The Supha Wongsena Foundation for Debtors’ Rights Reform has called on the government to allocate additional funding to the Land Bank Administration Institute to assist individuals in repaying their debts.
This appeal was made during a seminar focused on addressing household debt, held last Thursday by the Department of Special Investigation (DSI) at the DSI Academy located in Nong Chok district.
Arjin Joonglook, vice chairwoman of the foundation, shared that the organization is currently working on a project aimed at helping debtors prevent asset seizures. She provided an example from Phatthalung, where a man lost his home due to a debt owed to the Government Savings Bank. After seeking assistance from the foundation, he was able to secure a loan from the Land Bank Administration Institute.
The debtor submitted a mortgage application, and within three to six months, he received a loan to repurchase his house. The bank also offered him job training to help increase his income.
“I urge the government to allocate a larger budget to the Land Bank so it can assist more debtors in resolving their financial difficulties promptly,” Ms. Arjin stated.
Justice Minister Pol Col Tawee Sodsong, who attended the seminar, noted that the government’s policy to “end people’s hardship,” announced by then-Prime Minister Srettha Thavisin on May 17 of last year, includes plans to tackle various types of debts, including household debts, debts owed by farmers, and those related to the Student Loan Fund.
Pol Col Tawee mentioned that the government has made some progress in this regard, highlighting the Interior Ministry’s achievements in addressing informal debts. However, he pointed out that 90% of all debts are formal, with approximately three million cases filed with the Legal Execution Department, involving debts amounting to billions of baht. Currently, debtors in 700,000 cases have had their assets seized.
The minister stated that the government’s primary goal is to help citizens pay off official debts. In addition, the House’s subcommittee on land, buildings, and state enterprises approved a budget of 470 million baht for the Land Bank Administration Institute during a meeting last Friday, without any reductions to the original amount.
