Government Rolls Out Debt Relief Programme For Those Hit By COVID-19

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The government has rolled out a debt mediation programme for debtors having problems repaying debts in light of COVID-19.

Deputy government spokeswoman Traisuree Taisaranakul said Prime Minister Prayut Chan-o-cha has instructed various agencies to help debtors by preventing them from missing repayments and suffering from its consequences on their work.

The Bank of Thailand, the Legal Execution Department and over 22 credit card and other credit providers, will arrange a fair to mediate credit card and personal loan debts from 14th February until 14th April to help debtors, she said.

The event seeks to relax debt repayments for three groups of debtors comprising NPL debtors who are being prosecuted, NPL debtors who have not yet been prosecuted and debtors temporarily lacking liquidity, according to Ms Taisaranakul.

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The debt mediation programme will help debtors by extending their debt repayment periods, reducing interest rates or exempting interests on the principal.

People with debt repayment problems are encouraged to participate in the debt mediation fair by registering on the websites of the Legal Execution Department, the Bank of Thailand and the Financial Consumer Protection Centre.

Staff will contact them within one week of their registration.

“This debt mediation fair will most help debtors who have entered the legal execution process and whose assets have been seized and sold,” she said.

“They will be able to negotiate with creditors instead of having their assets seized.”

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