News Forum - Pattaya bar owner faces loan shark threats forcing staff to undress for debt money

[Thaiger]

A bar owner in Pattaya reported a violent debt-collecting gang to the local police after facing harassment and threats from 14 different loan providers. The 31 year old woman was forced to borrow money from various lenders for financial troubles, accumulating around 800,000 baht (US$23,100) in debt, with a daily interest payment of 30,000 baht … …

The story Pattaya bar owner faces loan shark threats forcing staff to undress for debt money as seen on Thaiger News.

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[RNikoley]

I never thought I would hear 1 million and 1 of these stories, only 1 million.

... What gets me is all the Thais I know who get wrapped up like this?

They never learn. Every single one of them eventually goes back and does it all over again.

[Pinga]

26 minutes ago, RNikoley said:

They never learn. Every single one of them eventually goes back and does it all over again.

Yep. It's so common and so weird that they keep doing it even though they know exactly what will happen.

[ChrisS]

It is sadly very common and the victims of these loan sharks are usually poorly educated and not maybe the brightest sparks. Of course there would be a lot less of this if these illegal loan sharks were not more or less ignored by the authorities who SHOULD be cracking down on them.

[Marc26]

7 hours ago, RNikoley said:

I never thought I would hear 1 million and 1 of these stories, only 1 million.

... What gets me is all the Thais I know who get wrapped up like this?

They never learn. Every single one of them eventually goes back and does it all over again.

I have said before my wife and her brother loaned money out

 

And they initially charged 10% but after 6 months not paid back they charged 15%

Loans were all 10-20k/each

 

Only one person paid back the principal and after 18 months I suggested they tell the borrowers they are even, they made enough back on the loan

 

 

But the thing is, all the borrowers seemed to look at my BIL/wife as doing them a favor(even with such a high interest)

[HiuMak]

11 hours ago, ChrisS said:

It is sadly very common and the victims of these loan sharks are usually poorly educated and not maybe the brightest sparks. Of course there would be a lot less of this if these illegal loan sharks were not more or less ignored by the authorities who SHOULD be cracking down on them.

Many of these borrowers from loan sharks may not be well educated but they are really smart. In my view, it is just an attitude in Thais to borrow and don't return and they do not think of consequences. 

Mentality for most Thais I believe is "today I have the money, I will spend it all".