Government Aims to Resolve Household Debts in 2022

[snoop1130]

 

BANGKOK (NNT) - The government has set its sights on resolving household debt for eight specific groups, as it makes tackling debt issues one of its primary missions for 2022.

 

Prime Minister and Defense Minister Gen Prayut Chan-o-cha has kicked off the year’s debt campaign by instructing relevant agencies to follow up on the student loan program that will be presented to Parliament for consideration.

 

According to a specialized subcommittee working under the Ministry of Finance, the Prime Minister has ordered that issues covering debts related to eight groups be addressed within this year. These include:

 

- Revising issues from the student loan program to provide more options for students to pay their loans.

 

- Considering financial mediation and restructuring as a national agenda via the Bank of Thailand and Thai financial institutions.

 

- Resolving automobile and motorcycle debt, such as by setting a rate limit for follow-up fees so clients can avoid paying unnecessary fees, etc.

 

- Fixing debts for public officials, especially for public teachers and police, such as by suspending the use of assets or future salary to pay debts.

 

- Reconsidering the structure of interest rates and fees and rolling out measures to protect the rights of clients. The Ministry of Finance has reduced the interest rate for PICO Finance clients from 36% to 33%, while debtors with guaranteed assets will be provided additional long-term assistance and new refinance measures from the BoT.

 

- Resolving credit card debt and bad loans by utilizing the BoT’s Debt Clinic as a platform to address these concerns.

 

- Providing better financial access for individuals and SMEs via a soft loan program and the BoT’s recovery program.

 

- Reorganizing protocols in the judicial process and establishing the Thai Business Mediation Center (TBMC)

 

The Prime Minister noted that the government will implement further steps to help people pay their loans and alleviate household debt, calling it one of the nation’s most fundamental challenges.

 

-- © Copyright NNT 2022-01-04

 

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[KannikaP]

No mention of relief for ex-pats needing Health Insurance.

[edwinchester]

"Resolving automobile and motorcycle debt, such as by setting a rate limit for follow-up fees so clients can avoid paying unnecessary fees, etc"

 

Son of one of my wife's friends recently bought a new car. He is a teaching assistant earning 9000 bht a month. Repayments are 7000 a month.

Penalising irresponsible lending would be a start.

Edited January 4, 2022 by edwinchester

[RichardColeman]

2 hours ago, snoop1130 said:

The Ministry of Finance has reduced the interest rate for PICO Finance clients from 36% to 33%

Listen , if they can't make 36%, I very much doubt they can make 33% !

 

 

[fangless]

 

That statement is pure $£$£;

It is Political waffle and gobbledgook!

Can anyone translate that nonsense into a form of language (any!!!) that either I or a Thai or any other nationallity could possibly understand?

 

 

[kingstonkid]

11 hours ago, fangless said:

 

That statement is pure $£$£;

It is Political waffle and gobbledgook!

Can anyone translate that nonsense into a form of language (any!!!) that either I or a Thai or any other nationallity could possibly understand?

 

 

???? Love an easy question first thing in morning.

 

Translation is can't report anything good about economy or COVID 

 

Let's change narrative time to drag out we are going to look at debt relief.

 

Someone put a note on desk.

He looked at it.

There I have looked at debt relief

[djayz]

But the core problem still hasn't been tackled. By that I mean, buying things you simply cannot afford on credit. 

 

[hotchilli]

15 hours ago, snoop1130 said:

The government has set its sights on resolving household debt for eight specific groups, as it makes tackling debt issues one of its primary missions for 2022.

I wonder if it will be as successful as stopping corruption?

[hotchilli]

12 hours ago, fangless said:

 

That statement is pure $£$£;

It is Political waffle and gobbledgook!

Can anyone translate that nonsense into a form of language (any!!!) that either I or a Thai or any other nationallity could possibly understand?

 

 

BS.... does that help?

[Cake Monster]

15 hours ago, snoop1130 said:

- Fixing debts for public officials, especially for public teachers and police, such as by suspending the use of assets or future salary to pay debts.

The Debt that this sector has is an absolute disgrace.

I read yesterday, that 235,000 Police Officers have amassed a total Debt of 227 Billion Baht

I cannot remember the figure for the Teaching profession, but that is also a massive amount of Debt.

It is impossible for me to comprehend why the Government allowed the Public Debt to spiral out of control last Year, reaching a record 94 % of GDP, with 5 % of that coming in the last Quarter, and now they are speaking of trying to rein in a lot of this Debt.

One thing that could possibly be driving this action , is the threat of possible Credit Rating downgrades from the likes of Moodys, Fitch Etc which will impact upon any borrowing the Country need to undertake in the future.

[Gsxrnz]

7 minutes ago, hotchilli said:

BS.... does that help?

But credit where credit is due - it's extraordinarily good BS.

[newnative]

I didn't see a single debt 'resolved'.  36% interest reduced  to 33%???  Yeah, that's going to 'resolve' it.  Total joke.

[law ling]

Yes, a "good news" story to deflect from all the bad news of late, and to come ...

 

Government by press release ... money is then allocated for committees to mull ... brothers-in-law, nephews and cousins all usefully employed for a year or two ... then off to lunch.

[digger70]

15 hours ago, RichardColeman said:

PICO Finance

Still a Rip  Off at Over 30%  

What about a Normal Bank loan at 10/15 % .If one can't get a Bank loan they aren't earning enough money to pay Back the Required loan.

This is where people are going wrong and get into trouble they can't get a bank loan and then they go to the Loansharks just because the Want to Buy something they don't think about paying back what they own.

Stupid example ,Brother of GF borrowed THB 200K  he's now paying only interest THB 4K a month He can do that for the rest of his life ,He's not paying anything back off the THB 200K  principal.     One can't fix Stupid.

[86Tiger]

 

 

This should be good.

 

Peoples all over the world seeking to "resolve" debt will be so relieved to know how these guys do it.