PM Prayut vows to get rid of informal debts

 

 

Branding informal debt as an evil, Prime Minister Prayut Chan-o-cha said last night he could not afford to let unscrupulous money lenders take advantage of their poor debtors and vowed to press on with the government’s effort to solve the informal debt problem.

 

In his weekly nation-wide address, he cited a government’s survey which showed that about 900,000 people, mostly low-income earners, are owing some 52 billion baht in informal debts to about 18,000 creditors.

 

However, he said that since July when the government launched an all-out attempt to resolve the informal debt problem, it managed to work out compromise agreements with many creditors who agreed to restructure their informal debts with more than 200,000 debtors.

 

Full story: http://englishnews.thaipbs.or.th/pm-prayut-vows-to-get-rid-of-informal-debts/

 

 

-- © Copyright The Nation 2018-08-18

11 minutes ago, rooster59 said:

PM Prayut vows to get rid of informal debts

 

12 minutes ago, rooster59 said:

it managed to work out compromise agreements with many creditors who agreed to restructure their informal debts

So he is not getting rid of the debt then, just restructuring the payments. They still owe the money, so other than being a vote grabbing headline, I see little truth in it.

My freinds wife wanted to buy some land,they went to the main money lender in the village a Thai-chinese man,,my friend said he had a large box file with over a hundred land title's he had seized from people who had loaned money from him and where unable to pay it back,very prevelant in rural area's.

 

1 hour ago, rooster59 said:

PM Prayut vows to get rid of informal debts

A most admirable intention as are most of his intentions. However his track record of achievement in fulfilling such promises is lamentable. 

 

Since 2014 he has made countless promises of specific actions and almost all of them could be judged as failures. From the micro-managing of lotteries and pavements through to more serious matters such as education reforms. His only achievements ever seem to be the formation of committees to deal with these impulsive ideas but after that nothing seems to happen.

 

While I hope he does achieve something for these people I suspect this is just another instance of single issue navel gazing plus a bit of none too subtle electioneering.

2 hours ago, rooster59 said:

900,000 people, mostly low-income earners,VOTERS are owing some 52 billion baht in informal debts to about 18,000 creditors.

hmm????

2 hours ago, rooster59 said:

However, he said that since July when the government launched an all-out attempt to resolve the informal debt problem, it managed to work out compromise agreements with many creditors who agreed to restructure their informal debts with more than 200,000 debtors.

Excellent. 

 

My mate lent me 3000 baht last night. Can the govt have a word with him about letting me off repaying it?

Edited August 18, 20187 yr by Bluespunk

I think every PM for the last decade or two has made the same promise with the same success. Lets hope article 44 works like a magic wand.

One good idea would be to stop Thais from buying the latest pick-up or cars which they cannot afford. But good to see he actually cares for poor people haha  by leading by example when a Thai minister travels overseas no expense is being  spared

All he is doing is encouraging all who borrowed to dob in the lenders.

 

all this will do is increase crime rate drastically , unless he thinks lenders will just walk away loosing money. 

 

Then in a month later same somchai will need to borrow money again and if unable would most likely steal or do something stupid .

 

enforcing laws only works when people mentality has changed. 

10 minutes ago, Happyman58 said:

One good idea would be to stop Thais from buying the latest pick-up or cars which they cannot afford. But good to see he actually cares for poor people haha  by leading by example when a Thai minister travels overseas no expense is being  spared

Those who buy latest pick ups borrow from banks , not the money lenders also known as loan sharks.

 

They keep bringing up high interest rates, forgetting one major fact, which is these are unsecured loans . What’s the rate from the bank for credit card? 25%-28% or an unsecured loan with no proof of income ? Just about the same

Wow he is going to be busy: traffic elevation, eradicating poverty,  and not ridding the land of money lenders.  When will he walk on water I wonder ?  

Looks like another populist policy   in the making ,you just have

to try every way to get the people to like and vote for you....using

taxpayers money of course .

regards worgeordie

Sell some family watches, distribute the millions Baht to the poor? Nah, brother needs to tell time and f.the poor.

5 hours ago, Bluespunk said:

Excellent. 

 

My mate lent me 3000 baht last night. Can the govt have a word with him about letting me off repaying it?

3,000? Sounds more like a gift to me. You're off the hook.?

9 hours ago, darksidedog said:

 

So he is not getting rid of the debt then, just restructuring the payments. They still owe the money, so other than being a vote grabbing headline, I see little truth in it.

No, and that is something he shouldn´t do. If he make them restructure the debts and work with a normal interest it´s perfectly okey. They have borrowed the money, which is same like taking out a loan. A loan have to be payed back.