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Chinese loan shark operation busted in Pattaya


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20 minutes ago, Pattaya Spotter said:

I wonder what happens to all the outstanding loans...does some unusually rich "influential" person take them over?

Has been known to happen

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Asked one of the girls on soi 7 Sukhumvit who is that Indian guy.......the money lender......he charges the girls 5% per month.....

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44 minutes ago, jvs said:

Maybe in Kansas but not here.

I wonder how much some "influential person" paid the sod who found "the book."

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21 minutes ago, Surelynot said:

Asked one of the girls on soi 7 Sukhumvit who is that Indian guy.......the money lender......he charges the girls 5% per month.....

Compared to 5% a day...quite the bargain.

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4 minutes ago, Pattaya Spotter said:

Compared to 5% a day...quite the bargain.

Yes....very much so........and he must have quite a few bad debts I imagine.

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3 hours ago, JBChiangRai said:

The lender forfeits all right to repayment of the capital and interest if he attempts to charge more than 15% per annum.

That is pretty much every credit card in Europe gone!

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4 hours ago, JBChiangRai said:

The lender forfeits all right to repayment of the capital and interest if he attempts to charge more than 15% per annum.

Applies to registered and licensed lenders no doubt...no to Somchai with an office above the gold shop next to the police station. 

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8 hours ago, Pattaya Spotter said:

I wonder what happens to all the outstanding loans...does some unusually rich "influential" person take them over?

Some psycho knocks on your door...

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Somewhere in Korat is a man who lend people money 300,000 and they have to pay back every month 7000 baht, and this is untill they van pay back the full amount of 300.000, this happend to my wife 6 years ago while is was in Belgium and she not wanted to ask me money for fix the house in Korat where mama and her chidren lives,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever.

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1 hour ago, joskeshake said:

Somewhere in Korat is a man who lend people money 300,000 and they have to pay back every month 7000 baht, and this is untill they van pay back the full amount of 300.000, this happend to my wife 6 years ago while is was in Belgium and she not wanted to ask me money for fix the house in Korat where mama and her chidren lives,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever.

Am I missing something...your wife borrowed 300,000 baht and she has to pay back 300,000 baht...sounds like a sweet deal to me. Most banks and other money lenders charge interest so you have to pay back more than you borrowed.

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1 hour ago, joskeshake said:

Somewhere in Korat is a man who lend people money 300,000 and they have to pay back every month 7000 baht, and this is untill they van pay back the full amount of 300.000, this happend to my wife 6 years ago while is was in Belgium and she not wanted to ask me money for fix the house in Korat where mama and her chidren lives,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever.

 

The 7000 Bt is just the interest. How did she pay back the principal?

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Chinese loan shark operation busted in Pattaya

 

Great news - I hope the Chinese "paymasters" do not get their money back and end up bankrupt!! 

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1 hour ago, joskeshake said:

Somewhere in Korat is a man who lend people money 300,000 and they have to pay back every month 7000 baht, and this is untill they van pay back the full amount of 300.000, this happend to my wife 6 years ago while is was in Belgium and she not wanted to ask me money for fix the house in Korat where mama and her chidren lives,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever.

It's been my experience fix mamma's house is code word for gambling and I owe money.

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29 minutes ago, Pattaya Spotter said:

Am I missing something...your wife borrowed 300,000 baht and she has to pay back 300,000 baht...sounds like a sweet deal to me. Most banks and other money lenders charge interest so you have to pay back more than you borrowed.

 

I can explain it to you, but I can't understand it for you

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1 hour ago, joskeshake said:

,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever.

 

The roof repairs to mama's house can go on forever also.  🙂

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8 minutes ago, Susco said:

 

I can explain it to you, but I can't understand it for you

I think member KarenBravo has cracked this one wide open...she speculates the 7000 is an interest only payment every month until wifey/husband make a balloon payment of the 300,000. So sort of like an annuity for the lender.

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4 hours ago, KarenBravo said:

Loan-sharking is a protected occupation for Thais only............which is why they were arrested.

 

Even among Thais, it's reserved for the well connected.

 

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11 hours ago, Pattaya Spotter said:

Am I missing something...your wife borrowed 300,000 baht and she has to pay back 300,000 baht...sounds like a sweet deal to me. Most banks and other money lenders charge interest so you have to pay back more than you borrowed.

She has to pay 7000 baht per month, until she repays the original 300,000. 

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21 hours ago, JBChiangRai said:

The lender forfeits all right to repayment of the capital and interest if he attempts to charge more than 15% per annum.

The borower forfeits all right to use of 2 out of 4 limbs if they select the wrong lender.

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In my Navy days we lent out money aboard ship $20. for $30. due the following payday.

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11 hours ago, Burma Bill said:

Chinese loan shark operation busted in Pattaya

 

Great news - I hope the Chinese "paymasters" do not get their money back and end up bankrupt!! 

Pay back for Covid time.

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2 hours ago, EVENKEEL said:

In my Navy days we lent out money aboard ship $20. for $30. due the following payday.

Nonpayment means you get fed to the real sharks! 🙂

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