News Forum - Bangkok barber botches pawnshop job

[Thaiger]

Bangkok barber Phuttarak “Chang Tong” Nakaew, 40 years old, was minding his own business in his shop last week when a police officer came calling, pretending to be a customer. Police in Bangkok’s Bang Khun Thian district last week nabbed Chang Tong after an officer posed as a customer. Police images show the officer getting …

The story Bangkok barber botches pawnshop job as seen on Thaiger News.

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[HolyCowCm]

Article quote: The barber said he had borrowed 50,000 baht (US$1,600) from a loan shark to open the shop, but could not afford the 3,000-baht daily repayments.

Why on earth would anyone accept a payback method for 3000 baht per day from these scum is beyond me. Wjhere I live these scum ride thorugh opur housing development and they toss their cards infront of every hous here. And this is repeated bimonthly or monthly without fail. 

[KaptainRob]

18 minutes ago, HolyCowCm said:

Article quote: The barber said he had borrowed 50,000 baht (US$1,600) from a loan shark to open the shop, but could not afford the 3,000-baht daily repayments.

Why on earth would anyone accept a payback method for 3000 baht per day from these scum is beyond me. Wjhere I live these scum ride thorugh opur housing development and they toss their cards infront of every hous here. And this is repeated bimonthly or monthly without fail. 

Perhaps a mistranslation ?  Loans @ 7% would incur monthly interest only payment of 3,500 baht.  No way a Thai barber could repay 3,000 per day.

[HolyCowCm]

1 minute ago, KaptainRob said:

Perhaps a mistranslation ?  Loans @ 7% would incur monthly interest only payment of 3,500 baht.  No way a Thai barber could repay 3,000 per day.

Probably has to be. So 6% at a monthly rate, but for some reason it sticks in my mind that this is actually weekly.

[palooka]

1 hour ago, KaptainRob said:

No way a Thai barber could repay 3,000 per day.

No way 97% of Thais could pay that amount.

The other 3% are the buggers lending the money.

[Bluesofa]

I remember back in Pattaya, a Brit customer was loaning out money (through his wife's adult Thai daughter) , but never without physical security - a car, a motorbike, which he stored in a safe location along with the ownership book.
He also lent money against houses, and over the years gained two houses himself when the borrower defaulted.
I remember him telling me loan sharks charged interest of 20% per month.

[Viggen840]

7 hours ago, HolyCowCm said:

Article quote: The barber said he had borrowed 50,000 baht (US$1,600) from a loan shark to open the shop, but could not afford the 3,000-baht daily repayments.

Why on earth would anyone accept a payback method for 3000 baht per day from these scum is beyond me. Wjhere I live these scum ride thorugh opur housing development and they toss their cards infront of every hous here. And this is repeated bimonthly or monthly without fail. 

Because most of them are members of Chines gangs that pay off the police to be able to work the area. Big Joke, clean your house!

[HolyCowCm]

12 hours ago, Viggen840 said:

Because most of them are members of Chines gangs that pay off the police to be able to work the area. Big Joke, clean your house!

Not sure on that one. Thai Chinese you are referring?

[HolyCowCm]

17 hours ago, Bluesofa said:

I remember him telling me loan sharks charged interest of 20% per month.

That is the real or was the real going rate. Common knowledge, but his lender may of had a different modus of operandi.