Debt repayment, interest reduction measures to be extended to mid-2021

 

 

BANGKOK (NNT) - The Bank of Thailand has extended its debt repayment and interest reduction measures until June next year, to help debtors and alleviate their financial burden.

 

The Assistant Governor of the BOT’s Financial Institutions Supervision Group, Thanyanit Niyomkarn, said the committee overseeing the Debt Clinic project had evaluated the debt repayment and interest reduction measures from April to September this year. The result was satisfactory, with 94 percent of its debtors having been able to meet their payment obligations. Only six percent of the debtors have received temporary suspension of debt repayment.

 

According to the committee’s forecast, the country’s economic outlook remains highly uncertain. As a result, the measures will be extended for nine more months, or until June 2021. Furthermore, the debt-relief measures will not affect their financial records.

 

As of September this year, the Debt Clinic project has helped some 8,300 card debtors. On average, each debtor has three cards, carrying a debt of about 240,000 baht each. At the moment, there are more than 900 debtors, who are waiting to sign an agreement, and another 1,200 debtors whose financial information is being examined by financial institutions. Over 10,000 people are expected to participate in the Debt Clinic project by the end of this year.

 

-- © Copyright NNT 2020-10-26

 

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3 hours ago, snoop1130 said:

As of September this year, the Debt Clinic project has helped some 8,300 card debtors. On average, each debtor has three cards, carrying a debt of about 240,000 baht each. At the moment, there are more than 900 debtors, who are waiting to sign an agreement, and another 1,200 debtors whose financial information is being examined by financial institutions. Over 10,000 people are expected to participate in the Debt Clinic project by the end of this year.

Indebted for life.

 

Better just to take the hit on the credit rating if you can't pay the debt I reckon.

12 hours ago, Mr Meeseeks said:

Indebted for life.

 

Better just to take the hit on the credit rating if you can't pay the debt I reckon.

Issue them all new credit cards, rince and repeat.

A friend of the missus was in deep mire with her debit cards a couple of months ago, she went to the bank and they struck a deal which consolidated all her debts into one with a new monthly repayment plan.

Her old cards were taken and she was issued new ones, she immediately went to Bangkok on a shopping spree for her & the family.

 

 

Quote

Over 10,000 people are expected to participate in the Debt Clinic project by the end of this year.

Considering Thailand has a population of 69 million, 10K is very small number.   It's so small I expect few people know about the BOT program.