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paulgosal

Advice Needed

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In 2017 I started to loan monies to my GF who wanted to do some Finance business to generate Income and as was in the UK fighting a divorce and I trusted her I started to loan the funds. I discovered that she was loaning it to her new friend that would generate between 3 - 5% per month Income. Initially I was getting my Interest monthly and Capital back after a few months. However By April/May 2018 I discovered that the loans were mounting up and I stopped funding this project as I was in the UK and still am in the UK. I found out that my Interest stopped and the Capital was never returned. A Thai Lawyer called them both the GF and her friend to sign a document in Thai to state that they would pay back per month 160,000 otherwise my GF would lose her house. They paid me once and the friend of my GF said to her he can take me court as I cannot pay an the court would / could only make me pay back a small amount. The total sum with Interest was Bhat 10.2 mill and they signed it. I engaged a lawyer but apart from getting my GF to sign her will he has done nothing and I really do not know what to do. I would be happy to get back 50% of it but nothing coming. Any suggestions please? I am still in the UK and feel stupid in letting this get out of control. I am approaching 64 with very few funds to support me. Paul

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Yeah, the thing about feeling stupid is just the start of the mountain of madness. You have been in the UK all this time and just continued lending out over 10M baht included with interest. During how many month has this been happening, and what sum was it per month? How ften were you supposed to get inerest and payback of your money?

I think this was something you could have been putting a stop to much earlier.

However, you are in a very bad and serious situation. That because it is exactly like her friend says. If taken to court, they will not care much and only make her pay back what they believe she can. In that case it will also have to do with if there are any written documents between your girlfriend and her friend? If not, they will not make her need to pay back anything.

Almost the same will go for your GF, and I do not believe she will stand a risk of losing her house. The only way for you to try and fight this, is beeing her and take it to court, but I do not see a great outcome for your benefit. I might be wrong, some people have been successful in sueing Thais but not many.

Good Luck, anyway.

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Not a good place to be landing monies to a local to engage in loan sharking, again, not all lost, depend on several other factors the OP didn't talked about  like what documents and assurances he has with the GF guaranteeing the return of his investment, if the OP has it all in writing than he has a cause to lodge complaint with the police...

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3-5% return/month almost certainly means a Ponzi scheme. The chance of getting back money from such a setup which likely involves highly-connected Thais running it is between zero and nil.

 

In any case the whole set up stinks. Hate to say it but are you sure which side your GF is on? She and/or her friend has already got millions from you. And now they are asking for more to save her house if I understand correctly.

 

Make sure you are not being played. You being in the UK and she in Thailand isn't a good start.

Edited by Why Me
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1 hour ago, nikmar said:

You enjoy laughing at someone else's misfortune?

A post such as this on TV forum..... what would you expect ? OP has already engaged a lawyer. I do have some sympathy for the OP, but once it’s on here, I feel one has to accept all comments, positive or otherwise.

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16 minutes ago, Peterw42 said:

Misfortune no, stupidity yes.

This quote from the OP pretty much sums it up:

 

I am approaching 64 with very few funds to support me.”  

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Reading this has really spoilt my morning. I never realised until now there were <snip> still doing this sort of thing. (Referring to Paul of course).

I wonder how often he sees his GF.

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5 hours ago, wgdanson said:

Reading this has really spoilt my morning. I never realised until now there were <snip> still doing this sort of thing. (Referring to Paul of course).

I wonder how often he sees his GF.

And how long / how much time did he spend with Thai lady before he started lending her such big money. And was it just one period of time or has he spent time with her long-term on several (?) previous occasions?

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56 minutes ago, Peterw42 said:

Misfortune no, stupidity yes.

just cant help but feel sorry for the poor al' fella. But, aye, not the brightest move. maybe Im getting soft in my old age.

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