i gave out a large loan to a 3 star general
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Has jackrossi been found with half a dozen selfinflicted gunshot wounds to the back of his head yet?
I know I'm unloveable. You don't have to tell me. I don't have much in my life, but take it - it's yours.
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He's Italian. The general was the one who got iced.This Charming Man wrote:Has jackrossi been found with half a dozen selfinflicted gunshot wounds to the back of his head yet?
Sent from my SM-G900F using Tapatalk
I'd forgotten about this. Has jackrossi ever been heard of again?
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He posted just last week.
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
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Italian expat commits suicide, dismembers himself and posts body parts?Lucky Lucan wrote:He posted just last week.
an update due to popular demand.
The loan it is being repaid (albeit a bit too slowly for my liking but still regularly) , the general offered some extra collateral in exchange of locking the interest at 6.5%/month and now the bank is negotiating about the terms of taking over the loan and restructuring it (practically fully repaying me whats left of the principal and turning it + some extra into a 10 year loan for the general at 1.something%/month). the bank manager reassured me several times that all is well and that i do not need to involve the lawyers as long as he keeps paying. i will update you if i have other news.
The loan it is being repaid (albeit a bit too slowly for my liking but still regularly) , the general offered some extra collateral in exchange of locking the interest at 6.5%/month and now the bank is negotiating about the terms of taking over the loan and restructuring it (practically fully repaying me whats left of the principal and turning it + some extra into a 10 year loan for the general at 1.something%/month). the bank manager reassured me several times that all is well and that i do not need to involve the lawyers as long as he keeps paying. i will update you if i have other news.
- Phuket2006
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6.5 interest /month!!!! my god....loan sharking is alive in Cambodia
"We are turning into a nation of whimpering slaves to Fear—fear of war, fear of poverty, fear of random terrorism, or suddenly getting locked up in a military detention camp on vague charges of being a Terrorist sympathizer." HST
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Tell me about it, if it isn't some Chinese granny screwing everyone over with impossible rates it's one of the new MFIs taking people who don't understand basic math to the cleaners. Usury is very much alive here, as it always has been.Phuket2006 wrote:6.5 interest /month!!!! my god....loan sharking is alive in Cambodia
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
As you know Lucan, 20-25% in the informal economy, per fuckin' month, is not unusual.Lucky Lucan wrote:Tell me about it, if it isn't some Chinese granny screwing everyone over with impossible rates it's one of the new MFIs taking people who don't understand basic math to the cleaners. Usury is very much alive here, as it always has been.Phuket2006 wrote:6.5 interest /month!!!! my god....loan sharking is alive in Cambodia
The lovely MFIs, who can afford to pay their investors 10% per annum, paid monthly, are not really that much better. But MFI is a sweet term and will attract investment from whiney European funds. Look at some of the biggest investors in the KH MFIs. The guys doing the investments know it's a con but the liberal retail investors just want to have some latte and wooden floors.
One could do the compound maths but if you borrow twice your income at even 17% per annum (extremely unlikely if you have to borrow - you are more likely to be in the 15-25% per month gig), you can't ever, ever pay that back. In the informal economy, at 20%, well, forget about it. You have become an indentured person for the rest of your life and when you die you have indentured your kids too.
Did Vladimir hack my account?
Anyway, I try not to give a flying fuck about the above but just take the profits. Sometimes I don't sleep well.
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I've only witnessed it inadvertently, and over time figured out that the vast majority of the profits some people ( who are ostensibly turning over good returns) make are passed on to lenders. Their rates are extortionate, so while it looks great in the short-term the principal is rarely paid back in time and then it just ends up as an endless struggle to pay off interest.
It's a bit off-topic, but I drove along a good stretch of 271 this evening, from the end of Monivong to Russian Hospital. That road blows me away, because I remember it being a relatively quiet narrow road with nothing much higher than a shophouse along it. A whole lot of the properties were just traditional houses. Now there are loads of modern buildings along it. Anyway, I must have passed about ten MFI HQ's on my way home. When I was younger and more naive and foolish and took a lot of drugs I got this weird idea that MFIs were actually some sort of beneficial organizations just dedicated to alleviating poverty. As grew older I realized they were just businesses and they'd screw you just as quick as Barclay's and seize all your land and leave you destitute if they were able to.
It's a bit off-topic, but I drove along a good stretch of 271 this evening, from the end of Monivong to Russian Hospital. That road blows me away, because I remember it being a relatively quiet narrow road with nothing much higher than a shophouse along it. A whole lot of the properties were just traditional houses. Now there are loads of modern buildings along it. Anyway, I must have passed about ten MFI HQ's on my way home. When I was younger and more naive and foolish and took a lot of drugs I got this weird idea that MFIs were actually some sort of beneficial organizations just dedicated to alleviating poverty. As grew older I realized they were just businesses and they'd screw you just as quick as Barclay's and seize all your land and leave you destitute if they were able to.
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
That's the one. Dozens of them and many of their major investors are ethical European banks who are paying their investors 0.17% and some even with negative interest rates.Lucky Lucan wrote: I drove along a good stretch of 271 this evening, from the end of Monivong to Russian Hospital. That road blows me away, because I remember it being a relatively quiet narrow road with nothing much higher than a shophouse along it. A whole lot of the properties were just traditional houses. Now there are loads of modern buildings along it. Anyway, I must have passed about ten MFI HQ's on my way home.
Fuck. I swear some commie hacked me. Cunt.
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RobW wrote:
As you know Lucan, 20-25% in the informal economy, per fuckin' month, is not unusual.
The lovely MFIs, who can afford to pay their investors 10% per annum, paid monthly, are not really that much better. But MFI is a sweet term and will attract investment from whiney European funds. .
I thought it was 10% application fee and 10% per month. Wow that is such a better rate to get.
Interesting how interest rates in the KOW seem to be quoted on a monthly basis (in simple terms), whereas in the real world they are quoted on an annual basis.
Also the monthly rate in the KOW is similar to the annual rate in many western countries.
Yes the traditional money lenders appear to have moved into shiny new shopfronts and have re-branded themselves as MFI's. Far more respectable than operating out of your house or market stall.
Not a bad business model.
Even banks charge about 1.5% per month for mortgages secured by hard title with a 40% deposit. Relatively low risk (provided the valuations are not corrupt) for a decent return, which is almost 80% per annum on a compound basis).
Note to self: Must be nice to morons.
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Actually, I believe a 1.5% monthly interest rate equals 19.56% per annum on a compound basis, however a 10% monthly rate would equal a 213.84% annual interest rate...LaudJohn wrote:RobW wrote:
As you know Lucan, 20-25% in the informal economy, per fuckin' month, is not unusual.
The lovely MFIs, who can afford to pay their investors 10% per annum, paid monthly, are not really that much better. But MFI is a sweet term and will attract investment from whiney European funds. .
I thought it was 10% application fee and 10% per month. Wow that is such a better rate to get.
Interesting how interest rates in the KOW seem to be quoted on a monthly basis (in simple terms), whereas in the real world they are quoted on an annual basis.
Also the monthly rate in the KOW is similar to the annual rate in many western countries.
Yes the traditional money lenders appear to have moved into shiny new shopfronts and have re-branded themselves as MFI's. Far more respectable than operating out of your house or market stall.
Not a bad business model.
Even banks charge about 1.5% per month for mortgages secured by hard title with a 40% deposit. Relatively low risk (provided the valuations are not corrupt) for a decent return, which is almost 80% per annum on a compound basis).
For the 6.5% monthly, if compounded, would equal 112.9% annual interest rate...
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