Debt clinics will not clear your debts, only make payments easy: ministry
The Digital Economy and Society Ministry has warned people not to believe or spread rumours that the Bank of Thailand’s “Debt Clinic by SAM” will help pay off debts below Bt2 million.
The debt clinics have been organised in cooperation with Sukhumvit Asset Management (SAM).
“The ministry’s Anti-Fake News Centre contacted the Bank of Thailand to verify this information and was told it is not true,” the ministry said. “Under this campaign, SAM does not provide loans to people who have debts of less than Bt2 million.”
It explained that for each approved applicant, SAM will combine their debts from different sources, such as credit cards, cash cards and personal loans, into a single account. This deal only covers people who owe no more than Bt2 million in total.
“This will allow applicants to continuing paying their debts at a reduced rate of interest instead of paying several creditors, each of whom have their own interest rate,” it said.