The ‘ You Fight, We Help ‘ Household Debt Program began its registration on December 12, 2024.

“You Fight, We Help”, a project to resolve 2.1 million retail accounts with 1.9 million debtors with a total debt of approximately 890 billion baht, has been approved by the Cabinet to help small and medium-sized debtors, vulnerable debtors of financial institutions under the cooperation of the Ministry of Finance, the Bank of Thailand, the NESDC and related agencies.

The detail of the project "You Fight, We Help" consists of 2 measures:

Measure 1 "Pay on time, keep the property"

This will help debtors of home loans, car loans, and small-sized SMEs with a minimum credit limit to adjust their debt restructuring with reduced installment payments and suspended interest burdens, including:

The minimum repayment amount is 50% 70% and 90% of the original repayment amount in year 1, year 2, and year 3, respectively. The payment will be used to cut the principal.
Interest will be suspended for three years. Interest on accommodation will be waived if the debtor meets the conditions throughout the measure (pay on time and do not make any additional loan contracts during the first 12 months of the program).

Qualifications of debtors who participated in this measure, "Pay on time, keep the property"

The total amount of loans to financial institutions is not more than the required amount. The amounts are categorized by type of loans to financial institutions as follows:

Home loan limit not exceeding 5 million baht
Car loan limit not exceeding 800,000 baht
Hire purchase/subscription loans not exceeding 50,000 baht
SMEs’ business limit not exceeding 5 million baht
In the case of personal loans and credit cards, if there are debts of houses or cars that meet the above conditions, they can consider consolidating their debts under the risk that financial institutions can take. The total amount does not exceed the specified conditions.

It is a loan contracted before January 1, 2024.
There are one of the following debt statuses as of October 31, 2024.

In arrears of more than 30 days, but not more than 365 days.
In arrears of more than 30 days, but has a history of more than 30 days overdue and has been restructured since January 1, 2022.

Conditions of joining the "Pay on time, keep the property" measure

Debtors do not make additional loan contracts during the first 12 months of the measure. Except for SME loans that require liquidity enhancement, creditors can make additional loans by considering debtors’ debt servicing ability as appropriate.
The debtor acknowledges that information will be reported to the National Credit Bureau (NCB) about the participation of the measure.
If the debtor fails to pay the minimum payment as required by the measure or fails to comply with other conditions such as new debtors before the period of 12 months, the debtor will have to leave the measure and pay the interest that has been suspended during the measure.
If the loan agreement contains a guarantor, the guarantor must consent to join the measure and sign a new guarantee agreement.

Second measure: "Pay, Close, Done."

This will help small debtors with NPLs with a minimum outstanding balance (not exceeding 5,000 baht). Debtors will have to negotiate debt restructuring with creditors to repay some debts. This measure will help debtors change from “NPLs” to “debt closure” and start over faster.

In the beginning, the “You Fight, We Help” program will cover debtors of commercial banks, specialized financial institutions, and non-bank financial firms. In the future, there will be additional assistance to other non-bank financial groups. Currently, the source of funds is discussed. It is expected to see progress by the beginning of 2025.

What kind of debtors can participate in the program?

Qualifications of debtors who participated in this measure, "Pay, Close, Done".

Individual debtors with over 90 days overdue (NPL) as of October 31, 2024.
Debt to account is not more than 5,000 baht, without limitation on loans (more than one account can join the measure).

In the future, it is expected that other non-bank financial institutions will gradually launch various and different assistance measures to help solve the household debt problem more comprehensively and concretely.

Which financial institutions joined these two measures?

Commercial banks and subsidiaries of commercial banks
Specialized financial institutions include the Government Savings Bank, Bank for Agriculture and Agricultural Cooperatives (BAAC), and the Government Housing Bank (GHB). ), Islamic Bank of Thailand (iBank). ), Small And Medium Enterprise Development Bank Of Thailand (SME Bank), and Export-Import Bank of Thailand (EXIM Thailand)

Where can you register your debt resolution program?

Debtors interested in participating in the measures under the “You Fight, We Help” program can study the details of the measures and apply for participation at the BOT website. Registration will be open from December 12, 2024, at 8:30 a.m. to February 28, 2025 at 11:59 p.m.