‘Big Tu’ understands that the measures to control Covid affect the people. Accelerate to help vulnerable group debtors across the country to suspend debt payments for 2 months
On 19 July, Anucha Burachaisri, spokesman for the Prime Minister’s Office, revealed that Gen. Prayut Chan-o-cha, Prime Minister and Minister of Defense, understands the impact of taking tougher measures to curb the spread of the coronavirus. -19 Therefore, the coordination of financial agencies has been expedited to come up with measures to help vulnerable debtors as soon as possible.
The Bank of Thailand (BOT) in collaboration with the Thai Bankers Association International Banking Association Association of State Financial Institutions Has issued measures to suspend principal and interest payments to SMEs and retail debtors, both employers or employees. In establishments that have to close their businesses due to government-ordered measures to control the spread of COVID-19 During this 2-month period, starting from the repayment period of July 2021 onwards.
Participating financial institutions cover Thai commercial banks Foreign institutions and specialized finance (Non-bank), including hire purchase business clubs, personal loans, credit cards, car registration pledges Covers all types of loans including credit card debt of SME and retail debtors The debtor can contact the financial institution that is the creditor from Monday 19 July onwards.
Mr. Anucha said that the debt moratorium is to postpone the payment of principal and interest for a period of 2 months, which is just a measure to help in the short term aiming to help affected debtors across the country Despite being ordered to close the business including entrepreneurs who are still open for business But it was affected by the decline in sales. by temporarily stopping the burden of debt payment Help the debtor to support the business in difficult situations. including reducing bad debt in the future
However, the suspension of principal and interest payments under this measure It’s just a postponement of payment. Debtors who still have potential and are able to repay their debts Still recommending to continue paying debt. in order not to increase the debt burden in the future unnecessarily The same is true for debtors who are currently negotiating debt restructuring with financial institutions. should continue to solve problems more precisely and sustainably
In addition, the Bank of Thailand reiterated that the suspension of debt repayment for two months in the period of July – August 2021 is for debtors to not have to pay the principal. and interest to financial institutions during the said period Which financial institutions are forbidden to collect the principal and interest that has been suspended from the debtor after the expiration of 2 months immediately but to gradually charge this amount or charged at the end of the contract and confirm that This 2-month moratorium on debt will not be considered a default status. and is not owed in any credit bureaus which financial institutions will not be able to charge interest in default because it is still considered a good debt
“Payment moratorium It’s just an urgent measure. For a period of time, the Bank of Thailand and financial institutions jointly helped customers with weak financial status, extending the period and temporarily slow down their financial burden. in line with the government’s policy and the Prime Minister who want to help entrepreneurs, especially small people who were unable to fully engage in a career during this period to still be able to maintain and continue the business while still having to limit activities to control the spread of COVID-19 for a while,” said Mr. Anucha.
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