Jonathan Fairfield Posted May 16, 2021 Share Posted May 16, 2021 BANGKOK (NNT) - The Bank of Thailand (BoT) has added measures for retail loan restructuring, as part of its third phase of debt relief for individual borrowers, aiming to ease hardships caused by the COVID-19 pandemic. According to BoT deputy governor Ronadol Numnonda, the new measures, implemented on 4 May, will allow vehicle hire-purchase loans and car title loan borrowers, including motorcycle owners, to return their vehicles to creditors if they cannot repay debt because of the outbreak. If a vehicle is returned and borrowers still owe a balance, the central bank asked financial institutions to help restructure the remaining debt on a case-by-case basis. The financial institutions include commercial banks, specialized financial institutions and non-bank companies. The measures also offer additional options for longer loan extensions and lower interest rates than the second phase.For mortgage borrowers, the central bank allows repayment on a “step-up” basis, which is a new measure for the third phase. -- © Copyright NNT 2021-05-16 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
jaltsc Posted May 16, 2021 Share Posted May 16, 2021 "...if they cannot repay debt..." To which every Thai person said: "What! We're supposed to pay back loans?" 2 Link to comment Share on other sites More sharing options...
Cake Monster Posted May 16, 2021 Share Posted May 16, 2021 Return the Vehicles to the Creditors. Many would rather cut off their Nuts than loose Face in this manner. Link to comment Share on other sites More sharing options...
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