BOT continues Debt Clinic Project

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BOT continues Debt Clinic Project

 

   

BANGKOK, 9 May 2019 (NNT) - The Bank of Thailand has cooperated with Sukhumvit Asset Management and non banks to continue the Debt Clinic Project, Phase 2, which allows debtors of non banks to negotiate about debt settlement under specified conditions. Applications are accepted from May 15 onwards.

 

This cooperation covers non banks. The Debt Clinic Project was attended by 35 participants including 16 commercial banks and 19 non banks. It covers almost 99 percent of credit card debts and personal loans of the entire system. 

 

Non bank debtors can submit their application from 15 May. They must be an income earner aged not over 65. The scheme is targeted at debtors who failed to repay credit, cash card or personal loans with at least two banks for more than three months before January 1, 2019.Their debt must not exceed two million baht. They must not be prosecuted and cause any new debt while participating in the project. Application can be submitted on debtclinicbysam.com or คลินิกแก้หนี้.com.

 

BOT Governor Wirathai Santipraphop said the number of non bank debtors accounts for more than 80 percent of all debtors. The inclusion of credit card debt and personal loans of non banks into the scheme which previously only covered commercial bank debts will be another mechanism to help solve household debt problems. A survey found that Thai people have become more in debt and faster. Although the economy is expanding, the spending hasn’t increased because people have debts that must be paid first so household debts have become a big problem that has to be solved rapidly.

 

 

-- © Copyright nnt 2019-05-09

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