A family in Nonthaburi province found refuge at a bus stop after fleeing their home due to threats from a loan shark who demanded daily interest payments. The incident took place yesterday at 8pm, on February 25, when the family, lacking the funds to meet the exorbitant interest demands, feared for their safety.
Nontranut Promjan, the chairman of the Nonthaburi task force, visited the site upon receiving a tip-off from a concerned citizen about a family seen sleeping at a bus stop in front of a shopping centre on Rattanathibet Road, Bang Kraso sub-district, Muang district. Upon arrival, he discovered a 49 year old man along with his 40 year old wife and their 12 year old son, a sixth-grade student, taking refuge behind the bus stop signage, reported KhaoSod.
The man revealed that three months prior, he and his wife each borrowed 5,000 baht, totalling 15,000 baht, from an informal lender. They were obligated to pay 300 baht in interest daily, which translates to 100 baht per 5,000 baht borrowed.
This type of interest, known as floating interest, does not reduce the principal amount owed. Despite consistently paying the interest, the family found themselves unable to meet the payment on the due date.
The loan shark’s threats via phone, warning that failure to pay would result in being forcibly taken away in a van, instilled enough fear in the family to make them abandon their home.
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Following the discovery, Nontranut escorted the family to the Rattanathibet Police Station, where the husband filed a complaint against the loan shark for intimidation and threats of harm. The police assured them of their safety and escorted the family back to their rented accommodation, promising to look after their security.
In related news, cyber police arrested a Thai man in Trang for offering high-interest loans and allegedly coercing debtors into sex, leading to public shaming on social media.
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