After signing an inequitable loan contract with Srisawad Company, the consumer faced a lawsuit and property deed seizure by the company. Subsequently, the consumer lodged a complaint with the Thailand Consumers Council (TCC), which effectively resolved the issue in favor of the consumer.
Numerous consumers brought forward complaints to the TCC regarding the actions of Srisawad Corporation PCL. and its affiliated entities, citing exploitative practices in their loan agreements. Upon entering into loan contracts, consumers offering their homes, lands, or vehicles as collateral were not furnished with copies of the agreements. Additionally, some consumers found out post-signing that the interest rates surpassed the legal threshold, a crucial detail that had not been disclosed to them prior to signing the contract.
TCC recently represented a consumer who was a defendant in a loan agreement case against Srisawad Corporation PCL. The company sued the consumer, stating that the loan contract specified a 15% interest rate, but the consumer was charged 24% per year. Furthermore, the company obtained the consumer’s land deed as collateral. TCC defended the rights of the consumer and settled the issue to ensure that the consumer was treated fairly by providing support to legal counsel in both civil and criminal processes. The result was the company agreed to return the land deed to the consumer.
However, under the Consumer Protection Act B.E. 2522 (1979), consumers have the right to obtain accurate and sufficient information on products or services, including quality descriptions. The ability to purchase products and services without being deceived. The right to obtain safe products or services that meet standards and purposes. The right to contractual fairness includes the right to be protected and compensated a violation of consumer rights.
Consumers are urged to file complaints if they have a problem with their loan agreement. TCC encourages consumers to report any violations of their loan agreements, such as being sued in court or having their land deed stolen. Complaints can sent to TCC via the website www.tcc.or.th, or to email : [email protected] , or hotline at 1502 (Monday through Friday, 9:00 AM to 5:00 PM).
