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OPEN LETTER: Foreigners with local businesses face impossible financial demands and regulations

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2 hours ago, richard_smith237 said:

 

SCB are not collecting our mortgage. Wife applied for Mortgage relief 4 months ago when the announcements were made that this was possible.

The mortgage relief was supposed to end this month and we were supposed to pay our mortgage. 

However, there was no such requirement / outstanding payment due this month. 

 

Thus, its seems the ‘mortgage relief’ may have been extended for those who initially applied for relief a few months ago.

We didnt ask the government bank they suspended collection automatically for all mortgages from june 2020 until feb 2021

 

its good though!

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20 hours ago, Puchaiyank said:

Never invest money you can not afford to lose in any foreign country endeavor...

 

Sorry for your loss...don't expect any Thai help or sympathy...

yes I doubt in his native country the government would bail out a Thai company..

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10 minutes ago, NightSky said:

No back payments to pay. Not sure about interest but it wouldn't make a difference on a 25 year mortgage anyhow. I doubt extra interest will be charged...

 

..the break from paying mortgage for almost 1 year is very much a good  and well received.

You think they're giving you that money?

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4 minutes ago, KarenBravo said:

You think they're giving you that money?

Nope. They simply paused collecting it as i already mentioned several times over.

 

We asked about it and it was explained as ive said. 

 

All GSB bank mortgages are paused until feb 2021 automatically

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3 hours ago, NightSky said:

We didnt ask the government bank they suspended collection automatically for all mortgages from june 2020 until feb 2021

 

its good though!

In addition, I found this article from April 2020 stating a three month payment holiday for certain banks..

 

However since then some banks (i.e. GSB) seem to have extended the relief period until next year from repayment mortgages (on less than a 3 million baht mortgage)

 

https://www.thaienquirer.com/10497/banks-postponing-debt-payment-to-help-customers-and-avoid-defaults/

 

Hope this helps!

 

PS - a bit more info here, this extends GSB loan relief to 6 months however I was informed at the bank its now extended until Feb 21.

 

http://thainews.prd.go.th/en/news/detail/TCATG200422160757662

 

 

It seems you can select to pay the interest or capital repayment after the suspension ends or add it to the loan no doubt. 

 

 

 

Edited by NightSky

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4 hours ago, KarenBravo said:

You think they're giving you that money?

True, not free. In the UK there were many who thought such and such schemes were free cash. I know someone close who took a payment holiday and when that was finished, he discovered they had increased his monthly payments. 
If he had continued his usual payments, the monthly rate would not have increased after the 3-month payment ‘holiday’.
 

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4 hours ago, khunPer said:

 

Things like profit on a Thai business should be considered relative to the business being in Thailand, it's actually a fine profit, when thinking of how many retired expats that have problems with funding a 800k baht deposit, or showing monthly transfers of 65k baht during a year; 1.4 million is almost the double of 800k baht, and almost 117k baht a month, well done...👍

“it's actually a fine profit”

 

Without a breakdown of profit/loss/tax payments etc. how would you know what the ‘fine’ net profit was? The erstwhile businessman stated he'd made on average the sum, not what the actuals were. :coffee1:
 

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 "I have been in business in Thailand for nearly 14 years and have made on average 1.4 million baht per year" So Robertson tell us what that really means? Annual revenue, annual gross profit or annual net profit?

You choose to denigrate Oldie yet fail to verify exactly how that number relates to your "business". 

If your claim of 1.4 million Baht is annual revenue then that's abysmal and barely sufficient to live on, especially if operating costs including your salary are taken into account. If 1.4M is gross profit, its still a disaster for the same reason. If by chance you are referring to net profit then it's hardly impressive as that's around $3750 USD PM. "On average 1.4 million Baht per year" infers that you have not actually had growth over those 14 years, again not impressive. I've met so many self proclaimed "businessman" in Thailand who boast about their success yet know so little about the basic fundamentals and wonder why they fail. Perhaps you could enlighten your new fan Khunper with more details as he obviously has no idea. 

 

 

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On 9/15/2020 at 12:10 AM, Puchaiyank said:

Never invest money you can not afford to lose in any foreign country endeavor...

 

Sorry for your loss...don't expect any Thai help or sympathy...

Don't expect much sympathy from anyone. Thailand is a capitalist country and foreign "investors" did so with the intent to make profit. Pretty sure they didn't do so for charitable reasons. They gambled and lost. If they knew what they were doing they must have known it was risky.

I've known for decades that LOS is not a country to invest money one can't afford to lose, and so should they have known if they did any research.

 

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3 hours ago, thaibeachlovers said:

Don't expect much sympathy from anyone. Thailand is a capitalist country and foreign "investors" did so with the intent to make profit. Pretty sure they didn't do so for charitable reasons. They gambled and lost. If they knew what they were doing they must have known it was risky.

I've known for decades that LOS is not a country to invest money one can't afford to lose, and so should they have known if they did any research.

 

A bit harsh wouldn't you say ( Who factors in a pandemic to financial planning and business model anywhere in the world)

Multinational Companies are in real bad shape financially or going Bankrupt as their due diligence has prevented nothing and <deleted> is hitting the fan!

 

Compassion costs nothing!!

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On 9/15/2020 at 1:57 AM, ChipButty said:

Goes back to the old joke, How to make a fortune in Thailand, is bring a big one with you

How to make a SMALL fortune is to bring a BIG one with you => This is a joke because it means you will loose a lot of money

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