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BANGKOK 25 March 2019 04:42
webfact

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

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2 hours 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.

After 7 years the capital amount reduced by Bt100k from Bt1.2m to Bt1.1m

So after another 77 years the loan will be repaid.

Sign here on the dotty line _ _ _ _ _ _ _ _ _ _ 

 

 

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I would be looking at the school car park to see if the answer lies in the car purchased. A lot of status here in what you drive and unlike many of the people sporting uniforms they maybe have less chance to 'add to their legal income'. I see one teacher in my poor village neighborhood who rides a motorbike to work. There is 500,000b saved right there.

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For sure the crap with hit the fan sooner or later with millions of toxic loans and we all know what happens then.all it takes is one bank to own up to what's going on and it will snowball.weve seen it in the west,property going through the roof and people taking out loans on the strength of their over inflated houses,land.as sure as eggs are eggs it will happen here.its all a false economy with everyone cooking the books through greed.

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36 minutes ago, Jeremy50 said:

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. 

Government Savings Bank is actually a charity for government employees.

"We're poor, we're poor!" usually gets them something off, which is why they cry this every year or two.

Edited by BritManToo
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Most lending institutions in other parts of the world, have a look at your income and assets and have a formula for what they consider you can repay, not so in Thailand.

 

Also Economics is not taught in most schools.

 

Through lack of education, or maybe just lack of intelligence many people  think about what they want to borrow, not the amount they have to repay.

 

Take the guy who wanted a  motorbike, priced back then at 35,000 THB. He borrowed from a private lender the total amount and arranged to pay interest only at 3,500 baht per month. Doesn't sound like a lot, but at that point his monthly wage was 7,000 THB, he had a stay at home wife and 2 small children. It is mission impossible and you don't have to be Einstein to work that out.

He made the first payment and couldn't pay any more, at the end of 12 months, to the day, the lender turned up and tossed him out of his house, of course he had put the house up as collateral. His father had given him the land and paid for the house to be built so the guy wasn't having to pay rent only utilities. His situation now is very different.

 

Not that this has anything to do with the stupidity of the whole thing but, the interest rate from the private lender was illegal and way over the top, but as I was told at the time, they wouldn't complain to the authorities as they would end up dead.

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2 hours ago, Nigeone said:

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 .

Possibly they are but what are the salaries they receive? I dont know so I am asking. Is it sufficient to provide someone with the essentials i.e. food, clothes, shelter etc. do they get paid on time or are payments quite often late? If not then they have justification for complaining

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56 minutes ago, coulson said:

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

 

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. 

1. It seems that many teachers are illiterate in regard to even economics, budgeting,financing, etc., but that's no excuse. 

2. It seems that teachers think they are entitled to get free money etc., just because they are 'teachers'. 

3. It seems that many agencies including bank are derelict in the way they manage funds, and they should know better.

 

All of this comes back to education.

 

Further, I wonder when the 'the Funeral Service Welfare for Teachers and Education Personnel fund was last audited?

  

 

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Dear Angry Teachers,

after you read something, try and understand it.

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It's nothing to do with being a teacher; lots of people here are in debt across a variety of professions.  It's to do with honour.  If you borrow, it's the honourable thing to pay back your debt.

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1 hour ago, Jeremy50 said:

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. 

worked for me in all my 55 years, today they all want it "now" new house new  car new designer clothes (ordinary wont do) eat out permanently rarely cook for themselves and the amount of those 30 baht iced drinks they chomp through is astounding.

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The worry is that these people are in charge of shaping Thailand's future.  Being in debt makes them vulnerable and distracts them from an important job.  Difficult to manage personal debt in Thailand and dangerous roads are sadly the norm.    Education will save Thailand from itself. 

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