Debt Clinic to kick off operation tomorrow

 

BANGKOK: -- The Debt Clinic which aims to help people in financial difficulty is to give service to the people tomorrow.

 

According to the acting executive president of the Sukhumvit Asset Management (SAM) Niyot Masavisut, since the official signing of agreement between SAM and 17 commercial banks on May 17, the general public has paid attention to the Debt Clinic.

 

Around 1,000 people per day have inquired about the details of the Debt Clinic, he said.

 

Until yesterday about 17,000 people have applied to join the scheme, initiated by the Bank of Thailand.

 

But he said after verification of their qualifications, only 20 per cent have qualified to participate in the debt counseling and restructuring scheme.

 

He admitted that the major problems were the ability to repay debts, insufficient income or have no permanent income.

 

Full story: http://englishnews.thaipbs.or.th/debt-clinic-kick-off-operation-tomorrow/

 

-- © Copyright Thai PBS 2017-05-31

Everything seems to be done to help people in debt,while those that try and save,

who spend only what they earn,see their cash assets melting away due to inflation,

and pitiful rates of returns on savings in Banks,seem to be forgotten about.

regards worgeordie

"He admitted that the major problems were the ability to repay debts, insufficient income or have no permanent income".

 

Reminds me of an incident over 40 years ago. A man brought his family to the local Family Planning Clinic.

 

"Doctor, here is my wife and six children. What's the plan?".

wont work, living within ones means is beyond the scope of many here, more important for other people to think you have money, face is too important

There are Debt Clinics all over the country. They go under the name  of Loan Sharks.

In this story it seems Sukhumvit Asset Management has a serious interest in attracting bad debtors through their doors.

Quoted from a story some years back. "SAM is one of the asset management firms allowed to sell the bad loans and assets of defunct finance firms and debtors on behalf of FIDF" . FIDA is The Financial Institutions Development Fund  which is publicised as a "lender of last resort". 

It appears SAM are also legal lenders of "last resort" and as they say with any loan restructuring the "major problems were the (in)ability to repay debts, insufficient income or have no permanent income".

There may be more than meets the eye with this seemingly benevolent agency, Asset acquisition, I suspect, is the driving force.

 

Easy, don't pay it back.  Same as the speeding ticket