Chat is Chat is Chat is an Agreement

If you borrow money from someone, or you lent money to someone via online chat and that person still hasn’t you back; he/she may be in trouble!

         If you are using social media such as Facebook or Line, you may often see posts about debt collection or lenders harassing people who borrowing money via online chat.
For those who are lenders, borrowing money via social media is considered as a loan agreement too!

Loans in general
           If a sum of money borrowed is not more than 2,000 baht and a loan agreement is an oral contract, the Law specifies that it is not necessary to have written evidence. However, if a sum of money borrowed is more than 2,000 baht, it is necessary to have written evidence specifying the agreement between a lender and a borrower, the amount of the loan and the signatures of both parties, but is not necessary to have any witnesses.

            However, it may be difficult for both parties to make an appointment in order to do a contract nowadays. As there are many social media application of which we can make use, borrowing via online chat can be done in the blink of an eye. In other words, both borrowing and transferring are real quick and easy. And yet when it comes to loan repayment, borrowers answer neither the phone nor the chat or even block the chat – here comes trouble!

           Borrowing money more than 2,000 baht via online social networking like Messenger on Facebook, Line chat or E-mail is considered as a complete loan process. So, what both lenders and borrowers talk is very important as it can be used as an evidence when filing a lawsuit. The lenders must keep photos and conversation which are chat conversation, the borrower’s account and bank transfer slip.

The following data can be used as evidence intrail;
       - Data specifying the borrower’s account
       - Data in a secure and reliable system
       - Keep evidence immediately when someone borrows money and the evidence must be kept in original condition without any amendment of date and time receiving and sending messages. 

Prescription of debt collection lawsuit
       - filing a lawsuit must be done within 10 years since the payment date when lenders are considered having rights to ask for loan repayment from borrowers
        - if a loan agreement specifies both principal and interest payment to be paid in installment, the prescription is 5 years

Credit: Office of Justice Affairs
 

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