Thread: Loaning money to a Thai secured against a Channote...

TheGents makes a good point, if you are up for a bit of skullduggery

he will never make it past the first post

In Thailand one never really knows the rules. A case in point.

The wife loaned B200,000 to a good friend in the construction business about five years ago. The payments were made until about two years ago.Then all communication stopped. The wife got mad.The deal maker was the Chanote (which we had in our back pocket).

Contacted a lawyer friend who had access to the database of where people stated they lived.

After a few letters, we are now recieving payments from the rentee of the condo where the original loan was taken from.

Weird yes, but TIT...

Originally Posted by nidhogg

...and then he can enjoy the next how long doing time at her majestys pleasure for making a false declaration on an official document.

What???

Don't be silly. What false declaration on what official document?

Pray tell, just what offence was committed under English law and how is it provable? If the UKBA were to conclude it was a malicious denunciation then there only recourse would be to discount it and consider the application on its own merits.

In any event, it is on balance the lad's likely motives for several reasons not least because he has on the face of it none of the academic abilities necessary to pursue such a course of study nor the linguistic proficiency.

Originally Posted by superman

Originally Posted by hillbilly

The deal maker was the Chanote (which we had in our back pocket).

Having someones land papers counts for fcuk all. I loaned someone money based on that my wife held the land papers as security. The person defaulted. I/we went to see a lawyer who basically told us they were worthless unless the defaulter willingly allows transfer to my wife's name. Something the defaulter wouldn't do.

Our defaulter did sign beforehand. No signature, no loan...

I must admit this loan with channote has at times tempted me to go into the loan business, of course through the wife.

The sharks around where we live give a 1/3 of what the land is worth at 5% per month, the amount of people who end up losing there land is pretty amazing.

Does anyone do the loans and if so how much do you charge?

Well i am surprised No dodgy expats in Thailand making money

Originally Posted by FailSafe

you would not have had a problem if you had gotten the proper paperwork at the outset.

Hindsight is a wonderful thing. I was naive and too trusting having not yet realized how deceitful the locals could be. I in fact loaned money to a few others and everyone defaulted one way or other. Never again, not even if I had "power of attorney".

Originally Posted by superman

not even if I had "power of attorney"

You need the "power of two big guys on a motorsi". They're all over Isaan collecting debts. Very effective.

Originally Posted by Norton

Originally Posted by superman

not even if I had "power of attorney"

You need the "power of two big guys on a motorsi". They're all over Isaan collecting debts. Very effective.

Those leg breakers are involved with relatively small unsecured loans, not loans based on some sort of collateral- there's no reason to threaten someone into paying when you already hold an asset worth considerably more than the initial amount of their loan.

The thread is long and many good ideas are exchanged here.

Nevertheless, "Never lend money to a Thai" is all you need to know.

When you go to the land office with the brother's title deed they will compare it to the duplicate copy that they have on file. If you look on the back of the document, it is easy to see if there is any recorded liens on the property, since the mortgagor's name will be clearly shown on the back of the title deed. A recorded lien take precedence over any unrecorded liens on fixed property.

I believe they still charge 1% of the loan valve as a fee for recording the mortgage, plus some other small processing fees.

If the brother defaults you will need to go to court and if the court finds in your favor they will arrange a public auction of the property. The proceeds from the sale first go to pay the court/administrator and then to pay you and any amount left over will be paid to the brother.

Mortgaged property does not default into your name as a foreigner, it will be titled to the highest bidder of the auction, who may be a nominee.

If you are structuring it as a sale with the right of redemption, this will need to be in a Thai name and its expensive for the brother.

Personally, I would duck and dive and give it a miss.

Either way they will forget about it in time and you will still have your money and a lot less aggravation with the wife & family.