khunsanuk Posted December 17, 2008 Report Share Posted December 17, 2008 Hi, "The Labour authorities have actually come out and said this is one reason why foreign companies should pay this bonus even if they don't have the funds to do so." Foreign companies should pay it? What about Thai companies? Sanuk! Link to comment Share on other sites More sharing options...
Mekong Posted December 17, 2008 Report Share Posted December 17, 2008 Check out the UK Rates Link to comment Share on other sites More sharing options...
LAX Posted December 17, 2008 Author Report Share Posted December 17, 2008 Check out the UK Rates WOW , I am sure its the same here in the USA , I just never ran into it as I normally have pocket money. Dave Link to comment Share on other sites More sharing options...
bust Posted December 17, 2008 Report Share Posted December 17, 2008 So Teddy we are talking about compounding interest and not based on 30 day increments.......I am getting a headache. Nice work... Link to comment Share on other sites More sharing options...
tartempion Posted December 17, 2008 Report Share Posted December 17, 2008 In the village here a guy opened a small food place (noodle soup, fried rice etc) I sometimes eat some of his stuff at lunch time. EVERY DAY the same man comes to collect the proceeds to repay the loan for starting his business Link to comment Share on other sites More sharing options...
dddave Posted December 17, 2008 Report Share Posted December 17, 2008 I asked a Soi 7 Beergarden girl about an older woman I often saw there. She told me that the woman was a moneylender; borrow 3, pay 4. Several years ago, I was having a beer with friends at BIG DOGS located at the NANAPLAZA entrance. We watched as two Thai guys strode into the plaza, grabbed one of the vendors and beat him with what looked like a piece of pipe. It went on for about 30 seconds and nobody intervened. Job done, they walked out, jumped on a motorbike and disappeared; only then did bystanders go over to the guy. He looked to be in pretty bad shape. "Bollow money, not pay." was the verdict of the Big Dogs girls. Link to comment Share on other sites More sharing options...
cavanami Posted December 17, 2008 Report Share Posted December 17, 2008 The local pawn / gold shops charge 10% or so per month on the unpaid balance. It does not compound, from what I have seen in person. YMMV Link to comment Share on other sites More sharing options...
Lusty Posted December 17, 2008 Report Share Posted December 17, 2008 The gold shops and pawn shops are another type of loan shark. I think they charge 10% per month. 20% sounds right from a loan shark (read that, maffia). That's why the Chinese and the Indians have all the money! Link to comment Share on other sites More sharing options...
Lusty Posted December 17, 2008 Report Share Posted December 17, 2008 thanks for the info ' date=' I think desperate people do stupid things , and Thais do not think about tomarrow as much as we do, [/quote'] 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. The fault lies with those who are paying you late and they probably have someone who is paying them later etc etc. Its always the small guy at the bottom of the food chain that gets shafted. Many a business here in the UK have gone under because of this. Why the fuck should a multi million pound company have 90 days to pay their suppliers and the small guy has to borrow money to plug the gap in the cash flow. If everyone was in the position to pay their debts as soon as they got the invoice,everything would be cheaper and the banks/loan sharks etc would soon be out of business! Link to comment Share on other sites More sharing options...
waerth Posted December 17, 2008 Report Share Posted December 17, 2008 Well I managed to get 3200 baht together today so my electricity is covered and I have a whopping 300 baht to survive on! Now only rent and I will be able to subexist till money comes in .... by which time it is time to pay the rent, elec, telephone and internet again ..... but I feel a bit better now. Link to comment Share on other sites More sharing options...
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