Search Results for: debtors
- Business News
Minister proposes shorter blacklist period for bad debtors
Finance Minister Pichai Chunhavajira proposed reducing the time period for which bad debtors remain on the National Credit Bureau’s blacklist, aiming to facilitate quicker access to new borrowing opportunities. While speaking at a signing ceremony for the establishment of ARI-AMC, a joint venture between the Government Savings Bank (GSB) and Bangkok Commercial Asset Management Plc (BAM), Pichai noted that the…
- Business News
GSB asses terms for informal debtors in Thailand’s debt relief bid
Deputy Finance Minister Krisada Chinavicharana announced that the Finance Ministry has tasked the Government Savings Bank (GSB) with reassessing conditions for informal debtors. This move is part of the government’s steadfast resolution to address economic issues, especially those concerning formal and informal debt. The responsibility of registering informal debtors and facilitating negotiations with informal lenders has been given to the…
- Business News
Finance Ministry proposes joint venture asset management companies to aid debtors
The Finance Ministry is advocating for collaborative investments between Specialised Financial Institutions (SFIs) and Asset Management Companies (AMCs), proposing the formation of joint venture asset management companies (JV-AMCs). This initiative aims to aid debtors who collectively hold three million accounts amounting to a total value of 230 billion baht, stated Paopoom Rojanasakul, the secretary to the finance minister. Rojanasakul explained…
- Business News
GSB plans debt moratorium for 630,000 debtors amid Covid-19 pandemic
The Government Savings Bank (GSB) is setting up a plan to provide a debt moratorium for 630,000 debtors, totalling 6.3 billion baht. This plan is in response to the economic hardship experienced by individuals and businesses due to the Covid-19 pandemic, according to an anonymous source. During the pandemic, between 2020 and 2021, GSB, a state-owned entity, issued loans totalling…
- Thailand News
Over 2,500 debtors in Nakhon Ratchasima seek resolution for 195 million baht informal debts
Over 2,500 debtors in Nakhon Ratchasima have registered for assistance in resolving their informal debts, amassing a total debt of 195 million baht. The highest number of registrations came from the Mueang district. The scene at the registration point in Mueang Nakhon Ratchasima district was bustling with both debtors and creditors seeking to register for state assistance in addressing their…
- Thailand News
Thai toddler rescued from debtors in central Thailand
Chalida Palamart, also known as Ton Aor, from the One Foundation, yesterday coordinated with police and local officials to rescue a one year old Thai toddler girl from a tense situation in a house in Chachoengsao province. The child’s mother, 38 year old Pern, had contacted the foundation from abroad for help, as the toddler was being held by a…
- Business News
Thai woman’s 307,000 baht debt sparks social media advice
A woman’s struggle with debt totalling 307,000 baht recently gained significant attention on social media. Earning 22,000 baht per month, she allocates 6,000 baht for rent and 3,000 baht for motorcycle loan payments. The debt, arising from six unsecured loans including credit cards and personal loans, spans multiple financial institutions. Details on monthly instalments, interest rates, or the status of…
- Thailand News
Police find 10 million baht dealings from Chon Buri loan shark gang
Police in Chon Buri raided a loan shark gang’s hideout, uncovering almost 10 million baht in financial transactions over the past three years. Residents and merchants had reported the gang’s menacing behaviour, including threats with firearms. Law enforcement, led by Tianchai Lertmanitavit, and Thawi Kudtalaeng, conducted a raid yesterday in a house on Soi Phorapranimit 14/5, Nong Prue, Banglamung district.…
- Thailand News
Two Vietnamese men arrested for assault in Pattaya
Two Vietnamese men, entangled in a debt dispute, were arrested yesterday for assaulting a fellow Vietnamese national on South Pattaya Road. The suspects, 30 year old Tran Chin Tin, also known as Boy, and 31 year old Nguyen Anh Kiet claim the violence erupted after their creditor insulted their parents. Police Lieutenant Colonel Piyaphong Ensan of the Pattaya Tourist Police…
- Thailand News
Vietnamese men engage in brawl in Pattaya over debt
A brawl between foreign tourists erupted in Pattaya yesterday afternoon shocking bystanders in the vicinity. The confrontation, which left one man injured, unfolded in front of stunned locals and visitors near a popular restaurant on South Pattaya Road. The chaos erupted outside a food-to-order restaurant when a group of men began attacking 38 year old Vietnamese national Xuan Hai Ngo…
- Thailand News
Impending impacts of upcoming court rulings on Srettha and MFP
Thailand’s political landscape is set for a significant shift as the upcoming Constitutional Court ruling on the cases of Prime Minister Srettha Thavisin and the opposition Move Forward Party (MFP) leader next month. The outcomes, scheduled for July 3 for the MFP and July 10 for PM Srettha, have the business community on edge, worried about potential disruptions to the…
- Business News
Finance Ministry to fast-track NPL debtor blocklist removal
The Finance Ministry is set to engage in discussions with the Bank of Thailand and the National Credit Bureau (NCB) to address the issue of non-performing loans (NPLs) caused by the Covid-19 pandemic, specifically targeting Code 21 debtors. The aim is to expedite the removal of these debtors from the bureau’s blocklist, enabling quicker access to credit. Deputy Finance Minister…
- Thailand News
Loan agency Thai couple surrender over nude photo scandal
A married couple running a private loan agency surrendered to Sri Maha Phot Police in Prachin Buri early this morning. The duo faced allegations of posting nude photos of debt defaulters online. The 31 year old woman and her husband were interrogated by Sri Maha Phot Station Chief Police Colonel Mongkol Thopao for an hour. Following the questioning, the woman…
- Politics News
Thailand to amend VAT laws for imported goods under 1,500 baht
A proposal to amend laws regarding the collection of Value Added Tax (VAT) on imported goods valued at less than 1,500 baht was announced today by Chulaphan Amornvivat, Deputy Minister of Finance. The proposed amendment, approved by Finance Minister Pichai Chunhavajira, aims to establish a fairer system for public and private sector importers, international manufacturers, and small and medium-sized enterprises…
- Business News
Finance minister orchestrates with BoT for fiscal symphony
Finance Minister Pichai Chunhavajira is adopting a more cooperative stance towards the Bank of Thailand (BoT) compared to the Thai prime minister, aiming to align fiscal and monetary policies more effectively. Prime Minister Srettha Thavisin has been advocating for interest rate cuts to stimulate the economy. Pichai, however, has shifted the focus towards enhancing public access to finance, expressing his concerns…
- Thailand News
Thai government cracks down on illegal loans
Illegal lenders have been given a final ultimatum: Register with the Thai government’s debt settlement programme by May 31 or face severe consequences. Deputy Interior Minister Chada Thaised announced this stern warning yesterday, emphasising that this crackdown on illicit lending is a top priority for Prime Minister Srettha Thavisin’s administration. Despite the Interior Ministry’s success in bringing over 100,000 illegal…
- Guides
Navigate debt guide: Laws and strategies for financial recovery
Navigating through debt in Thailand presents a considerable challenge, particularly when confronted with language barriers, cultural nuances, and the complexities of its legal framework. For individuals seeking to address financial difficulties, acquiring a comprehensive understanding of the effective strategies for debt recovery within this Southeast Asian country is imperative. With proper guidance, not only is surmounting debt achievable, but it…
- Business News
Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
- Thailand News
Srettha fires back: Defends overseas trips amid criticism
Prime Minister Srettha Thavisin staunchly defended his international excursions and trips to neighbouring nations, asserting their vital role in ramping up foreign investment in Thailand and fostering stronger regional ties. Addressing critics head-on, the 62 year old PM justified his frequent forays into provinces to tackle local issues, such as combating the PM2.5 airborne pollution blighting Chiang Mai. Responding to…
- Thailand News
Srettha pledges to address Thai civil servant debt issue
Addressing the debt crisis affecting nearly three million Thai civil servants, Prime Minister Srettha Thavisin pledged to address the issue accordingly. The government’s focus is on reducing interest rates to alleviate the financial burden. PM Srettha spoke of the positive progress made in the last two months following a meeting with 11 state agency chiefs who are working towards solving…
- Thailand News
Thai govt’s debt settlement programme attracts over 150,000
The Thai government’s debt settlement programme has attracted over 150,000 registrations, totalling informal debts of nearly 12 billion baht (US$337 million), the Interior Ministry reported. So far, the initiative has facilitated the settlement of over 771 million baht (US$22 million) in debt for 18,509 individuals. The registration window spanned from December 1 to February 29. Suttipong Juljarern, the permanent secretary…
- Thailand News
Over 147,000 sign up for debt relief programme worth billions
Some 147,714 individuals have registered for the Interior Ministry’s debt relief programme within the past three months, an initiative aimed at combating a staggering debt value of 10.74 billion baht, confirmed Permanent Secretary Suttipong Juljarern on Monday. With the registration window, which started on December 1, set to close tomorrow, Suttipong urged those grappling with debt woes to expedite their…
- Thailand News
Family seeks refuge from loan shark at Nonthaburi bus stop
A family in Nonthaburi province found refuge at a bus stop after fleeing their home due to threats from a loan shark who demanded daily interest payments. The incident took place yesterday at 8pm, on February 25, when the family, lacking the funds to meet the exorbitant interest demands, feared for their safety. Nontranut Promjan, the chairman of the Nonthaburi…
- Thailand News
Thai businesswoman forgives debts, returns land in Chumphon
A Thai businesswoman captured hearts by forgiving debts and returning land titles to two of her debtors without demanding repayment. A 37 year old woman has demonstrated an extraordinary act of kindness in Chumphon province, amidst the financial struggles brought on by the Covid-19 pandemic. Onanong Kanpat, known as Nong On, who runs a business trading business in fresh kratom leaves,…
- Business News
Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
- Thailand News
2 suspects arrested for murder of millionaire give conflicting stories
Police arrested a Thai man and woman for the murder of a 77 year old millionaire in the central province of Chantaburi. Each suspect blamed the other. The lifeless body of the millionaire, Panithi Kosalanan, was discovered in a pond on her plantation in Chantaburi province on January 22. The autopsy and suspicious signs in her home suggested murder, prompting…
- Thailand News
Cyber cops collar loan shark for high-interest loans with sex repayment
Cyber police arrested a Thai man in the southern province of Trang yesterday for offering high-interest loans and allegedly forcing debtors to repay debts with sex. “loan-shark love: Cyber Crime Investigation Bureau officers came across videos posted by the 38 year old loan shark, Thaweesak, on social media where he publicly shamed debtors unable to repay his loans. Further investigation…
- Thailand News
Loan shark takedown: Cyber cops sink teeth into predatory lending racket with jaw-dropping rates
Cyber Crime Investigation Bureau (CCIB) police successfully dismantled a predatory lending scheme run by an unscrupulous loan shark who charged exorbitant interest rates of 50% and coerced borrowers into extreme measures to repay their debts. The operation, which took place today, was led by the head of the CCIB, along with his team, who executed a search warrant in Trang…
- Business News
Thailand’s central bank bans prepayment charges in new lending regulation
The Bank of Thailand (BoT) has introduced a new responsible lending (RL) regulation that bans charges for debt prepayment and restructuring across all consumer loan products. The regulation, which comes into effect on January 1, impacts various financial institutions such as banks, non-banks, asset management companies, and specialised financial institutions. However, the ban does not apply to fees for mortgage…
- Business News
Bank of Thailand maintains policy rate for economic revival
The existing policy rate of the Bank of Thailand is deemed suitable for the nation’s economic revival, while inflation is anticipated to remain within its target range, according to the central bank. This decision, the Monetary Policy Committee (MPC) of the central bank states, is based on a comprehensive analysis of various scenarios. Piti Disyatat, Assistant Governor and MPC Secretary…
