Thai government invites citizens to register debts for resolution

The Thai government is inviting citizens to register their debts, both within and outside the formal system, to alleviate the burden of unregulated debt. This move by Prime Minister Settha Thaweesin and the Ministry of Finance is seen as a national issue, aiming to restore dignity, hope, and stability to Thai citizens suffering from the detrimental effects of unregulated debt.

Radklao Inthavong Suwanna Kiri, Deputy Spokesperson for the Prime Minister’s Office, highlighted the grave implications of unregulated debt on Thai society. It affects a significant number of Thai citizens, necessitating a serious and comprehensive approach to restore their living conditions and dignity.

Various agencies, including the Ministry of Interior and the National Police Office, are collaborating on this initiative, employing an integrated area management approach.

The government’s plan includes helping debtors negotiate and settle disputes, monitoring and prevention, and clamping down decisively on offenders. Once the negotiations are completed, the government will assist in restructuring the debt.

The Ministry of Finance will step in as financial experts to adjust the timeline, conditions, and processes to enable citizens to repay their debts without compromising their livelihoods. The government will also be cautious not to create a moral hazard situation with its relief measures, said Radklao.

“The prime minister constantly emphasises that unregulated debt has long plagued Thai society and is at the root of several societal problems. It also impacts everyone involved in the economic system.

“In addition to addressing unregulated debt, the government will present a comprehensive debt overview on December 12, encompassing both regulated and unregulated debt. Hence, the prime minister aims to free citizens from the bondage of unregulated debt, enabling them to forget their hardships and empowering them to pursue their dreams.”

Radklao says she is confident that this initiative will address the problem of unregulated debt accurately and effectively, contributing to national problem-solving measures.

Citizens facing issues with unregulated debt, including threats, humiliation in debt collection, unfair treatment, or those willing to transform their unregulated debt into regulated debt for easier repayment, can register their unregulated debt through five channels: the debt.dopa.go.th website, the ThaiID app, the 1567 Hotline, district offices, and all district offices in Bangkok, starting today until February 29, reported KhaoSod.

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