News Forum - Overwhelmed businesswoman registers for Thai government’s debt relief scheme

[Thaiger]

A businesswoman, burdened with an overwhelming debt, has registered for an out-of-system debt relief scheme. She owes money to 14 lenders and faces the daily challenge of finding more than 7,000 baht for interest payments at a rate of 20%. This move comes after the government, under Prime Minister Srettha Thavisin, has been focusing on … …

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[WilliamG]

Did I read correctly that the interest is 20% PER DAY?

She  only owes Bht 150,000. I could help her out for half that rate!

[Fanta]

3 hours ago, WilliamG said:

She  only owes Bht 150,000. I could help her out for half that rate!

The problem is she won’t pay you either and a new debt circle starts again. 

[BJoe]

No sympathy for anyone with that much of a problem with debt.    I’m certain that she’s just one of many who live well above her means  because she feels   “Entitled”.  New car every other year, private school for children, keeping up with the other wannabes. Pathetic.  Did she really think that borrowing “more” money at exorbitant rates was going to fix her problems.  And her solution…..banks shouldn’t do financial back-ground checks on “borrowers”.  What a piece of work.

[Guest1]

7000/day on 150k,that would be about 5% daily interest. 

150%/month, 1800%/year.

But perhaps she needs 7k a day, include her own living expenses? And it is "just% 20% a week?

So 20%  in what timeslot, please? The "article" `s missing info, a lot of them!

Aside that already 20% annually is (close to) illegal, this debt can be solved by "illegal rate, you don´t have to pay".

I can imagine, some people wanna "take advantage" of this debt relief scheme!

Like many did in the past, with all the other schemes, the government did, imho, to try to keep voters in line!

[Guest1]

3 hours ago, BJoe said:

No sympathy for anyone with that much of a problem with debt.    I’m certain that she’s just one of many who live well above her means  because she feels   “Entitled”.  New car every other year, private school for children, keeping up with the other wannabes. Pathetic.  Did she really think that borrowing “more” money at exorbitant rates was going to fix her problems.  And her solution…..banks shouldn’t do financial back-ground checks on “borrowers”.  What a piece of work.

if  "she owes about 150,000 baht to 14 lenders and has to find over 7,000 baht daily to pay the 20% interest," 150k are the big problem, I hardly would call her business woman. Or someone, who "New car every other year, private school for children".

 

[QECE]

Whatever happened to the good old days of taking responsibility for you and yours.

....and living within one's means.