Bank refuses loan to be paid off.

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newkidontheblock
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Bank refuses loan to be paid off.

Post by newkidontheblock » Tue Jan 01, 2019 9:11 pm

Is this common?

Land behind the family property sold to a Chinese developer for possibly a factory. Village wants to build or expand a road and may use eminent domain to take it. Missus wants to redo the hard title to make sure that land isn’t being ripped off than already is.

Problem is older sister has already put out s 5 year bank loan on the hard title. According to older sister, Bank says cannot pay off loan for at least 2 years, even if interest is included in the payment.

Is this normal Cambodian Bank practice? Or is there something else that isn’t being mentioned?
logos
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Re: Bank refuses loan to be paid off.

Post by logos » Tue Jan 01, 2019 10:08 pm

newkidontheblock wrote:
Tue Jan 01, 2019 9:11 pm
Problem is older sister has already put out s 5 year bank loan on the hard title. According to older sister, Bank says cannot pay off loan for at least 2 years, even if interest is included in the payment.

Is this normal Cambodian Bank practice? Or is there something else that isn’t being mentioned?
Haha, "according to older sister", good one.
You're screwed. 10 to 1 older sister has either sold the land already or intends to shortly.
newkidontheblock
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Re: Bank refuses loan to be paid off.

Post by newkidontheblock » Tue Jan 01, 2019 11:00 pm

Doubtful.

Older sister has her house, the family house with air con bunker, her kids, her younger sisters kids, and youngest sister all living on that land.
j57
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Re: Bank refuses loan to be paid off.

Post by j57 » Tue Jan 01, 2019 11:43 pm

welcome to Khmer banking and loan black hole..
try asking your Khmer lady about the terms or any meaningful data....get a silent period ...until you give up..
ask for a payment booklet...
ask about interest rate...
ask a simple...when is the fucking loan paid off?
when you ask a Khmer.. even a loved one...a loan question ...be prepared to be lied to....
beware of sinking your dough into the black hole..
Element6
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Re: Bank refuses loan to be paid off.

Post by Element6 » Wed Jan 02, 2019 2:30 am

logos wrote:
Tue Jan 01, 2019 10:08 pm
newkidontheblock wrote:
Tue Jan 01, 2019 9:11 pm
Problem is older sister has already put out s 5 year bank loan on the hard title. According to older sister, Bank says cannot pay off loan for at least 2 years, even if interest is included in the payment.

Is this normal Cambodian Bank practice? Or is there something else that isn’t being mentioned?
Haha, "according to older sister", good one.
You're screwed. 10 to 1 older sister has either sold the land already or intends to shortly.
I am with Logos that something fishy is going on and that is the reason for the story. As for an appointment with the bank to sort it out and likely the SIL will find reasons to refuse further deepening suspicion.

It may be that she sub divided the land and sold off some but not all
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Duncan
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Re: Bank refuses loan to be paid off.

Post by Duncan » Wed Jan 02, 2019 8:10 am

Go to the Ministry of Land Management and tell then the Hard title was lost in a flood and you want to see the original on their register to see who is on it.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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frank lee bent
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Re: Bank refuses loan to be paid off.

Post by frank lee bent » Wed Jan 02, 2019 8:16 am

suspicious alright
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Kammekor
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Re: Bank refuses loan to be paid off.

Post by Kammekor » Wed Jan 02, 2019 9:22 am

logos wrote:
Tue Jan 01, 2019 10:08 pm
newkidontheblock wrote:
Tue Jan 01, 2019 9:11 pm
Problem is older sister has already put out s 5 year bank loan on the hard title. According to older sister, Bank says cannot pay off loan for at least 2 years, even if interest is included in the payment.

Is this normal Cambodian Bank practice? Or is there something else that isn’t being mentioned?
Haha, "according to older sister", good one.
You're screwed. 10 to 1 older sister has either sold the land already or intends to shortly.
I agree, financial agreements within Khmer families are far from clear, and not even always shared among all the the family members involved, so I would certainly not expect them to share it with me.
I keep myself far from this sort of stuff. Khmer have done it their way for ages, and I just try to have it done my way in my house. That's difficult enough sometimes.
PhnomRon
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Re: Bank refuses loan to be paid off.

Post by PhnomRon » Wed Jan 02, 2019 9:42 am

newkidontheblock wrote:
Tue Jan 01, 2019 9:11 pm
Is this common?

Land behind the family property sold to a Chinese developer for possibly a factory. Village wants to build or expand a road and may use eminent domain to take it. Missus wants to redo the hard title to make sure that land isn’t being ripped off than already is.

Problem is older sister has already put out s 5 year bank loan on the hard title. According to older sister, Bank says cannot pay off loan for at least 2 years, even if interest is included in the payment.

Is this normal Cambodian Bank practice? Or is there something else that isn’t being mentioned?
The older sister presumably borrowed the money because she needed money. She was cash poor.

Now your wife is asking her to repay that loan early? How?

If you tell a family member "I need you repay what you borrowed on the house" and the person says "Oh I can't do that now the bank won't take the money" then the logical conclusion is that the borrower cannot or does not want to repay the loan now.

Also, who owns the land anyway? The wife, the older sister, the parents in law, etc. ? If the parents own it, how did the sister borrow on that?

Or are Cambodian properties just vaguely owned by a "family" such that one sister can be borrowing on it while another sister is trying to secure the hard title?
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Spigzy
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Re: Bank refuses loan to be paid off.

Post by Spigzy » Wed Jan 02, 2019 10:55 am

Sounds very fishy. Which bank/MFI? I'll dig into the banking code later, but it sounds like nonsense.
Meum est propositum in taberna mori,
ut sint Guinness proxima morientis ori.
tunc cantabunt letius angelorum chori:
"Sit Deus propitius huic potatori."
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