The Ministry of Justice and the Student Loan Fund (Kamnan) have joined forces to hold the ‘Maha Karam Debt Relief Fair’ in the southern border provinces (Pattani, Narathiwat, Yala, Songkhla) and Songkhla today (August 13, 2024). Lieutenant General Tawee Sodsong, Minister of Justice, led a team of ministry executives and Kamnan fund managers to announce the event. This event aims to help debtors by inviting them to participate in restructuring their debts, both before and after a court judgment, totaling more than 138,051 cases with a total value of 15,957,999,647.05 baht.
Lieutenant General Tawee Sodsong spoke about the objective of the event, stating that since the Student Loan Fund has amended the Student Loan Fund Act (No. 2) in 2023, debtors have greatly benefited from this law. The new debt calculation method includes prioritizing the payment of the principal amount, followed by interest and fines. Guarantors will be released from debt obligations under certain conditions, with monthly repayments due by the 5th of each month for a maximum of 15 years, with the final installment to be paid by the age of 65. If debtors miss six consecutive installments, the debt restructuring agreement will be terminated, and they will have to repay the original debt according to the initial agreement.
The Ministry of Justice has assigned the Department of Rights and Liberties Protection, along with the Office of Court Enforcement and the Student Loan Fund, to hold the debt relief fair in the southern border provinces and Songkhla. Debtors who missed the opportunity to participate in the previous event held in the southern border provinces and Songkhla have another chance to take part. Different provinces will host the fair on various dates, with Songkhla scheduled to have its second fair on August 15, 2024, at Thaksin University.
The debt restructuring initiative aims to provide assistance to debtors in need and help them manage their finances more effectively. The event also serves as a platform to raise awareness about financial planning and discipline among the public to prevent household debt issues. For those interested in participating in the event or seeking more information, they can contact the Department of Rights and Liberties Protection, the Office of Court Enforcement, or the local Department of Justice offices nationwide. Additionally, they can inquire through the Justice hotline at 1111, press 77, or the Enforcement hotline at 1111, press 79, available 24 hours a day. Registration for appointments can also be made on the Student Loan Fund website.