparations.

 

 

It went out of the window with the application of illegal interest rates of 5-10% per month.

[PapayaBokBok]

15 hours ago, HiuMak said:

Kidneys maybe more valuable

Ive been wearing a sports cup lately  to protect my family jewels  $$$$

[HolyCowCm]

37 minutes ago, PapayaBokBok said:

Ive been wearing a sports cup lately  to protect my family jewels  $$$$

That a boy! Protect your assets. 
 

[Skip]

21 hours ago, Chaimai said:

It went out of the window with the application of illegal interest rates of 5-10% per month.

Hahaha... 5-10% interest is not illegal... it is what the borrower agreed to... if they don't like it... don't borrow!

As a side note... you must be young... just 40 years ago interest rates were 15 to 20% on loans from banks... rates are set by supply and demand.

[Marc26]

1 hour ago, Skip said:

Hahaha... 5-10% interest is not illegal... it is what the borrower agreed to... if they don't like it... don't borrow!

As a side note... you must be young... just 40 years ago interest rates were 15 to 20% on loans from banks... rates are set by supply and demand.

You do realize you are quoting 15-20% as what annual interest rates were

 

The 10% interest loan sharks in Thailand charge is monthly, so it's 120%

 

And yes, loan sharking is illegal in Thailand 

 

https://www.tilleke.com/insights/thailand-new-law-interest-overcharging/

 

 

[Chaimai]

2 hours ago, Skip said:

Hahaha... 5-10% interest is not illegal... it is what the borrower agreed to... if they don't like it... don't borrow!

As a side note... you must be young... just 40 years ago interest rates were 15 to 20% on loans from banks... rates are set by supply and demand.

 

 

Incorrect.

 

The maximum amount that can legally be charged is 15%.

 

Fortunately, I knew that. When a friend had to sell the house he paid for after his wife had borrowed 500k the loan carried a rate of 10% per month. I told him to challenge this at the Land Office and they told the lender to reduce the amount due under their mortgage by approx 200k. 

 

 

[DesperateOldHand]

On 8/5/2022 at 6:06 PM, Skip said:

Whatever became of the concept that if you borrow money you pay it back as agreed?  When you don't pay it back it becomes theft by deception and there should be reparations.

Yep.

Or even more practical.....don't borrow money when you really don't need to [or can't afford]. 

Daft.

[PapayaBokBok]

On 8/6/2022 at 11:43 PM, HolyCowCm said:

That a boy! Protect your assets. 
 

Frank n beans!

[Skip]

22 hours ago, Marc26 said:

You do realize you are quoting 15-20% as what annual interest rates were

The 10% interest loan sharks in Thailand charge is monthly, so it's 120%

And yes, loan sharking is illegal in Thailand 

https://www.tilleke.com/insights/thailand-new-law-interest-overcharging/

Loan sharking is illegal... paying back loans is illegal... which is more illegal and who decides?

[Skip]

21 hours ago, Chaimai said:

Incorrect.

The maximum amount that can legally be charged is 15%.

Fortunately, I knew that. When a friend had to sell the house he paid for after his wife had borrowed 500k the loan carried a rate of 10% per month. I told him to challenge this at the Land Office and they told the lender to reduce the amount due under their mortgage by approx 200k. 

So... because a person agrees to borrow at a rate other than the "legal" rate... they do not have to pay back the loan... I do not condone loan sharking... but neither do I have much sympathy for the thief that borrows and decides not to honor their decision to pay back the loan at the terms that they agreed to. 

[Skip]

On 8/6/2022 at 8:34 AM, Chaimai said:

It went out of the window with the application of illegal interest rates of 5-10% per month.

I see that you have no sense of personal honor... 

[Chaimai]

1 hour ago, Skip said:

I see that you have no sense of personal honor... 

You see nothing.

[Chaimai]

1 hour ago, Skip said:

I see that you have no sense of personal honor... 

 

...yet you are the one cheering the loan sharks. You know NOTHING about uneducated (and greedy) Thais are seduced into borrowing at exorbitant rates.

 

You talk of "honour" - you talk bullsh!t.

[Skip]

1 hour ago, Chaimai said:

...yet you are the one cheering the loan sharks. You know NOTHING about uneducated (and greedy) Thais are seduced into borrowing at exorbitant rates.

You talk of "honour" - you talk bullsh!t.

Read all my posts... I do not condone loan sharks in any way what-so-ever... however I do not sympathize with stupid people who borrow from them and then decide that it is ok not to pay them back as agreed... they are not seduced they are stupid

[Skip]

On 8/6/2022 at 8:34 AM, Chaimai said:

It went out of the window with the application of illegal interest rates of 5-10% per month.

Why... it's not ok for the loan shark to steal, but it is ok for the borrower to steal back... stupidity is not an excuse for not honoring your agreement 

[Prosaap]

It looks to me that they just create a sad story hoping that somebody pay the money for them 

its never for food they borrow its for something they want to have and not can afford to show off to there neighbors or pay off a gambling debt 

if you not have common sense and can not plan ahead and do something stupid not blame somebody else

 

 

[Mandy]

A contract is a contract, handshake is too as far as I'm concerned.  You are very aware of the consequences of dealing with these sharks, we read about that daily.

[Chaimai]

1 hour ago, Skip said:

Why... it's not ok for the loan shark to steal, but it is ok for the borrower to steal back... stupidity is not an excuse for not honoring your agreement 

The law is though.

 

You seem to be on a crusade against the disadvantaged.

[Chaimai]

1 hour ago, Skip said:

Read all my posts... I do not condone loan sharks in any way what-so-ever... however I do not sympathize with stupid people who borrow from them and then decide that it is ok not to pay them back as agreed... they are not seduced they are stupid

I actually agree with all that - except for the illegality of the agreements with illegal rates of interest.

In most cases the borrowers are so stupid/desperate that they have no idea what they are signing. A vast number cannot read or write.

[Skip]

Just now, Chaimai said:

The law is though.

You seem to be on a crusade against the disadvantaged.

Which law... loaning money at illegal rates or borrowing money at illegal rates and then not paying it back.

Loan sharks break one law... your disadvantaged people (stupid people) break 2 laws

 

[Marc26]

13 minutes ago, Skip said:

Which law... loaning money at illegal rates or borrowing money at illegal rates and then not paying it back.

Loan sharks break one law... your disadvantaged people (stupid people) break 2 laws