The Supha Wongsena Foundation For Debtors’ Rights Reform has made an impassioned appeal to the government for increased funding for the Land Bank Administration Institute to aid individuals in clearing their debts. This call to action emerged during a riveting seminar on household debt solutions last Thursday, organized by the Department of Special Investigation (DSI) at the DSI Academy in Nong Chok district.
Arjin Joonglook, the determined vice chairwoman of the foundation, revealed that her organization is spearheading a project to assist debtors in avoiding asset seizure. She recounted an illustrative case from Phatthalung.
In this example, a man had lost his home due to an outstanding debt with the Government Savings Bank. Turning to the foundation for help, he found support in a time of dire need. The foundation successfully facilitated a loan for the debtor from the Land Bank of the Land Bank Administration Institute. With hope rekindled, he submitted a mortgage application, and within a span of three to six months, he received the loan required to reclaim his house. Moreover, the bank went a step further by providing him with career training to enhance his earning potential.
“I am urging the government to allocate a larger budget to the Land Bank so it can swiftly and effectively help more debtors resolve their financial woes,” Ms. Arjin expressed with a sense of urgency.
Justice Minister Pol Col Tawee Sodsong, who graced the seminar, highlighted the government’s policy to alleviate public suffering, announced by then-prime minister Srettha Thavisin on May 17 of the preceding year. This comprehensive plan encompasses various categories of debt, including those connected to households, farmers, and the Student Loan Fund.
Pol Col Tawee noted that while the government has made significant strides toward this ambitious goal, citing the Interior Ministry’s triumph in resolving informal debts, the more daunting challenge lies with formal debts. He pointed out that a staggering 90% of all debts are formal, with a whopping three million debt-related cases filed with the Legal Execution Department. Alarmingly, debtors in 700,000 of these cases have seen their assets seized, representing financial stakes worth thousands of millions of baht.
The minister emphasized that the primary focus of the government is to assist citizens in clearing official debts. He shared a positive update that the House’s subcommittee on land, buildings, and state enterprises recently approved a budget of 470 million baht for the Land Bank Administration Institute during a meeting last Friday. In a significant move, the budget proposal sailed through without any reductions.
This optimistic development sheds light on a future where debtors might find the support they desperately need, reinforced by a government unwavering in its commitment to mitigate financial hardships for its people.
It’s about time someone took serious action on this. Too many people are losing their homes through no fault of their own.
Yeah, but isn’t it just another bailout? People need to manage their finances better.
Mike47, have you considered how predatory some of these lending practices are? It’s not always straightforward.
Jane’s right. The banking system isn’t exactly fair. Let’s not blame debtors 100%.
Government intervention is a slippery slope. Where do we draw the line?
EconWarrior, are you suggesting we just let people go under without any help? That’s harsh.
It’s not black and white. There needs to be a balance between support and personal responsibility.
Any government policy that promises to alleviate suffering is good in my book.
While noble, the logistics of this are quite complex. Allocating and effectively using a budget like this isn’t easy.
Dr. Victor, that’s exactly why we need experts managing these funds, not politicians.
The 470 million baht is a good start, but is it enough?
Good point. It might just be a drop in the ocean considering the scale of the problem.
Another seminar, another ‘plan.’ When will we see real results?
The foundation has already helped people according to the article. Maybe more funding will scale that.
This is such a heartwarming story. We need more cases like this to restore faith in humanity.
I see a lot of potential for corruption in the allocation of these funds.
You always expect the worst, don’t you? Why not give it a chance first?
Where is the oversight for ensuring the funds are properly used?
I think the career training part is the best aspect of this initiative. It ensures people don’t slide back into debt.
Absolutely. Teaching people to fish rather than just giving them fish.
Justice Minister’s speech sounds great, but action speaks louder than words.
True, but it’s a step in the right direction. Let’s stay optimistic.
How do we ensure that only genuinely needy people benefit from this?
I can’t believe there are 700,000 cases where assets were seized. That’s insane!
The system is broken, but sweeping reforms and proper implementation might change things.
Why doesn’t the government regulate financial institutions better instead of constantly playing firefighter?
We need more transparency in these processes. Too many funds disappear without accountability.
Eduardo, you’re spot on. Transparency is key to any successful program.
Public oversight and regular audits could help with this transparency.
This is a learning moment for young people. Financial literacy should be compulsory in schools.
What happens to those who can’t get additional loans to pay off old debts? Are they just out of luck?
That’s a tough situation. Maybe more creative solutions are needed besides just loans.
What about people who deliberately default expecting a bailout?
There’s a fine line between giving a hand up and fostering dependency.
Every program needs to be adaptable. What works in one situation might not in another.
Pol Col Tawee sounds really committed. I think this time, it might actually work.
Didn’t someone say that last year too?
How did the House subcommittee approve such a budget without any reductions? Seems sketchy.
Could be that they understand the crisis and the urgency this time.