Registration for restructuring of household debt begins today
The issue of informal debt has corroded Thai society for a long time and is a significant concern for many households across the nation.
In an attempt to resolve the problem and help Thais free themselves from the burden of owing money, Prime Minister and Finance Minister Srettha Thavisin has made resolving the informal debt problem a national agenda and launched a series of measures to restore living conditions, reclaim dignity, restore hope, and secure stability for all Thais.
These initiatives involve various agencies working collaboratively, Prime Minister’s Office Deputy Spokesperson, Rudklao Intawong Suwankiri, noted, with the Ministry of Interior and the National Police Bureau employing an integrated localised management approach. This includes assisting debtors, mediating and reconciling disputes, vigilance, prevention, and stringent actions against wrongdoers.
Once the mediation process is complete, the government will assist in restructuring the debt. The Ministry of Finance will step in as financial experts to assist in adjusting timelines, conditions, and various processes, ensuring debt repayment without compromising individuals' livelihoods.
Additionally, to avoid creating a moral hazard in all assistance measures, the government will exercise caution.
Rudklao noted that apart from addressing informal debt issues, the government is to make comprehensive debt announcement on December 12, covering both formal and informal debts.
Prime Minister Srettha aims to use this project to free the people from informal debt bondage, forget the past hardships, gain strength, and find the motivation to pursue their dreams. From now on, he is confident that people will receive precise and effective solutions to their informal debt issues, contributing to fair national debt solutions in the future.
Rudklao also invited those affected by informal debt, whether through threats, intimidation, unfair treatment in debt collection, or those willing to transform informal debts into formal ones to address loan repayment burdens, to register as debtors through the following five channels from today until February 29, 2024.
(1) website: debt.dopa.go.th
(2) 'ThaiID' application
(3) Ministry of Interior's 'Damrongdharma' hotline 1567
(4) Provincial district offices nationwide
(5) All Bangkok district offices
