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


snoop1130

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5 hours ago, NightSky said:

The government bank has stopped collecting mortgage payments until next February 2021, im not sure is some of the other banks are doing the same thing?

 

it was a pleasant surprise for the wife when she checked her account

SCB are still collecting my mortgage payments.

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12 minutes ago, BritManToo said:
5 hours ago, NightSky said:

The government bank has stopped collecting mortgage payments until next February 2021, im not sure is some of the other banks are doing the same thing?

 

it was a pleasant surprise for the wife when she checked her account

SCB are still collecting my mortgage payments.

 

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.

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On 9/15/2020 at 1:02 AM, Oldie said:

It is for sure a bad situation. But I never understood why people come to Thailand to make money. If they can do it here it would have been much easier to be and to stay successful in their home country. Thailand is a place to spend money but not to make it. 

 

I have been in business in Thailand for nearly 14 years and have made on average 1.4 million baht per year, I also have several Friends who are also running successful business here in Thailand.  Talking of running a business in their home country - have you actually seen the vast amount of businesses that have folded?  The issue is not only contained to Thailand, but there again, if you had applied a little bit of thought and research before writing this rubbish, you would realise how silly you have made yourself look.

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16 minutes ago, robertson468 said:

I have been in business in Thailand for nearly 14 years and have made on average 1.4 million baht per year, I also have several Friends who are also running successful business here in Thailand.


Your successful business made 1.4 million baht per year?

Did you mean dollars?
 

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41 minutes ago, robertson468 said:

You clearly speak through a hole in your orifice!  I have been in business in Thailand for nearly 14 years and have made on average 1.4 million baht per year, I also have several Friends who are also running successful business here in Thailand.  Talking of running a business in their home country - have you actually seen the vast amount of businesses that have folded?  The issue is not only contained to Thailand, but there again, if you had applied a little bit of thought and research before writing this rubbish, you would realise how silly you have made yourself look.

1.4 million a year. You must be so rich. But if converted to USD that is not much. You are a poor person if you can't afford to stay in Thailand without working. And if I look at your choice of words that you use I guess you are in the bar business. But anyhow. I enjoy the quiet time without many tourists here. I hope you can enjoy it too. 

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1 hour ago, billythehat said:

Sir, could you please expand on your own miraculous business model here? An ‘average’ of THB 1.4m (about £35k) per annum is somewhat slim pickings after deducting the costs of running a proper business.

 

56 minutes ago, Oldie said:

1.4 million a year. You must be so rich. But if converted to USD that is not much. You are a poor person if you can't afford to stay in Thailand without working.

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...????

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5 minutes 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...????

I have no problems with people working here. I just have problems with the words he used as response.

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5 hours ago, LivinginKata said:

 

It will be a shock when she has to pay the back payments after Feb 2021, With interest on money not paid.

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.

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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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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. 

 

 

 

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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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