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Phuket household debt hits the agenda

PHUKET: Minister of Justice Somsak Thepsutin was in Phuket yesterday (May 19) to preside over the Household Debt Reconciliation Fair held at the Boat Lagoon Marina in Koh Kaew.

economics
By The Phuket News

Thursday 19 May 2022, 11:06AM


In total, 2,810 people at the event registered to mediate debts totalling more than B200 million, noted a report by the Phuket office of the Public Relations Department (PR Phuket).

Key officials present included Phuket Governor Narong Woonciew and Phuket Vice Governor Pichet Panapong. Also finally seen in public were Phuket House of Representatives members Sutha Prateep Na Thalang and Natthee Thinsaku, both of the ruling Palang Pracharath Party.

House Representative Sayan Thammarat from Nakhon Si Thammarat Province was also present

Mr Somsak said that the government and the Prime Minister had designated 2022 as the “Year of Solving Household Debt”.

“This includes solving problems such as debts with the Student Loan Fund, with car and motorcycle hire purchase, credit card and personal loan debt, and Improving the judicial process to facilitate debt resolution, and so on,” Mr Somsak said.

“In this regard, the Department for Protection of Rights and Liberties and the Legal Execution Department under the Ministry of Justice have been integrated with the Student Loan Fund and financial institutions to organise events to faciltiate the mediation process of household debts throughout the country,” Mr Somsak added.

Ruangsak Suwaree, Director-General of the Rights and Liberties Protection Department, noted that the Student Loan Fund and seven “other” financial institutions were taking part in the debt-mediation fairs.

He named the seven "financial instituions" as the Government Savings Bank, Krung Thai Bank (which is a state operated bank), Siam Commercial Bank and Kasikornbank, as well as professional debt managment companies under the JMT Network, namely JMT Network Services, J Asset Management Co Ltd and JMT Network Company C Service Public Company Limited.

In total, 2,810 people in debt had registered to take part in the event in Phuket ,involving debts amounting to B223,728,892.53, he added.

Compensation totaling B186,702 was handed to two victims in criminal cases was also presented at the event, Mr Ruangsak noted.

Phuket was now home to five People’s Dispute Mediation Centers established under the Mediation Act, B.E. 2562 (2019), he added.

The centres are located at Samkong, Chalong, Pa Khlok, Patong and at Wat Wichit Sangkaram in Phuket Town, Mr Ruangsak said.

“The aim of the centres Is to help reduce the number of cases that will go to court,” he explained.

At the event, there were also booths promoting the services and functions of various government agencies under the Ministry of Justice, the Office of Insurance Commission and the Bank of Thailand “to provide knowledge and provide financial advice to the participants”, Mr Ruangsak said.

The people who attended the event “were very satisfied with the mediation of household debts in organizing this expo”, said the report by PR Phuket.

However, despite all the fanfare, it was not reported how many people at the event had successfully re-negotiated the terms of their debt.

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JohnC | 20 May 2022 - 09:28:58

Too many people think the good times will never stop and keep getting even better so they hock themselves in debt up to their ears to show off their new car, sat TV, latest dumbphone, etc. And when the bottom falls out the first thing they do is want others to help them. Help yourself, stop buying crap you don't need just to "gain face" with the neighbours. What a material world we l...

Kurt | 20 May 2022 - 02:13:42

Indeed just a fanfare. We approach month June,. Just to handle Thai bureaucratic paper tiger work will take at least till end 2022! Let alone the idea by end of 2022 the debt problems are fixed. Hello,. are there any realists in the room about "The year of solving household debts", beside the 'key figures' as mentioned in the article ( Phuket Governors) ?

 

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