The “Khun Soo Rao Chuay” debt relief program, or “You Fight, We Help,” has attracted over 500,000 registrants, with the application deadline set for the end of February. Backed by 48 financial institutions, the initiative aims to assist debt-burdened individuals. Deputy Government Spokesperson, Sasikarn Wattanachun, highlighted two main components of the program.
Key Takeways
- The “Khun Soo Rao Chuay” initiative, also known as “You Fight, We Help,” has attracted over 500,000 participants, with applications open until the end of February. It aims to assist individuals struggling with debt, supported by 48 financial institutions committed to the program’s success.
- Deputy Government Spokesperson Sasikarn Wattanachun highlighted two primary measures: “Pay on Time, Keep Your Assets” allows small-scale borrowers to restructure loans, reducing monthly payments significantly while freezing interest for three years. “Pay, Settle, End” offers relief for individual borrowers with NPLs, allowing debt settlement at just 10% of the balance.
- A collaboration between the Bank of Thailand and major financial entities, the program includes 15 commercial banks, 27 non-bank financial companies, and six specialized financial institutions like the Government Savings Bank. Interested borrowers can access more information or apply on the Bank of Thailand’s website by February 28th.
The first, “Pay on Time, Keep Your Assets,” targets small borrowers with home, auto, or SME loans, offering asset retention and debt restructuring. Borrowers benefit from reduced monthly payments—50% in year one, 70% in year two, and 90% in year three—with a three-year interest pause, converting principal payments directly to debt reduction with possible interest waiver.
The second, “Pay, Settle, End,” aids borrowers with non-performing loans (NPLs) under 5,000 baht. They can clear debts by paying 10% of the owed amount. The Bank of Thailand, along with commercial banks, non-bank financial providers, and SFIs, spearheads this effort. Applications are available on the Bank of Thailand’s website until February 28th.
'/%3E%3C/svg%3E){kind=small}
