LAX Posted December 16, 2008 Author Report Share Posted December 16, 2008 thanks for the info , First this is not in BKK but out of town a 90 minute train ride , so the loan shark knew where she and her family lives , and there were vailed threats , but it never got that far..... I think desperate people do stupid things , and Thais do not think about tomarrow as much as we do, I had not been to LOS in 2 years so she had no idea I would be coming over, she has a regular factory job (7-8k a month) that pays the monthly bills, How she planned on paying back the loan shark is another Thai mystery , I am not even going to try and figure that one out , And yes I gave her major shit about doing this and tried to show her how stupid it was, Dave Link to comment Share on other sites More sharing options...
Ckrisg Posted December 16, 2008 Report Share Posted December 16, 2008 There is a scheme in the UK called payday loans. You borrow at the start of the month and pay back on your payday. A mate of mine was short one month for rent so borrowed £350.00 on the 15th and paid back £425.00 on the 29th. (interest rate anyone) Daft git I know I would have lent it at 0%! These companies are growing at a rapid rate, so called respectable companies no need for Mafia. If you cant pay it all back that month they are happy to close the loan with what you can pay and reopen a new loan for the outstanding amount at the same interest rate ( but you are then carrying the rate for two months). Parasites!!! Link to comment Share on other sites More sharing options...
buffalo_bill Posted December 16, 2008 Report Share Posted December 16, 2008 These companies are growing at a rapid rate, so called respectable companies no need for Mafia. Problem being that respectable companies reject bargirls requests . Link to comment Share on other sites More sharing options...
Ckrisg Posted December 16, 2008 Report Share Posted December 16, 2008 You miss the point,I said so called respectable companies. In the UK you don't need to demand repayment with menaces the courts are happy to do it for you. Mafia, Mafia!!! used a bit too freely on the Board me thinks!!! Link to comment Share on other sites More sharing options...
teddy Posted December 16, 2008 Report Share Posted December 16, 2008 There is a scheme in the UK called payday loans. You borrow at the start of the month and pay back on your payday. A mate of mine was short one month for rent so borrowed £350.00 on the 15th and paid back £425.00 on the 29th. (interest rate anyone) Daft git I know I would have lent it at 0%! These companies are growing at a rapid rate, so called respectable companies no need for Mafia. If you cant pay it all back that month they are happy to close the loan with what you can pay and reopen a new loan for the outstanding amount at the same interest rate ( but you are then carrying the rate for two months). Parasites!!! That works out over 500% APR. I have noticed these parasites springing up lately mainly due to the fact that it is harder to lend from the banks these days. But 500% FFS, that's taking the piss. The problem is that the type of people who need this facility actually need the money they are wasting on interest more than most. This has always been the case throughout history, the poor get shafted all the time and they just can't seem to escape the cycle. Link to comment Share on other sites More sharing options...
bust Posted December 16, 2008 Report Share Posted December 16, 2008 Wouldn't that be 300% Teddy If you calculate 75 a month over 12 months = 900 Three times the amount originally borrowed not including the principle amount. Link to comment Share on other sites More sharing options...
waerth Posted December 16, 2008 Report Share Posted December 16, 2008 thanks for the info , I think desperate people do stupid things , and Thais do not think about tomarrow as much as we do, I think that you have never been in a situation were you are desperate otherwise you would not say that people do stupid things. It is a matter of choice. Sometimes there is no other choice but to do such a thing. I have found myself put before the chopping block more than once. You know a decision you have to make is far from ideal, but sometimes you have to make it. To put it in reflection to my own situation of this week. I know there is money coming in 2/3 weeks from now and normally I would survive of my comedy money for food, so if I had been able to cover my bills things would have worked out easily. It is pretty normal that every 2 or 3 months payments get delayed with a couple of weeks. But right now I need to pay my electricity bill by Thursday morning which is 2900 baht (spare me the questions about why it is 2900 baht). I currently posses 1500 baht. Now tell me where am I going to find an additional 2000 baht if not from a loan shark? Basically I know it will put me out a lot more than it will give me, but I need my electricity so I can keep doing my work. And get paid next month. Then there is my rent which I have to pay Friday otherwise I will get late dues of a 100 baht a day. Basically I am put before the chopping block because funds will arrive to late. So I have to life with paying outrageous interest rates. The other option is telling the condo not to charge overdue fees and have them lock my door till my money does come. I can life without electricity, I have done it once before in 2002 for almost a full month. But then I wasn't dependent on my computer for work. Right now I am. But I cannot go life on the street. So the only decision I can make is to accept that I will have to pay outrageous interest fees. So please do not judge people as stupid when they have to make a crisis decision in a crisis situation. Especially if you have never had to deal with it. Link to comment Share on other sites More sharing options...
teddy Posted December 16, 2008 Report Share Posted December 16, 2008 Wouldn't that be 300% TeddyIf you calculate 75 a month over 12 months = 900 Three times the amount originally borrowed not including the principle amount. It would Bust, but he borrowed it on the 15th of the month and paid it back on the 29th, therefore much more than 75 over the month. I think the actual APR would be around 558% :thumbup: Link to comment Share on other sites More sharing options...
LAX Posted December 16, 2008 Author Report Share Posted December 16, 2008 Wouldn't that be 300% TeddyIf you calculate 75 a month over 12 months = 900 Three times the amount originally borrowed not including the principle amount. It would Bust' date=' but he borrowed it on the 15th of the month and paid it back on the 29th, therefore much more than 75 over the month. I think the actual APR would be around 558% :thumbup: [/quote'] also if she did not pay then the interest was added on, so the 10k plus 20% = 12k the 12k plus 20% =14.4k owed the second month etc at those rates you do not catch up Dave Link to comment Share on other sites More sharing options...
shygye Posted December 16, 2008 Report Share Posted December 16, 2008 So you have no family or friends that will lend you money? You don't have savings that can carry you over the rough spots? Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.