Over 180,000 people with some 390,000 mortgages, have signed up for the government’s debt-relief programme, “Khun Soo Rao Chuay” (You Fight, We Help), since registrations opened on December 12, the Finance Ministry said on Wednesday.
The campaign aims to ease the debt burden for individuals and entrepreneurs affected by the economic crisis, while also empowering them to regain financial stability in the long term, Deputy Finance Minister Paopoom Rojanasakul said.
The “You Fight, We Help” campaign comprises two measures. The first, “Direct Payment, Reserve Assets”, targets borrowers of housing and SME loans under 5 million baht and auto loans of less than 800,000 baht. To be eligible, the borrowers should have signed their loan contracts before January 1, 2024, and have an overdue balance for over 30 days but no more than 365 days.
Under this measure, debts will be restructured and monthly payments will be reduced to 70% in the first year, 80% in the second year and 90% in the third year. All interest will be suspended for three years.
The second measure, “Pay, Deal, Complete”, targets borrowers with debts under 5,000 baht that have become non-performing loans or have defaulted for over 90 days. This measure will allow borrowers to settle the debt by paying just 10% of the overdue balance.
Candidates have until February 28 to register at participating banks or via the website bot.or.th/khunsoo