JOIN OUR FRIENDLY COMMUNITY
Learn from the experiences of other expats and make new friends in our disccussion forums and Facebook groups

READ OUR GUIDE TO MOVING ABROAD
The Expat Focus Guide to Moving Abroad contains everything you need to know when planning an international relocation available now, completely free

COMPARE QUOTES AND SAVE MONEY
Insurance, FX and international movers

LISTEN TO THE EXPAT FOCUS PODCAST
The Expat Focus podcast features interviews with expats living abroad and service providers meeting their needs subscribe today!

EXPERT FINANCIAL ADVICE & SERVICES
From our tax, investment and FX partners

Debts inThailand vs restriction of Travel

Discussion forum for expats moving to or living in Thailand.

Reply to topicReply to topic
Forum FAQSearchView unanswered posts
 
  
Debts inThailand vs restriction of Travel

Post Posted: Thu Jun 22, 2006 10:52 pm

A colleague who travels regularly out of Thailand (has work permit) owes some money (over 500K) to credit card companies in Thailand, can the credit card companies restrict his movements in and out of Thailand if he doesnt pay the debt?

The credit card company (or debt collection agency) says that they can notify Immigration to stop him leaving Thailand. Is this possible ?

He needs to travel for his work ?

Anyone have any experience with this ? This is a debt incurred in Thailand, he has no assets, and is know leaving Thailand, as he has left job but may have new job in Thailand soon.......

Thanks

AsiaMB

 

ExpatinThailand
Newbie
Newbie
 
 
  
Re: Debts inThailand vs restriction of Travel

Post Posted: Fri Jun 30, 2006 12:52 pm

AsiaMB

I'm assuming your 500k here is Thai Baht - not $s.

Anyhow, in short, provided that the credit card company has a court injunction against a defaulting debtor, then yes they can prevent him from leaving Thailand. Indeed, if the debtor is attempting to avoid repaying the debt, there is a chance s/he could be jailed for such.

In short, if your friend needs to travel to work, I would strongly suggest that they discuss their financial situation with their creditors with the aim of trying to come sort of arrangement.

I have to say, this (foreigners running up large credit card bills they cannot afford to repay) is becoming more common here in Thailand and, imo, it will not be long before it comes to a head. I just hope that your friend is not used as the case study.

SM

 

Sumitr_Man
Newbie
Newbie
 
 
  
Re: Debts inThailand vs restriction of Travel

Post Posted: Sat Jul 08, 2006 8:11 pm

In fact, it has been my experience that most banks will not issue a credit card to expats unless they have a work permit. I am told that it is a Bank of Thailand decree. Some banks issue credit cards to expats who do not have work permits eg deposit THB100k in a fixed/time deposit & you get a limit of yes, THB100k.
The rationale behind this (I am told) is that 'non work permit holders' do runners.

 

mahatma
Newbie
Newbie
 
 
  
Re: Debts inThailand vs restriction of Travel

Post Posted: Fri Jul 28, 2006 5:44 pm

In fact there is no Bank of Thailand decree concerning issuing - or not issuing- credits cards to foreigners not holding work permits, although many banks will use this as a way of fobbing off foreigners. The relevant BoT rules concern levels of income and subsequent levels of credit availability and these are te same for Thais and foreigners. The other posters are quite correct though that the Thai banks consider that having a work permit is at least one level of vetting an applicant, not perfect but at least more than an "unknown" person coming in off the street even if that person claims or can substantiate a given level of income.

 

Jaiyen
Newbie
Newbie
 
 
Page 1 of 1









Copyright © 2019 Expat Focus. All Rights Reserved. Use of this website signifies your agreement to the Terms of Use/Privacy Policy. Comments are property of their posters.
Interactive software released under GNU GPL, Code Credits, Privacy Policy