qwab32 Posted February 20, 2019 Share Posted February 20, 2019 Hi Forum. I'm looking for an opinion on whether or not this is an option for me. A quick summary is that I'm married to a Thai lady but separated 2 years. We both live in the UK but thankfully not together. She is massively in debt (providing for the family) and is looking for help with one of her loans (£10K) which has an astronomical interest rate. She has been in the same job in the UK for 7 years and is fairly well paid, however, the loan repayments on this and other loans isn't easy for her to manage. She has a strip of land in Jomtien about 150 yards from the beach which she reckons is worth around 2 to 3 million baht. She has asked me to help by giving her the cash to clear this loan and she will pay back £500pm - so around 20 months and this would save her around £10K in interest. Would anyone know if it's possible (preferably in Thailand) for me to use the land as collateral for the loan - i.e. if she doesn't stick to the deal and I get shafted for the cash, then I can sell the land are recoup any loss. I wouldn't want to own the land (as I couldn't) just sell it. I'm in Thailand for 3 weeks in April and will probably seek some legal guidance to get an agreement drawn-up and find a lawyer to hold the property deeds - I would also be trying to get an independent valuation on the land and have it double checked that she actually owns it. However, if holding the land as collateral is not an option - then she'll just have to suck up the astronomical interest rate. Any opinions would be greatly appreciated. Link to comment Share on other sites More sharing options...
JingjoDave Posted February 20, 2019 Share Posted February 20, 2019 Ummmmm you want to sell land you don't own ??? We think not probable. Loan a Thai money and expect it to be returned LMAO ???? and the land cannot be used as security as the UK courts have ZERO jurisdition over Thai property. If the loan is done in Thailand again I see an unhappy ending for the farang.I have a legal debt owed to me , registered etc etc ,,, took it to court once ,, he paid small amount for 3 months then stopped ,,, court again ,, NOPE it costs ten times the amount to go to court etc etc Hmmmm sounds all over a lose lose for farang. Let her sell it ,,, if you get it valued at 3 million I am sure a few people on this forum would happily pay your ex wife 500,000 ???? Most important of all ,,,,, why do you think HER loan problems are YOUR problem? Link to comment Share on other sites More sharing options...
qwab32 Posted February 21, 2019 Author Share Posted February 21, 2019 Cheers for the insight. Wife's sister stumped up the £10k so I'm no longer involved thankfully. Link to comment Share on other sites More sharing options...
baansgr Posted February 23, 2019 Share Posted February 23, 2019 Get real.... If she can't afford the repayments on that 10k Loan...how on Earth is she gonna be able to pay you 500 quid a month, the figures you quote just don't make sense. Have you been to Jomtien lately...land 150 yards from the beach is worth 10 times what she said, does she actually own any? Link to comment Share on other sites More sharing options...
qwab32 Posted February 25, 2019 Author Share Posted February 25, 2019 Why the "Get real" comment? The reason for my post was to enquire if it was possible to use land as security against a loan...it wasn't for you to comment on if my ex can afford the repayment or actually own the land. You missed the point of the post! Link to comment Share on other sites More sharing options...
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