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webfact

Repay debts or suffer consequences, teachers warned

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Yeah, what can I say. Maybe something like, "Simple Mathematics 123-ABC". Yeah, all theachers. Your know, that´s what I call the corner stone of great finances.

There are some ground rules, though, that most dorks on this side of the planet don´t care about:

 

  • Ask yourself if you really need to buy something you do not have the money for. Is it really nessecary?
  • If I really need to take out a loan, can I pay back according to plan, without having to change my life in a negative way?
  • Make a calculation. After all, the Thai team won gold in Mathematics and it´s also something that is included for many teachers to have knowledge about.

If the answer is ok for all this or if you not care, has nothing to do with it. If you take a loan, you have to pay it back. That´s simple enough.

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19 minutes ago, Topdoc said:

Shouldn't they be given the chance to refinance at todays interest rates?

Afterall, it's not their fault that interest rates have collapsed generally around the world including in Thailand.

Surely the authorities understand that being locked into high interest rate loans becomes increasingly burdensome in a low interest rate environment.

Doesn't the burden stay the same, because the rates are locked in?

 

And would they also accept higher interest rates in case the "interest rate environment" was high?

If you want flexible interest rates, you should borrow against flexible rates... 

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Quite ironic though. If I had kids, I'd be teaching them,  never ever borrow money for anything except your first home.  Save your money,  take the bus,  then when you have enough buy what you need not what you want.  Money makes money.  Debt makes loss.

Society influences otherwise.  

 

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5 minutes ago, Bob12345 said:

As always in Thailand, the ones making the mistakes deny responsibility and demand someone else to solve their problems.

Agree

So they want someone to be their Financial Planner

I can,t see what part of their Contract stating that themselves borrowed X amount & the monthly repayments will be X amount they did not see & sign for.

I bet they weren't shown the true story of the whole calculations including Interest, as one got a shock after paying 7 yrs ( or couldn't work it out )

 

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2 hours ago, webfact said:

But Thawatchai Thaikhiew of the Justice Ministry warned them on Tuesday they could be dismissed from the civil service,

Aren't there enough "inactive" teachers in this country already?

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1 hour ago, colinneil said:

Some teachers yes, but many teachers do not want new cars i-phones, mega TVs.

Wifes pickup Isuzu spacecab, no fancy extras 2 years old, no i-phone, no TV in the house, no debts.

When i met her she had a 7 year old pickup, it was only changed to a spacecab so it would be easier to get me in.

Lucky Man

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2 hours ago, trainman34014 said:

I know three Thai teachers all struggling with debts of more than 2 million but it has nothing to do with any Government schemes and everything to do with the way they run their 'family' life.

 

All three have extended families of up to seven other family members relying on them for their only source of income, as most of the men are too lazy to work, are alcoholics, drugtakers or just general layabouts who refuse to work.  The Women work for peanuts at markets or sell food at the front of the house.

 

Meanwhile, Teacher wants a new car every two years, the latest tablet or i phone and a mega size curved TV, all which are 'bought' with borrowed money from the Banks, who will lend millions to anyone with a Government job.

 

I don't see an early end to any of these problems.

Not just teachers, anyone Thai with a half-decent job!

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1 minute ago, Chassa said:

Lucky Man

Yes mate i am a very lucky man, my wife is very careful with money.

No man could wish for a better wife, she works as a school director, then comes home takes care of me.

She never stops helping me night and day.

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The primary reason they took a civil service job is a higher than average salary, job for basically life and after 1 year service the ability to get a 1M+ baht loan, which most or all take because of pressure from the family and they blow it on depreciating assets, and now have to work for the next 40 years to pay it off. Som na na!

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2 hours ago, trainman34014 said:

I know three Thai teachers all struggling with debts of more than 2 million but it has nothing to do with any Government schemes and everything to do with the way they run their 'family' life.

 

All three have extended families of up to seven other family members relying on them for their only source of income, as most of the men are too lazy to work, are alcoholics, drugtakers or just general layabouts who refuse to work.  The Women work for peanuts at markets or sell food at the front of the house.

 

Meanwhile, Teacher wants a new car every two years, the latest tablet or i phone and a mega size curved TV, all which are 'bought' with borrowed money from the Banks, who will lend millions to anyone with a Government job.

 

I don't see an early end to any of these problems.

I agree with you.

 

Except to add that if you offer them a finger they will take the whole arm...

 

That  is a major problem with cheaper gov't loans.

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1 hour ago, colinneil said:

Some teachers yes, but many teachers do not want new cars i-phones, mega TVs.

Wifes pickup Isuzu spacecab, no fancy extras 2 years old, no i-phone, no TV in the house, no debts.

When i met her she had a 7 year old pickup, it was only changed to a spacecab so it would be easier to get me in.

Have a look at her ID are you sure she is Thai?

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15 minutes ago, Chassa said:

Don' t  they teach financial planning in Thai schools????

No,

No road safety

No financial planning.

No basic skills for life..

 

On the other hand...if you want to  hear a thousand parrots reciting the patriotic theme of  the day then Thailand is  the place to go..

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2 hours ago, Bob12345 said:

As always in Thailand, the ones making the mistakes deny responsibility and demand someone else to solve their problems.

Cause its not fair that we have to borrow money for a brand-new pickup truck with all the extra's, and have to repay the money for it.

 

How about the GSB gets a judge to withhold the interest payments before salary is being paid out?

The bank do take money out before teacher receives their salary, in one of my other posts on this tread i commented about 1 teacher only getting 2000 baht per month after loan monies had been taken out.

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