Bank of Thailand to remove 600,000 debtors from blacklist

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Bank of Thailand to remove 600,000 debtors from blacklist

BANGKOK: -- The records of 600,000 debtors who have defaulted on payments for more 90 days and who have been on the National Credit Bureau's database for eight years or longer will be removed from the data base.

Bank of Thailand's Assistant Governor Ranadol Numnon said Wednesday that the decision is part of the Credit Information Protection Committee's agenda to alleviate the financial difficulty of debtors.

The debtors would be automatically deleted from the system to allow them to secure funds from legitimate lenders and prevent them from having to turn to loan sharks.

Source: http://www.nationmultimedia.com/breakingnews/Bank-of-Thailand-to-remove-600000-debtors-from-bla-30242959.html


-- The Nation 2014-09-10

[falangjim]

How about teaching Thais how to manage money?

[worgeordie]

Ok now they will be able to get into more debit and the vicious cycle keeps turning,

why do Govts. always help the indebted, but don't give any help to people who

try to save,anyone with cash is loosing it to inflation everyday,with the returns been

so low.

regards worgeordie

[robblok]

Actually this is quite normal even where i come from you don't stay on such list indefinitely. Maybe other countries are different but in the Netherlands after a default you wont stay on the list forever.

[AnotherOneAmerican]

I thought current Thai law, was removal from the list after 5 years.

Are they claiming they got it wrong, and left people on the list illegally for an extra 3 years?

[Loles]

Very kind of them. The old debtors may back to bank business as clients.

[ldnguy]

How about teaching Thais how to manage money?

Probably better to start with Americans, as they are the world's biggest borrowers.

[ldnguy]

Ok now they will be able to get into more debit and the vicious cycle keeps turning,

why do Govts. always help the indebted, but don't give any help to people who

try to save,anyone with cash is loosing it to inflation everyday,with the returns been

so low.

regards worgeordie

In Western countries you would be removed from lists like this after a year or two. So not sure what you're so upset about.

[ezzra]

Most of them probably farmers or wannabe rich quick that have over borrowed way beyond their means,

I would have love to know of what segment of the Thai they are representing how and the origin of

those debits and how they were incurred?....

[Aldebaran1981]

This is absolute madness! I have never heard of such a thing as to debar bad debtors and to allow them to continue to become bad debtors!

Thais should really just learn how to manage their money and spend less and within their own means.

[seajae]

could be a clever bit of work here, they let them borrow from other institutions then seize the new goods and sell them to get their money back

[belg]

the new governement stopped getting after the loansharks, no priority anymore ? last news was they were securing loans to pay the loansharks ?

[bridge2bridge]

How about teaching Thais how to manage money?

And i suppose you believe in FAIRIES too.

[bridge2bridge]

Ok now they will be able to get into more debit and the vicious cycle keeps turning,

why do Govts. always help the indebted, but don't give any help to people who

try to save,anyone with cash is loosing it to inflation everyday,with the returns been

so low.

regards worgeordie

In Western countries you would be removed from lists like this after a year or two. So not sure what you're so upset about.

After a year or two?

Not POSSIBLE.

[konying]

Gee what an achievement !!! Something that is a law has been turned into something "special "

[Travelman868]

Ok now they will be able to get into more debit and the vicious cycle keeps turning,

why do Govts. always help the indebted, but don't give any help to people who

try to save,anyone with cash is loosing it to inflation everyday,with the returns been

so low.

regards worgeordie

This is the same as in the UK. Debtors think they have a right to borrow money and then walk away when asked to pay back.

Bring back the work houses.

Definition of poor. Nowhere to live and no food. Definition of not poor House TV Computer Cigarettes Alcohol etc

[Nuddy]

In Western countries there are private companies which monitor credit defaults.

They do it in various ways. One of which is that if the Banks want to use them for credit reference, the Bank then has to reciprocate with defaulting credit details.

I am sure that similar reciprocally is prevalent in Thailand.

Regards

[SOTIRIOS]

....how are the names chosen...and by whom....???

...regardless of amounts.....???

...this sounds weird.....

[Benmart]

How about teaching Thais how to manage money?

Probably better to start with Americans, as they are the world's biggest borrowers.

Ireland, I believe, has the highest household debt of any country, followed by the UK.

Google the subject and decide for yourself which data to believe.

"Assumptions are often fueled by a lack of curiosity to research".

- Me

Edited September 10, 2014 by Benmart

[Nickymaster]

This is absolute madness! I have never heard of such a thing as to debar bad debtors and to allow them to continue to become bad debtors!

Thais should really just learn how to manage their money and spend less and within their own means.

It is very normal to do this. Most, if not all, western countries do this. It gives people a new chance to build up their life again. Otherwise you would be blacklisted all over the place for your entire life. Without the availability of financial institutions people often end up working and doing business illegally. Then you only can work with cash!

[GentlemanJim]

Whatever we think of the Banks' motives the fact is that it is a fantastic move for those people on the list. These folks have little chance of improving their lives as anything requiring a loan must be done using the loan sharks who charge 10/20/40% per month.

[Chaz1819]

Ok now they will be able to get into more debit and the vicious cycle keeps turning,

why do Govts. always help the indebted, but don't give any help to people who

try to save,anyone with cash is loosing it to inflation everyday,with the returns been

so low.

regards worgeordie

The government isn't sending them money help. The government is taking the very sensible and reasonable step of removing people from an 8 year old black list.

We are all losing money to inflation, even those of us with no money to save. No need for the people that try to save to feel that they are not getting something. The government will take their names off the list also.

Always safer to speak about things you know you are doing vs. things you assume other folks will do.

[AnotherOneAmerican]

In Western countries there are private companies which monitor credit defaults.

They do it in various ways. One of which is that if the Banks want to use them for credit reference, the Bank then has to reciprocate with defaulting credit details.

I am sure that similar reciprocally is prevalent in Thailand.

Regards

My friends gf, bought a house on credit 2 weeks after her credit blacklist ran out.

Previously she defaulted on a 250k car loan (they never recovered the car or the money), next she borrowed 1M6 for a house.

[marcusd]

How about teaching Thais how to manage money?

And i suppose you believe in FAIRIES too.

Most of us learn to save as children. thias have been living day to day for years slowly moving up to a better level of earnings now.

YES learning and teaching CHILDREN to manage money would make a better future for all.

Don't go off at people with no education such as you may have been fortunate enough to have.

Remember education is powerful

[Rimbuman]

Whatever we think of the Banks' motives the fact is that it is a fantastic move for those people on the list. These folks have little chance of improving their lives as anything requiring a loan must be done using the loan sharks who charge 10/20/40% per month.

Better have a good business plan if you have to pay rates like this

[Satcommlee]

It's about time, there are still so many people who after the financial crash back in 1997 cannot get so much as a Mobile Phone contract.

[Strangebrew]

Good sound way to get the deadbeats to borrow more and not pay back. Thai logic? And what's this going to do to help grow the country? Look think these deadbeats going to pay loan back? They didn't first time oh maybe they will borrow a lot more and in 8 years do it over again.

[rickirs]

Household debt in Thailand stood at 82.3% of gross domestic product at the end of 2013. Compare this to other countries and decide for yourself who is going in the right direction to control household debt. Hint: not Thailand. No doubt with the release of over 600,000 debtors from the blacklist, that same 600,000 will be contributing to Thailand's household debt rate.

[ldnguy]

Ok now they will be able to get into more debit and the vicious cycle keeps turning,

why do Govts. always help the indebted, but don't give any help to people who

try to save,anyone with cash is loosing it to inflation everyday,with the returns been

so low.

regards worgeordie

In Western countries you would be removed from lists like this after a year or two. So not sure what you're so upset about.

After a year or two?

Not POSSIBLE.

Yes, it's possible. In UK...

How long does bankruptcy last?

Bankruptcy normally lasts for one year. After this time, you'll be 'discharged' from your bankruptcy regardless of how much you still owe.

[kimamey]

Ok now they will be able to get into more debit and the vicious cycle keeps turning,

why do Govts. always help the indebted, but don't give any help to people who

try to save,anyone with cash is loosing it to inflation everyday,with the returns been

so low.

regards worgeordie

After that length of time, unless it was just a one off problem with cash flow I'd imagine they've been in debt from other sources from then until now.