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Angry and deep in debt, teachers demand Thai govt step in

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Angry and deep in debt, teachers demand govt step in

By ANEK KRAJAEM 
THE NATION

 

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SOME 100 teachers on Saturday launched a campaign calling for the government and the Government Savings Bank (GSB) to allow a six-month moratorium in debt repayment to the Funeral Service Welfare for Teachers and Education Personnel fund.

 

The group, who said they were suffering from overwhelming debts from the fund, also urged 450,000 borrowers nationwide to stop repaying their debts to GSB branches from August 1 onward to further pressure the government. 

 

After that six-month grace period, starting on October 1, the group also demanded that the annual interest charged on the fund’s debtors be lowered to 1 per cent, as was applied to the government’s loan to farmers. Teachers currently pay between 5 per cent and 7 per cent on loans.

 

Tuang Anthachai, chairman of the National Legislative Assembly (NLA) committee on education and sports, came to collect the group’s demand at a conference hall in Rajabhat Maha Sarakham University on Saturday. They urged the NLA and the government to set up a special committee to find solutions for the overwhelming debt. 

 

Teacher Auychai Watha said for the past seven years he had paid a monthly instalment of over Bt7,000 to repay the Bt1.2 million he had borrowed. Though the capital amount owed had been reduced by Bt100,000, it left him still owing Bt1.1 million.

 

Auychai said that others who had also borrowed from the fund were made to buy 10-year insurance policies, paid for through a single payment of between Bt80,000 and Bt200,000. He said neither the fund nor the GSB offered an option that would allow the debts to be paid down faster.

 

The group’s video, which went viral this week, drew much criticism on social media. Many said any “debt repayment avoidance” approach would break the law or loan contracts. It was inappropriate for such actions to be committed by those whose status as teachers held them up as examples for the nation’s youth, they argued.

 

Source: http://www.nationmultimedia.com/detail/national/30350195

 
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-- © Copyright The Nation 2018-07-17

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Don't worry, poverty will be eradicated before the next election... 

Just tick this box on your ballot paper ?

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Is this not just about living beyond your means ?? Seems like it . Borrowing money and being unable to repay the interest . We've all been there's in the west ,or most have and know well the problems it brings .

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" whose status as teachers held them up as examples for the nation’s youth, "

 

So getting yourself into a stupid amount of debt and then being unable to pay off the loan makes you an example to the nation's youth, maybe an example not to be followed !!!

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1 minute ago, davehowden said:

" whose status as teachers held them up as examples for the nation’s youth, "

 

So getting yourself into a stupid amount of debt and then being unable to pay off the loan makes you an example to the nation's youth, maybe an example not to be followed !!!

 

They could just charge parents more for the compulsory, extra curriculum classes that they run after school !!

Where there's a will, there's a way ?

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10 minutes ago, Nigeone said:

Is this not just about living beyond your means ?? Seems like it 

and the "its  not  my fault syndrome" also.

Unlike the west many dont  have mortgages either  especially in rural areas no doubt which is where  a  lot of the Wests borrowing lies............hey ho Somchai thats a nice new "Look at me big  face Fortuner ya got there"

They're all up to their ears in debt round by me, asking to  borrow  money etc etc even the local shop owners asked us.

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So is that 100 out of 450000  borrowers  then? or as Id  say the "irresponsible"

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Typical Thai behaviour.

Not wanting to take responsibility for there actions. :coffee1:

 

These are school teachers !!!!!!!!!!!!!!!!!!!!!

The Thai education system in its full glory. 

Kids have no chance, with roll models like this. 

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I just really don't understand what they are complaining about. 

They borrowed money at an already reduced interest rate and now they want the government to pay it back for them. 

I have a credit card debt at 29 percent at micky mouse bank. I would like all patrons of micky mouse bank not to pay their credit card until the bank agrees to repay the money for us all. 

???

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15 minutes ago, cornishcarlos said:

 

They could just charge parents more for the compulsory, extra curriculum classes that they run after school !!

Where there's a will, there's a way ?

Or the compulsory donation to the school charity fundraising. 

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Dealing with banks,tut tut,they should of read the small print and used a calculator before borrowing money.ive got no sympathy for them.my neighbor thinks she something else because she's a teacher.rides around in her fancy Honda talking down to my wife.brings a smile to my face when the two lads in black helmets turn up to collect the daily interest.its not just the teachers,it's the lot of them up to their necks in debt and mostly for cars.my best pal in the uk earns nearly 300,000b a month take home and drives a 10 yr old Ford Focus.these teachers earn a 10th of that and drive around in cars costing 20 times that.

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The main problem is the banks, teachers want to borrow money they go to the government bank show their government i.d. ask for a loan get it.

Not enough checks done to see if they can afford the repayments.

Many thousands of teachers have serious debts that they cannot repay.

There is a teacher at my wifes school who only has 2000 baht left per month to live off.

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Teachers in DEBT!!! Is the report for real?!

 

Extortion plus corruption spring to my mind when thinking  about schools in Thailand.

 

I've known of many teachers to have businesses, lands, homes, drive Mercs and BMs, wearing designer accessories plus clothing, jetting off here and there and so on...

 

A percentage of the Budgets, including other forms of funds supposedly raised for students education, are normally diverted into the pockets of many so called qualified teachers, including their piers..

 

 

T.I.T  Extortion . Corruption.

 

 

 

 

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I thought Somkid just said the other day that they have eradicated debt?

 

1 hour ago, webfact said:

Teacher Auychai Watha said for the past seven years he had paid a monthly instalment of over Bt7,000 to repay the Bt1.2 million he had borrowed. Though the capital amount owed had been reduced by Bt100,000, it left him still owing Bt1.1 million

Well teacher Auychai, it was likely in the small print, a pesky little number called interest and you've just managed to just cover it plus chip away a little bit of the principal. I hope you're not a math teacher.

 

This sob story is a classic example of the hopeless situation wrt household debt across the country. Almost nobody understands what they are getting themselves into with loans of any description. 

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If you don't have the money, don't buy it. It really IS as simple as that. The bank is a business, not a charity. 

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