This new epidemic With measures to help the BOT match the situation
On January 18, 2021 at 8:04 a.m.
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Economic Column for Simple Thinking Part 3/2021 by … Suraphon Opasathien, Credit Bureau President
Under the circumstances of the COVID-19 epidemic New waves from the end of December 2020 continue to arrive in a new month, new year. And it is expected that it will take some time for the Thai medicine to be able to manage and control Dealing with this epidemic will continue with the opening of the establishment. Business operator And people continue to live with certain health conditions. In order to sustain the economy in a chaotic manner and buy time So that the best weapons can be fully used, that is, vaccines. And group immunity
The challenges during this time are
1. How do you keep the employment going?
2. People who are affected as a person who are unemployed, meaning they work part-time. Reduced working hours Not working at full potential, working no more than 35-40 hours per week. Will increase from millions to millions
3. Debt Payment Problem Keep in mind that during this time, most people who have reduced incomes but have debts will have symptoms. “Debt is still the same The additional place is that I do not know how to pay. “
4. If clause 1 and 2 above have problems, then together with item 3 will lead to prosecution of creditors under the legal rights protection mechanism.
A real example at this time through the Pantip community will see many thread owners come up and ask for their opinions to resolve issues such as
Case 1 … being considered prosecuted under the law By receiving a letter from the agent acting on behalf of the creditor bank
That is, we received the above letter first. Later received a document Credit information notifying the company report National credit information Limited by the book as a summary of spending Payment of the past debt (Villager language is a monthly invoice that the creditor sends to the debtor) Default date of payment And account status Sent in the name of a letter from a bank So we want to know Sending a letter like this is really a signal before prosecution, right?
The next case is … Have been called to collect debts and negotiate on demand for debt restructuring. There are many types from one payment and receive a discount on the debt. Adjust the repayment schedule. We listen and clarify the truth is that we lose our job, if we have a job, we will have money back. Did not run away Now looking for a job He seemed to understand But in the end, it must comply with the law. Which we believe that if the lawsuit really happens We don’t know what to do, so let’s get advice from someone who may have had experience with credit card debt.
Reflecting on this, it was not two people, two thousand two thousand, but ten thousand houses and a hundred thousand debtors. The amount owed is very little different.
The Bank of Thailand (BOT) would have seen this issue. And has data from the field The new round of assistance measures until June 2021 has been designed in a specific way to meet the needs of each group of debtors. Ask for half pressure on financial institutions to accelerate debt restructuring in line with the affected income of the debtor. Readers think pictures. A person who is a credit card debtor has a debt of 100 baht in each accounting cycle, has to pay a minimum of 3-5 baht or 3-5%, but the amount of the principal debt does not reduce. Which will be charged interest at 16-18%, so the debtor will feel that the payment of installment. It is paying all the flowers Money not paid to early Plus the interest is expensive. The chance of default is very high. The Bank of Thailand sets a solution that If there will be a new adjustment that A person who is a debtor removes all or part of the original credit card debt and converts it into installment loan. The amount of the installment will include both the interest payment. And the part that entered the beginning Interest reduction Combined with a reduction in interest to 12%, it will generate interest savings. While the period of the installment can be as long as 48 installments or not more than 4 years, it may be another case.
In respect of the debtor that has been sued The court also has a mediation process before a lawsuit, or it is an intermediary debt restructuring that both parties consider. So that the negotiations are not too exploitative. While the Legal Execution Department has measures to help mediation before execution in a different way from normal circumstances to help people in trouble.
The Deputy Governor for Stability of Financial Institutions of the BOT stated that this new wave of COVID-19 outbreak the government has not announced a nationwide lockdown. As a result, the impact may not be the same as last year, but the BOT and commercial banks discussed together to help the debtor. Especially debtors in the labor sector Because the working hours from the factory are temporarily closed
But one thing that I want the debtor to understand that if entering the debt settlement program for both principal and interest The debtor will have to have more burden after the debt suspension measures are over. Because accommodation debt or interest is still moving, it does not go away, which will increase the burden of the installment that will increase each installment or increase the payment at the end of the contract.
The BOT would like to see debt restructuring more. Deferring debt payment Or suspend payment for a few installments during that period Because debt restructuring that is consistent with income will help the debtor be more sustainable. But admitted that depending on the debtor, some groups may need to delay or suspend the debt first. In the next phase, we will have to look at whether further measures have to be taken. Information from the creditor side will gradually come in and out.
Debt remains the same Where is the more to pay? We do not want to hold back. Never thought of running away or escaping debt But life has to survive before asking you (creditors) Do not be impatient if hammer (law) to smash it .. It’s all gone. We have to buy time and move forward in chaos.
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