Loan shark victims get land back

Loan shark victims get land back

The government has vowed not to leave victims of loan sharks struggling alone as it continues to help nearly 17,000 residents claim back more than 42,000 rai of land from money lenders.

Many land owners tendered their land ownership deeds as security for their loans, but lost them when they were unable to pay exorbitant interest rates.

The government is now reissuing the land ownership papers to those who have been victims of loan sharks.

Many of them queued up on Wednesday at Ratchasima Witthayalai School in Nakhon Ratchasima's Muang district to receive land documents from deputy Prime Minister Prawit Wongsuwon.

"We'll not let people suffer exploitation and walk alone," Gen Prawit, also defence minister, said, promising the government will adopt both negotiations and legal action to get them off the hook.

"This is a serious issue that requires a quick response because there are still a large number of victims waiting for us."

In January, 31,751 cases, involving debts worth almost 59 billion baht in total, were negotiated.

The government gave back 2,251 victims 3.9 billion baht worth of their assets, which is part of 19 billion baht re-managed by authorities in their seven-month crackdowns on illegal off-system debts started from July, according to defence spokesman Lt Gen Kongcheep Tantravanich.

The victims were also urged restart their lives, Gen Prawit stressed.

Another event was held simultaneously on Wednesday in Trang to give land documents to 91 victims in seven lower southern provinces while 17 people were charged as suspected loan sharks.

Authorities helped people claim back 94 rai of land from predatory vendors.

"I feel very glad," said Prani Phonsoda, one of the victims from Songkhla.

"It's the first time in 20 years our family gets the land back."

Though the land is less than one rai, it is a family asset her mother used to secure a loan for her children to study in schools.

The loan agreement was allegedly made unfairly, Ms Prani claimed.

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