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BANGKOK 19 June 2019 05:39

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Hi,

 

I would like some advice or similar experience feedback from the following events (Note, I already have an appointment with a lawyer next week for legal advice):

 

- Wife took a 300,000 THB loan about 3 years ago from loan sharks (I didn't know about it until today). She says she signed some kind of loan contract.

 

- She repaid 15,000 THB per month for at least the last 36 months ( that's 540,000 THB already repaid!! ). I have my monthly bank receipt to her account to prove it.

 

- Here comes the crux: she gave them the house chanote as a collateral as she missed some payments and got threatened (as far as I know, she didn't go to the land office to officially do a transfer ownership). The police officer accomplice with the loan sharks told her she was plain stu*** to do that...indeed.

 

Now, she hasn't paid them for the last 2 months and finally told me the truth. 

 

 

So, I'm wondering the followings:

 

- The maximum legal interest rate in Thailand is 15%. So I guess first hand first this loan "contract" she signed is plain illegal.

 

- She already repaid way more than what was borrowed including the interest rate. The house is worth at least 5 million THB and we have two very young kids.  Can they really take the house ??

 

- Given the new law against loan sharks  promulgated ( http://englishnews.thaipbs.or.th/stiffer-anti-loan-shark-law-now-effective/ ) 2 years ago, I was also about to go to police station to bring criminal charges against the loan sharks, but was advised against doing so.

 

Thanks in advance.

 

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Only a good Thai lawyer can help you.  Good luck in finding one of those, but I wouldn't look any further than a Bangkok Firm. . 

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2 minutes ago, Pilotman said:

Only a good Thai lawyer can help you.  Good luck in finding one of those, but I wouldn't look any further than a Bangkok Firm. . 

Thanks, it seems we found a good one in Ratchada area. He already gave us possible outcomes over the phone but we'll get more details next week.

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You‘re right, the max. interest is 15 pa. Only banks can charge more.

The max that police accepts is 2% per month.

Your MAFIA loan shark charges at least 10% per month.

The contract is null and void, but the MAFIA plays by different rules.

Your lawyer will give you the advice to report it at your police station. You should take him with you by doing so.


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Normally the guaranteed land paper is signed over to the loan shark ... so you need to check that .. If it has been they have ownership until the loan is repaid .. In this case I would negotiate a settlement with them asap ..

 

If the land paper has not been signed over then perhaps your lawyer can negotiate a settlement more easily .

 

I would not get involved with the courts .

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3 minutes ago, CLS said:

You‘re right, the max. interest is 15 pa. Only banks can charge more.

The max that police accepts is 2% per month.

Your MAFIA loan shark charges at least 10% per month.

The contract is null and void, but the MAFIA plays by different rules.

Your lawyer will give you the advice to report it at your police station. You should take him with you by doing so.


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Looks like they are charging 5% which is high but often these type of loans are 3-5% .... Never take one .. In many cases The loan shark is not expecting it to be repaid and is just buying a cheap property 

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3 minutes ago, Odysseus123 said:

Watch it!

A mate of mine (or his wife did) went down back time on this..

Sorry don't understand what you mean with "went down back time on this". Could you explain ?

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Loan sharks are just that, be very careful, they dont mess around. Its likely the loan will be attached to the Chanote. Rather than expensive lawyers fees, ask them what they want to clear the loan.  What happened to the original 300,000, cant have just dissapeared?????.

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Posted (edited)
6 minutes ago, geoffbezoz said:

Sorry don't understand what you mean with "went down back time on this". Could you explain ?

Oh sorry.I will amend my post.

 

A Dutch mate of mine went down big time on this.Watch out!

Edited by Odysseus123
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1 hour ago, Luca Brasi said:

Wife took a 300,000 THB loan about 3 years ago from loan sharks.

If they are officially listed as a company to loan money she has no case against them. 

To go to a bank, finance company with a deed of land to borrow money is the normal way.

To go to loan sharks and borrow as you state is asking for trouble. 

 

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