By Thai Newsroom Reporters
The GOVERNMENT’S “DEBT Settlement Market” campaign for people indebted to unlawful money lenders is being extended from provincial to district level nationwide.
Interior Ministry Undersecretary Sutthipong Chulcharoen confirmed today (Jan.16) that the “Debt Settlement Market” which formally kicked off in all provinces on Sunday is now branching out to all districts throughout the country to better help out the people owing illicit, informal debt to loan sharks.
The “Debt Settlement Market” at district level opens at least once a week, preferably on the weekend, whilst that at provincial level opens at least once a month, according to the undersecretary.
Under the Pheu Thai-led government’s anti-loan sharks campaign, compromise-based negotiations are held between the indebted people and money lenders with government officials acting as mediators with intent to completely settle the debt with reduced interest rates and extended repayment terms.
Sutthipong said more than 128,000 people in all provinces have so far filed claims, mostly online, with the authorities for a combined total of 8.3 billion baht in illicit, informal debt owed to over 93,000 money lenders.
However, the indebted people are ultimately advised to immediately stop paying either part of the principal or interest if the whole amount of their debt’s principal has already been paid back in full.
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Top and Front Page: Representative images of loan sharks debts. Credit: Matichon
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