debt
- 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 reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
- Thailand News
Debt woes: Woman found dead in pond in Nong Bua Lamphu
A 57 year old woman was found dead in a pond in Nong Bua Lamphu province, following a period of severe stress due to her tenants failing to pay three months’ worth of rent. Children playing nearby initially spotted the body floating in the water and alerted adults yesterday. The deceased, later identified as Sumalee, had expressed to her mother…
- Thailand News
Government’s debt hike prompts caution from agencies
Ratings agencies issued cautionary statements following the surprise decision this week by the government to increase its debt in a bid to stimulate the economy. The move, which may compromise the government’s fiscal consolidation efforts, is likely to stimulate short-term growth. The medium-term budget plan was revised by the Cabinet on Tuesday, causing a rise in the deficit next fiscal…
- Thailand News
Woman climbs signal pole in desperation over money woes
Tension gripped Bo Win Subdistrict, East Pattaya on Monday when a distressed woman scaled a telephone signal pole in a bid for attention. The woman’s 56 year old husband Prasit (last name withheld) identified her as 58 year old Piew. He disclosed that the incident unfolded after he returned from work in the evening when a dispute arose over financial…
- Thailand News
Thai man shoots friend over fake gold necklace
A Thai man allegedly shot his friend at the weekend in a row over money and a gold necklace in the central province of Ayutthaya. The accused reportedly offered his friend a gold necklace as collateral for a money loan but the necklace turned out to be fake so the victim refused to loan his friend the money. An argument…
- 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…
- Business News
Italian-Thai development grapples with liquidity crisis amid scandals
Thailand’s leading construction firm, Italian-Thai Development Plc (ITD), is grappling with a liquidity crisis that has alarmed investors, regulators, and rating agencies. This scenario follows a series of local corporate scandals and debt defaults that have already unnerved the market. ITD confirmed yesterday, March 13, that it is seeking new loans from banks to alleviate the current cash crunch that…
- Thailand News
Desperate Thai fruit seller offers eye for sale to clear debt
A poignant image of a 57 year old Thai fruit seller in Bangkok has stirred waves across the Internet after he pledged to donate one of his eyes to resolve his financial woes. The heartrending scene, initially shared by the Facebook Page Panda Lab Doctor, depicts the man selling fruits with a placard bearing the urgent message: “Eye for Sale.”…
- Thailand News
Father throws young son from Hong Kong shopping centre rooftop
A seven year old boy narrowly escaped death after his father, burdened by debt and despair, attempted a gruesome murder-suicide at a bustling Hong Kong shopping centre. The young primary two pupil is in critical condition, fighting for his life at Queen Elizabeth Hospital’s intensive care unit following the harrowing ordeal, which unfolded atop the six-storey Kowloon City Plaza. Security…
- 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
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,…
- Thailand News
Thai police officers face bankruptcy with debt over 300 billion baht
Police General Torsak Sukvimol has indicated that a multitude of law enforcement officers across Thailand are facing impending bankruptcy due to an accumulated debt totalling around 300 billion baht. This revelation came about during his interaction with the House committee tasked with reviewing the 2024 annual budget expenditure bill. Pol. Gen. Torsak was summoned to respond to inquiries concerning 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…
- Thailand News
Thailand govt cuts informal debts by 670 million baht in two months
The Government of Thailand has slashed the nation’s informal debts by 670 million baht (US$18.69 million) in a span of two months, successfully resolving 102,000 out of the 140,000 reported cases. This significant reduction is part of an initiative to alleviate the household debt burden. Prime Minister Srettha Thavisin, who also holds the position of Finance Minister, attributed this progress…
- Thailand News
Dagger drama: Thai woman stabs herself, spins murder tale to evade debt payments
A Thai woman stabbed herself in the stomach and fabricated an attempted murder scenario in an attempt to escape her debt repayments in the Isaan province of Buriram. Srinapa Srisopha, a 63 year old retired teacher, hurried 38 year old Wassana Srisanga to Satuek Hospital after she sustained a stab wound to the stomach. Srinapa clarified that Wassana had been…
- 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
Dispute over Thailand’s tallest Thao Wessuwan statue escalates
A contentious dispute has erupted over the world’s tallest statue of the deity Thao Wessuwan, as the landowner, who had initially agreed to a sale, has now backed out. This sudden change has caused confusion and concern among the devotees. In a press conference convened at the Sathan Saphan Bun Association in Rayong Province, 27-year-old Chakkrit, renowned for his charitable…
- Business News
SEC enhances high-yield bond oversight amid Thai market instabilities
The Securities and Exchange Commission (SEC) is enhancing oversight measures for high-yield bonds to fortify payment protections and investor assurance, according to remarks made by SEC Secretary-General Pornanong Budsaratragoon. This move comes in response to recent market instabilities caused by numerous defaults and a significant accounting scandal in the speculative debt sector. As part of this heightened vigilance, the SEC…
- 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
IMF predicts six top global economies in 2024 to be from Sub-Saharan Africa
Six of the top-performing global economies in 2024 will be from Sub-Saharan Africa, predicts the International Monetary Fund (IMF). Despite the limited scale of these economies, they’re contributing positively to a region plagued by poverty and inequality. The economic growth of this region is set to rise from 3.3% in 2023 to 4% in 2024, with standout performances from Ivory…
- 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
Loan shark allegedly attacks pregnant woman, causing victim to lose baby
A Thai woman accused a loan shark of attacking her at her home in the northern province of Phetchabun, causing her to lose her unborn baby. The accused loan shark denied responsibility and demanded proof of her pregnancy. The victim, 45 year old Chusri, asked Amarin TV and other news agencies to spread her story and help her seek justice.…
- Business News
Thailand’s struggle with informal debt likened to modern-day slavery
The struggle with informal debt, described as a form of modern-day slavery, has been prioritised on a national level by Srettha Thavisin, the Prime Minister. A vast number of individuals are trapped in both formal and informal debt cycles, with interest rates for the latter often surpassing the 15% legal limit. The government’s estimated informal debt stands conservatively at 50…
- Thailand News
Thai government makes headway in battle against informal debts
The Thai government has reported progress in its ongoing battle against informal debts, stating that it has resolved the issues of 233 registered debtors. Prime Minister Srettha Thavisin personally observed the progress of a debt resolution model in Nan last Saturday. Government spokesman Chai Wacharonke revealed that the Interior Ministry’s data indicates that 106,863 debtors have registered with the government…
- Economy News
Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
- Thailand News
Thai man commits suicide for funeral fund to pay off debts
A Thai woman sought help from non-profit organisation Saimai Survive after her husband decided to commit suicide to get money from a government funeral fund so she could pay off their debts. The 60 year old woman, Yupin, and Samai Survive founder, Ekkaphop Luengprasert, revealed that she and her 59 year old husband were vendors selling shallots and garlic in…
- Thailand News
Urgent national police investigation into ruthless debt collector suicides in Thailand
The National Police Chief launched an investigation into the case of an individual who took his own life due to the extreme pressure from ruthless debt collectors. The investigation, conducted today at the National Police Office, aims to identify any other possible victims and vows to prosecute all cases without exception. The debtor, creditor, and debt collector will be brought…
- Thailand News
Thai government proposes 15 billion baht plan for informal debtors relief
The Ministry of Finance proposed a plan to the Cabinet to assist informal debtors, allocating a budget of 15 billion baht through the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC). This initiative will also aid debtors affected by the Covid-19 situation who have lost their credit bureau records. At the Government House at 10am…
