Thai government’s debt settlement programme attracts over 150,000 registrations

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The Thai government’s debt settlement programme has attracted over 150,000 registrations, totalling informal debts of nearly 12 billion baht (US$ 337 million), the Interior Ministry reported. So far, the initiative has facilitated the settlement of over 771 million baht (US$ 22 million) in debt for 18,509 individuals.

 

The registration window spanned from December 1 to February 29. Suttipong Juljarern, the permanent secretary of the ministry, disclosed that the 151,175 registered debtors owed an impressive 11.732 billion baht (US$ 330 million) to an extensive network of 125,302 creditors.

 

In the breakdown of regional data, Bangkok recorded the highest number of registrations, with 10,091 debtors owing 1.065 billion baht (US$ 30 million) to 9,047 creditors. Conversely, Mae Hong Son had the least, with 406 debtors owing 18.819 million baht (US$ 530,00) to 316 creditors, reported Bangkok Post.

The data also revealed that 28,725 debtors have commenced discussions with their creditors. Of this number, 18,509 have successfully renegotiated terms, reducing their collective debts from 2.626 billion baht (US$ 73.6 million) to 1.855 billion baht (US$ 52 million).

Nakhon Sawan emerged as the province with the highest success rate in negotiations, with 518 people managing to reduce their debts from a total of 287.587 million baht (US$ 8 million) to 234.076 million baht (US$ 6.5 million).

 

Now that the registration phase has concluded, the government is keen to continue assisting registered debtors in settling their debts. It aims to encourage all debtors nationwide to enter into discussions with their creditors.

 

However, the programme’s results have not entirely met the expectations of Prime Minister and Finance Minister Srettha Thavisin. On Thursday, he discussed strategies to increase registration numbers and handle influential creditors with Interior Minister Anutin Charnvirakul. Additionally, they explored methods to facilitate debtor-creditor negotiations.

 

In related news, the Ministry of Finance proposed a plan to the Cabinet to assist informal debtors, allocating a budget of 15 billion baht through the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC).

 

by Mitch Connor

TOP: Close-up of economist using calculator while going through bills and taxes in the office. Courtesy of Drazen Zigic, freepik

 

Source: The Thaiger 2024-03-02

 

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[Tropicalevo]

So, from 151,175 registrations, only 18,509 have successfully renegotiated their repayments to a lower amount.

A bit more work needed methinks Mr PM.

[KanchanaburiGuy]

150,000 debtors

125,000 creditors.

That's 1.2 per creditor.

 

The first thing I see here is........ these numbers can only exist if it's MOSTLY just one person lending money to another person: "Sure, my aunt Jo had a problem and I tried to help her out."

 

If there was something PREDATORY going on, here....... the number of creditors wouldn't be so close to the number of debtors!

 

If a lender is a predator..... generally speaking...... they're not going to lend to just one person. They're going to have multiple victims, so the profits they get from some........ can make up for the losses that inevitably occur with others.

 

I understand the government getting involved when there's something predatory going on. But when..... as it appears...... 90% of it is just one person lending to another? Seems like more of a Head of Village kind of problem, to me!

 

150,000 debtors

125,000 creditors

 

In a country of 50 million adults, these really aren't very big numbers.

 

 

 

Edited March 2 by KanchanaburiGuy

[Almer]

12 minutes ago, KanchanaburiGuy said:

150,000 debtors

125,000 creditors.

That's 1.2 per creditor.

 

The first thing I see here is........ these numbers can only exist if it's MOSTLY just one person lending money to another person: "Sure, my aunt Jo had a problem and I tried to help her out."

 

If there was something PREDATORY going on, here....... the number of creditors wouldn't be so close to the number of debtors!

 

If a lender is a predator..... generally speaking...... they're not going to lend to just one person. They're going to have multiple victims, so the profits they get from some........ can make up for the losses that inevitably occur with others.

 

I understand the government getting involved when there's something predatory going on. But when..... as it appears...... 90% of it is just one person lending to another? Seems like more of a Head of Village kind of problem, to me!

 

150,000 debtors

125,000 creditors

 

In a country of 50 million adults, these really aren't very big numbers.

 

 

 

Just about every Thai I know is either a lender or a borrower

[john donson]

if possible, I would gladly take 5-10% PER YEAR for informal loans, but this is a Thai loanshark business only