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‘Debt Clinic by SAM’ closes Q1 beautifully, encouraging Thai people to join together to help the nation reduce household debt.


'Debt Clinic by SAM' closes Q1 beautifully, encouraging Thai people to join together to help the nation reduce household debt. Driving the number of applications in the first quarter to surge. Emphasizing in response to government policy to help debtors, maintain low interest rates of 3-5%, installments up to 10 years, confident that by the end of 2024 the target will be surpassed by 55,000 accounts. Ms. Nartnaree Rattapat, Managing Director of Sukhumvit Asset Management Co., Ltd. (BAMC) or SAM, revealed that the first quarter performance of 2024 of the "Debt Clinic Project by SAM" was satisfactory compared to the previous period. same as last year It was found that there were a total of 20,267 applicants submitting applications to join the project, or an increase of 43 percent. The number of people who passed the qualifications and are awaiting verification documents totaled 14,311, or an increase of 58 percent compared to the previous period. same as last year In the first quarter of 2024, there were 7,14 5 people or 19,757 accounts who gradually signed debt restructuring contracts, an increase of 2.3 times, representing a total principal debt of 1,616 million baht. Currently, the 'Debt Clinic Project by SAM' has approximately 46,720 customers under debt restructuring contracts under management, accounting for 129,950 accounts, with a total debt burden of 9,460 million baht of outstanding principal, with an average of 202,440 baht of outstanding principal per contract. The debt burden of most project participants is in the range of 50,000 - 200,000 baht and belongs to Gen Y and Gen 2,470 baht with an average repayment period of 92 months. In addition, the "Debt Clinic Project by SAM" found that the proportion of debtors who participated in the project before they had yet been prosecuted increased. It is expected that the problem of personal debt is starting to affect people's lives and is a close issue. Therefore, they want to solve the debt problem faster. Including cooperation from many sectors that help c reate awareness and understanding about the debt clinic project. As a result, people are becoming more aware and interested in resolving debt problems through debt restructuring. success of The said 'Debt Clinic Project by SAM' is the result of cooperation between the Bank of Thailand (BoT) and various financial institutions. There are more than 32 participating places in the project to adjust the new qualification criteria for customers with bad debt status (NPL), credit cards, cash cards and unsecured personal loans. Overdue for more than 120 days (according to the credit bureau report in the current month, the status is overdue from 121-150 days or more) to be able to join the debt clinic project immediately. Effective from May 1, 2023, from the past having to specify the period of bad debt in each period, resulting in the "Debt Clinic Project by SAM" being able to help those who are in bad debt. and those who want to solve bad debt problems more quickly Including installment payment conditions and low in terest rates. Including a long repayment period of up to 10 years, making solving debt problems more feasible. Meanwhile, people themselves are becoming more aware and turning to paying more attention to solving their own debts. It is considered that these factors are an important part that helps promote the resolution of Thai people's household debt problem quickly and results in an increase in the number of people interested in applying to join the project. By 2024, it is expected that the number of customers will increase. Debt structure with the project Not less than 55,000 accounts Miss Narthanaree Added that since the "Debt Clinic Project by SAM" began operations in June 2017 to March 31, 2024, it has helped Thai people and many lives in each household get rid of debt. able to stand up Returning to continue living life and business There are 2,047 customers or 5,037 accounts, representing a total of 288 million baht in principal debt according to the contract, or 3.35 percent of which the majority of c ustomers were able to complete their installment payments before the deadline. Promise time This is SAM's main policy in giving opportunities to customers. Summary of the amount of money received from customers in the 'Debt Clinic Project by SAM' throughout the 7 years since the start of operations. The total amount is as high as 2,700 million baht. It is considered that the "Debt Clinic Project by SAM" is one of the important tools for resolving household debt problems and reducing the amount of bad debt in the financial institution system in the country. Including helping, rehabilitating, and caring for Thai people with debt problems to get back on their feet firmly. Get strong as soon as possible which is part of driving the overall economy of the country However, it is a pity that some customers have to leave the project before the end of their contract period. Due to default on debt payment, therefore "Debt Clinic Project by SAM" would like to inform customers that If you find yourself starting to have problems paying installments and it is likely that they will not be able to comply with the conditions of the project, please quickly contact the project to find an appropriate solution. 'Debt Clinic Project by SAM' provides assistance to debtors with bad credit card debt. Cash cards and unsecured personal loans There is overdue debt for more than 120 days with a lenient interest rate of only 3-5 percent per year and a maximum repayment period of up to 10 years. There are 3 debt restructuring options: 1. Installments not exceeding 4 years, interest rate 3 percent per year 2. Installments for more than 4 years, not more than 7 years, interest rate 4 percent per year 3. Installments for more than 7 years, not more than 10 years, interest rate 5 percent per year, with the qualifications of the applicant. That is, being a natural person with income Not more than 70 years of age with total debt not exceeding 2 million baht 'Debt Clinic Project by SAM' is open every day from 9:00 a.m. - 7:00 p.m. on the 4th floor of The Avenue Ratchayothin Shopping Center (Glass Elevator Zone), Phahon Yothin Road, Chatuchak District, Bangkok (BTS Ratchayothin Station). Or apply to join the project through online channels, including the website or add Line @debtclinicbysam and Facebook Debt Clinic by SAM or contact for details at Call Center 1443 . Source: Thai News Agency