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Repay debts or suffer consequences, teachers warned

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When the client signs the bank paperwork and gets the loan money they love the bank. When they get tired of paying back the loan money they blame and hate the bank. Same same same. Some people are not good with money even if they are a teacher but you have to pay the money back with interest or no loans for anyone. 

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Typical response by union busters everywhere. Threats and violance to those who stand for their rights. 

 Aparently the bosses and the government care so little for the Future of Thailand.

Saddly, teachers are way under trained and underpaid. Only HiSo kids get proper education. So talented good kids get lost and poorly educated and fall into gangs, prostitution, and violance. Saddly the Wats are for a large part greedy and only out for themselves and care nothing for the community at large....sad.

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20 minutes ago, robertthesculptor said:

under trained and underpaid.

Did you mean something like this

"Under paid because they're under trained" 

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1  It's all about responsible borrowing.  Same same all over the world

2  I only know three teachers properly.  All three have bought new cars in the time I have known them.  All three have resorted to non-teaching activities to pay for their loans/living.

3  Around the time I came to live in Thailand, I read that personal financial planning by teachers was such a problem that the government was buying a fleet of vans so that advisers could travel around the nation visiting teachers to advise on the subject.

 

This problem is deep-seated and has been around for a long time.

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58 minutes ago, Wake Up said:

When the client signs the bank paperwork and gets the loan money they love the bank. When they get tired of paying back the loan money they blame and hate the bank. Same same same. Some people are not good with money even if they are a teacher but you have to pay the money back with interest or no loans for anyone. 

Very simple analysis there.

 

In other countries banks are well governed in terms of consumer lending, in countries such as the UK government appointed regulators such as the Financial Conduct Authority, would come down hard on the way banks in Thailand operate in regards to affordability / feasibility (and demonstrating such),  the way agents operate (practices, licensing, some form of shared responsibility), the bundling of expensive worthless life assurance (although I believe there been some crackdown on this one), the constant display of flat rate interest and no APR, those business cards stuck on ATMs and sidewalks advertising loans, the girlfriends school friend that was selling some MLM crap cosmestic yesterday now a loan agent etc.., the gift incentives, the way they target children in shopping malls with remote control cars and balloons, and so on. It's very much the excess of early 2000s.  People by the nature of limited education and mis-marketing can be easily feel scorned by the banks at a later date when they become out of their depth, but at present time I see this as more of problem with the banks in Thailand, the way the operate and approach non-foreign consumer lending is disgusting, the whip needs cracking. 

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As the saying goes, Earn Baht 100 and spend Baht 101 result misery

Earn Baht 100 and spend Baht 99 result happiness

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5 hours ago, Chassa said:

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

Too busy marching up and down wearing Scout Uniforms, waving Flags and singing The National Anthem, no time for planning ANYTHING useful !

 

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6 hours 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.

As they are in debt, these teachers are clearly not suffering from low interest rates on earnings but are instead suffering because they initially borrowed beyond their means at a time when interest rates were high.  How can they now demand help from the Government when the interest rates have not increased whereas their salaries probably have?  Substantially poorer people they are may also have borrowed too much and are now having difficulty in paying normal household bills which do not include paying for expensive cars and other luxuries.  Why do teachers always seem to expect special treatment?

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3 hours ago, upu2 said:

As the saying goes, Earn Baht 100 and spend Baht 101 result misery

Earn Baht 100 and spend Baht 99 result happiness

Reminds me of my brother-in-law: accident happened where he stepped on a drain cover and went through it with one leg. This happened at the same spot some famous person had the same thing a day later getting in all the newspapers. Result: 60cm scar on his leg.

The city of Bangkok (or whoever) paid out to cover the plastic surgery needed to fix it. Say the amount was about 40K that he got.

 

What did he do next?

Buy a new bass guitar costing 50K.

 

So his financial windfall ended up in him being in 10K more debt.

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4 hours ago, mekko said:

Very simple analysis there.

 

In other countries banks are well governed in terms of consumer lending, in countries such as the UK government appointed regulators such as the Financial Conduct Authority, would come down hard on the way banks in Thailand operate in regards to affordability / feasibility (and demonstrating such),  the way agents operate (practices, licensing, some form of shared responsibility), the bundling of expensive worthless life assurance (although I believe there been some crackdown on this one), the constant display of flat rate interest and no APR, those business cards stuck on ATMs and sidewalks advertising loans, the girlfriends school friend that was selling some MLM crap cosmestic yesterday now a loan agent etc.., the gift incentives, the way they target children in shopping malls with remote control cars and balloons, and so on. It's very much the excess of early 2000s.  People by the nature of limited education and mis-marketing can be easily feel scorned by the banks at a later date when they become out of their depth, but at present time I see this as more of problem with the banks in Thailand, the way the operate and approach non-foreign consumer lending is disgusting, the whip needs cracking. 

We simply disagree and I understand your argument and advertising does sway some people. But these are adults making adult decisions not young children and we have had advertising in Thailand and the world for many many years. Not a new development. 

 

We all have had debt that was hard and regretted. But to blame the banks and advertising IMO is a cop out argument. Actions have consequences and you have to pay for your desires if you are an adult and mentally competent. I am assuming school teachers are mentally competent and can say no.  They walk into the bank to get the loan the banks don’t knock on their doors with blank checks. 

 

Take the banks away and your life and my life and the people that need a loan and business loans will be hell on earth. Alternative are loan sharks which are regressive not progressive loans. 

 

Same arguments are used by those that don’t pay their taxes and blame government or claim taxes are illegal. People that don’t want to pay back money always have someone else to blame and most times it is the person or entity that loaned them the money.  They are simply victims of advertising or consumerism or .......  but they will be thrilled and happy if the bank will simply change the deal to a lower interest rate and give them more loan money. Bank loans money equals good bank. Bank wants to be paid back equals bad bank. 

 

 

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Money money money , "look at me,  I am more rich than you! "

 

Teacher salary is maybe 20k and they buy new cars and tablets.   

No brain , no responsibility . 

 

When I got my first job I bought a used car after saving up money for 2 years.  Paid cash . Why can't they wake up and live in the real world ? 

 

 

 

 

 

 

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6 hours ago, mekko said:

Very simple analysis there.

 

In other countries banks are well governed in terms of consumer lending, in countries such as the UK government appointed regulators such as the Financial Conduct Authority, would come down hard on the way banks in Thailand operate in regards to affordability / feasibility (and demonstrating such),  the way agents operate (practices, licensing, some form of shared responsibility), the bundling of expensive worthless life assurance (although I believe there been some crackdown on this one), the constant display of flat rate interest and no APR, those business cards stuck on ATMs and sidewalks advertising loans, the girlfriends school friend that was selling some MLM crap cosmestic yesterday now a loan agent etc.., the gift incentives, the way they target children in shopping malls with remote control cars and balloons, and so on. It's very much the excess of early 2000s.  People by the nature of limited education and mis-marketing can be easily feel scorned by the banks at a later date when they become out of their depth, but at present time I see this as more of problem with the banks in Thailand, the way the operate and approach non-foreign consumer lending is disgusting, the whip needs cracking. 

 

An aligned question; do your Thai family members ever read bank documents / loan documents etc?

 

Do they just sign where instructed at the end of the document and probably before any details (name etc.) have been written on the same document (sign blank documents)?

 

Apart from the above an outer family member took a loan from a Thai bank to buy  pick-up truck, a few months later he had an accident and the pick up was a total write off and the insurance was fake and therefore no compensation forthcoming.

 

Our family loud mouth 'aunty' (dragon) told the nephew to stop paying the loan repayments 'you don't have to pay because you can't use the truck'. The bank sent reminders then advice that they would start legal action to recover the O/S loan balance.

 

Aunty visited the bank with nephew and aunty abused the bank manager saying that the bank cannot ask for payment because the truck is wrecked, therefore the bank manager is corrupt. Other family members tried to tell her she was wrong and eventually they gave up trying to convince her she is wrong. She still insists that she is right - the bank cannot ask for further repayments. 

 

 

 

 

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3 hours ago, scorecard said:

Aunty visited the bank with nephew and aunty abused the bank manager saying that the bank cannot ask for payment because the truck is wrecked, therefore the bank manager is corrupt. Other family members tried to tell her she was wrong and eventually they gave up trying to convince her she is wrong. She still insists that she is right - the bank cannot ask for further repayments. 

 

 

comical aint it!!?

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These teachers are university graduates. They never had a finance class so they had little understanding of what they were getting into when borrowing money.

 

I have had experience with several bank staff and bank managers who can not figure out the interest amount due on a fund or fixed saving account. What chance do teachers have? 

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