Debt Clinic to kick off operation tomorrow

The Debt Clinic which aims to help people in financial difficulty is to give service to the people tomorrow.

According to the acting executive president of the Sukhumvit Asset Management (SAMNiyot Masavisut, since the official signing of agreement between SAM and 17 commercial banks on May 17, the general public has paid attention to the Debt Clinic.

Around 1,000 people per day have inquired about the details of the Debt Clinic, he said.

Until yesterday about 17,000 people have applied to join the scheme, initiated by the Bank of Thailand.

But he said after verification of their qualifications, only 20 per cent have qualified to participate in the debt counseling and restructuring scheme.

He admitted that the major problems were the ability to repay debts, insufficient income or have no permanent income.

SAM was established under a cabinet resolution on April 18, 2000. It was intended to be a one-stop service where people in financial difficulty could get counselling and debts restructured.

Qualified applicants must be under 65 years old and must be in debts with more than one commercial banks before May 1, 2517.

Source: Thai Public Broadcasting Service (Thai PBS)

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