62,000 debtors apply for debt restructuring through Thailand’s central bank

[snoop1130]

 

More than 62,000 people have applied to restructure their debts since September 26th, at the Online Debt Restructuring Fair, organised by the Bank of Thailand.

 

Suwannee Jatsadasak, senior director of the BoT’s Financial Institutions Policy and Supervision Department, said that 62,595 people have applied to restructure 158,539 debts, with most being personal loans and credit cards.

 

Debtors can apply until November 30th. More information is available from the financial service protection centre of the central bank by dialling 1213 every working day from 8.30am until 5.30pm, or by email at [email protected] or Line@doctordebt.

 

Full Story: https://www.thaipbsworld.com/62000-debtors-apply-for-debt-restructuring-through-thailands-central-bank/

 

-- © Copyright Thai PBS 2022-10-14

 

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[mommysboy]

Debt restructuring is arguably just a cover up for debt default really, since the conditions that likely caused the debt to build up are unlikely to be resolved. If someone can't pay, they can't pay, and it's up to the creditor to assume the loss, always been the way. 

[2baht]

9 hours ago, snoop1130 said:

said that 62,595 people have applied to restructure 158,539 debts,

Cool, let's borrow some more! You really need that new iPhone that you can't afford, after all, Noi  and Daeng have got one! ????

[itsari]

6 hours ago, mommysboy said:

Debt restructuring is arguably just a cover up for debt default really, since the conditions that likely caused the debt to build up are unlikely to be resolved. If someone can't pay, they can't pay, and it's up to the creditor to assume the loss, always been the way. 

Writing of the loans will leave the bank to place more money in reserve under the banking rules and due to the large amount of non performing loans on there books restructuring looks like a easy way out of the situation .

[RichardColeman]

I'm all for debt restructuring - along with a 5-10 year ban on any new credit from anyone including banks and private companies - especially those selling phones ! If you are  allowed to restructure debt without a ban on new credit you could just be digging a bigger hole

[Orinoco]

49 minutes ago, 2baht said:

Cool, let's borrow some more! You really need that new iPhone that you can't afford, after all, Noi  and Daeng have got one! ????

So true, 

[hotchilli]

13 hours ago, snoop1130 said:

More than 62,000 people have applied to restructure their debts since September 26th, at the Online Debt Restructuring Fair, organised by the Bank of Thailand.

Consolidate all their debt into one lesser payment over a longer period, then grant them

another loan. 

[2baht]

1 minute ago, hotchilli said:

Consolidate all their debt into one lesser payment over a longer period, then grant them

another loan. 

Well damn the Honda Dream, I'll buy Toyota pickup!  ????

[hotchilli]

1 minute ago, 2baht said:

Well damn the Honda Dream, I'll buy Toyota pickup!  ????

What.. with the new easy repayment terms let's go for a FORTUNA

stick it right up to the neighbours.

[Cake Monster]

5 hours ago, itsari said:

Writing of the loans will leave the bank to place more money in reserve under the banking rules and due to the large amount of non performing loans on there books restructuring looks like a easy way out of the situation .

In a way, it is an easy solution to the issue. - from the outside.

However, restructuring of Debt is just a Paint Brush over the issue to hide the real facts from Credit Rating Agencies, and Capital Investment Companies Etc.

The BOT have already used a dumb-down on NPL by stating that there are X amount of NPL that are in " Special Mention Management " where the Loans are classed as delinquent, but have not yet made full NPL status .

This latest attempt is to make the Banks Accounts and Asset to Loan Ratios look a lot more impressive than they really are.

With a massive 35 % of the Household Debt, which currently stands at about 14 Trillion Baht,  against Credit Cards alone, there is maybe another 50 + % ( IMO ) against really bad asset Loans such as Vehicles, Motorcycles, and White Goods ( inc Phones )

These Loans are toxic already, and will not be attractive to sell on, so the banks have to try some means of getting their money back, and restructuring at least gives them some kind of chance of the Loan recovery, but over much longer periods of time.

[bert bloggs]

So glad we have no debt,even though the wife could afford it the wifes phone is ancient ,but she reckons " why buy a new one when this one works fine" ,same with the car ,this one is good enough ,we service it regulraly and it runs really well, who am i to disagree,i hate having debt ,

[metisdead]

An off topic post has been removed.

[sammieuk1]

I fear the restructuring is some bamboo scaffolding that's lashed together with noodles after they have nailed down you and the exact location of the assets ???? 

[lujanit]

8 hours ago, RichardColeman said:

I'm all for debt restructuring - along with a 5-10 year ban on any new credit from anyone including banks and private companies - especially those selling phones ! If you are  allowed to restructure debt without a ban on new credit you could just be digging a bigger hole

The problem is if a credit ban is introduced people will turn to loan sharks.  My suspicion is that a lot of people requesting a debt restructure are already in debt to loan sharks.