Business

Govt moves to help Covid-hit credit card debtors

AS the coronavirus pandemic has severely affected a large number of people the government today (Feb. 13) announced that it has roped in 22 credit card issuers and financial service providers to work out debt settlement with clients in need of help, Siam Rath newspaper said.

Ms. Trisulee Traisanakul, deputy spokesperson for the Prime Minister’s Office, said Prime Minister Prayut Chan-o-cha is concerned about people having difficulty in meeting their cost of living needs but at the sametime underscored the importance of maintaining financial discipline at a time the economy is affected by many factors.

However help is at hand for credit card debtors with this worked out by the Bank of Thailand together with the Legal Execution Department and the Justice Ministry.

The 22 credit card companies and financial service providers who have agreed to help their debtors will be participating in the Credit Card and Personal Loan Debt Mediation Expo which those in need of help are urged to attend.

Three groups of people will benefit from this new scheme as follows:

* NPL debtors against whom a ruling has been passed and have entered the execution process. On offer is the payment of principal with no interest charged in a three-stage debt settlement framework – that is within three months, three years or five years. If payment is made according to plan the debtor will not be charged any interest.

* NPL debtors who have not yet been sued or are sued while attending the expo. Their case will be accepted as part of the court’s debt mediation. At the sametime, there will also be long-term installment plans, such as within 10 years.

* Those facing temporary cash crunch with payment overdue for more than three months. The Bank of Thailand will help convert the debt into a long-term loan at a lower interest rate.

Gen. Prayut has stressed that all parties should ensure information about debtors’ payment problems does not affect their long-term occupation.

CAPTIONS:

Top: A debt help chart. Photo: http://www.cafecredit.com.(CC BY 2.0)

Home Page: Ms. Trisulee, deputy spokesperson for the Prime Minister’s Office. Photo: Siam Rath

 

Nina
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