Thailand is extending a lifeline to millions of debtors, expanding the eligibility for the popular “You Fight, We Help” debt relief initiative.
The crucial change will allow debtors with arrears ranging from just one day to those overdue by more than a year to access vital assistance.
To provide broader support, the Cabinet approved a revised framework that now includes those with debts of up to 30 days, as well as those facing debts longer than 365 days.
The expansion is expected to boost the number of eligible accounts by a staggering two million, amounting to a total debt value of 310 billion baht, according to Deputy Finance Minister Paopoom Rojanasakul.
Previously, the scheme only accepted those with arrears between 30 and 365 days. With this new adjustment, more people will be able to benefit from the programme, which was originally designed to assist those struggling with debt but now has a broader reach.
The debt relief scheme’s registration deadline has also been extended to September 30, allowing more time for people to sign up. Initially set for June 30, this new deadline gives struggling debtors an additional three months to take advantage of the programme.
Since the initiative launched in December last year, 530,000 eligible debtors, representing 27% of the 1.9 million who qualify, have already registered. This totals a debt value of 385 billion baht, or 43% of the 890 billion baht worth of eligible debts.
Paopoom explained that the decision to expand the eligibility criteria is aimed at offering assistance to a wider range of people, thereby helping those in financial distress across various debtor groups.
The programme itself remains unchanged, with repayment instalments reduced over three years. If debtors stick to the plan and meet all conditions, the interest on their debt will be waived, reported Bangkok Post.
This expansion is a major step forward in alleviating financial burdens for struggling individuals across Thailand. With more people eligible, the initiative is expected to provide much-needed relief and allow millions of people a chance to rebuild their financial futures.
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