PM Announces Major Debt Resolution Success

[snoop1130]

 

BANGKOK (NNT) - Prime Minister Srettha Thavisin has reported progress in the country's comprehensive debt resolution efforts, stating that more than 57% of debt mediation cases have been successfully resolved, leading to a reduction in total debt by over 670 million baht. The announcement was made during a press conference held yesterday (Feb 12) at the Santimaitri Building, Government House, with key government and police officials in attendance.

 

The government had previously declared the resolution of public debt a national priority, launching a holistic approach to address both formal and informal debts. The approach involved the collaboration of various agencies, including the Ministry of Interior, the Royal Thai Police, and the Ministry of Finance, along with state financial institutions. These agencies were tasked with implementing a strategy aimed at conclusively addressing the debt issue within the current government's tenure.

 

Since the commencement of the registration process on December 1, 2023, over 140,000 debtors have registered, representing a total debt of approximately 9.8 billion baht. Of these, 21,000 cases were fully documented and eligible for mediation, with 12,000 cases successfully mediated. This translates to a success rate of 57% and a substantial reduction in the overall debt burden.

 

The Prime Minister highlighted the collaborative efforts made in facilitating mediation between creditors and debtors and prosecuting cases of violent debt collection. Additionally, financial support has been provided to debtors who have successfully undergone mediation, with the aim of helping them develop their careers, increase their income, and avoid falling back into informal debt.

 

Despite the progress, challenges remain, particularly in ensuring creditor participation in the mediation process and reaching agreements that are satisfactory to both parties within the legal framework. The government has made it easier for the public to participate in the debt resolution process through "Debt Resolution Fairs" conducted in every province at least four times a month.

 

The Royal Thai Police have been actively cracking down on illegal informal debt practices, with two operations already conducted that resulted in over 1,300 arrests.

 

By Krajangwit Johjit

 

Full story: NNT 2024-02-13

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get our Daily Newsletter - Click HERE to subscribe

 

[Pouatchee]

and how will he REALLY measure the success?

[hotchilli]

13 hours ago, snoop1130 said:

Prime Minister Srettha Thavisin has reported progress in the country's comprehensive debt resolution efforts, stating that more than 57% of debt mediation cases have been successfully resolved, leading to a reduction in total debt by over 670 million baht.

How so?

Was the debt scrubbed?

[Ben Zioner]

Strange, I thought he'd say that the 10000 Baht bribe would turn him into the Universal Debt Fixer.

 

There was another thread somewhere about the RD buying 1000 black motorbikes to collect that money from foreigners.

[mikebell]

13 hours ago, snoop1130 said:

The Royal Thai Police have been actively cracking down on illegal informal debt practices, with two operations already conducted that resulted in over 1,300 arrests.

Irony!  None of the 1,300 were police officers!

[Srikcir]

14 hours ago, snoop1130 said:

Since the commencement of the registration process on December 1, 2023, over 140,000 debtors have registered, representing a total debt of approximately 9.8 billion baht. Of these, 21,000 cases were fully documented and eligible for mediation, with 12,000 cases successfully mediated. This translates to a success rate of 57% and a substantial reduction in the overall debt burden.

A good start but much more needs to be done for the MAJORITY of the debtors. Cases successfully mediated amounts to only 15% of total debtors. 

Importantly, the government seems to have developed a good model for getting (in general) debtors to mediation. But more needs to be done to get debtors into the model criteria so that they can be documented and eligible for mediation. 

Also need to find a process that ensures the current number of debtors doesn't increase as resolutions are accomplished. Otherwise, unaddressed debt becomes a "Never Ending Story."

[mfd101]

11 minutes ago, Srikcir said:

A good start but much more needs to be done for the MAJORITY of the debtors. Cases successfully mediated amounts to only 15% of total debtors. 

Importantly, the government seems to have developed a good model for getting (in general) debtors to mediation. But more needs to be done to get debtors into the model criteria so that they can be documented and eligible for mediation. 

Also need to find a process that ensures the current number of debtors doesn't increase as resolutions are accomplished. Otherwise, unaddressed debt becomes a "Never Ending Story."

Thank you for a positive look and helpful comments. (Unlike the usual naysayers above.)

[Almer]

Give them money to pay there debts and get there blue or green books back, and. As soon as you turn your backs hey presto they will start all over again

[John Drake]

18 hours ago, snoop1130 said:

The government had previously declared the resolution of public debt a national priority, launching a holistic approach to address both formal and informal debts.

 

So does this legalize loan sharking? Or was it already legal here?

[lordgrinz]

Has he been smoking some of his Public Health Ministers medical only weed supply, that stuff must be potent!