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National Bank gave birth to 3 new policies to deal with delinquent debtors On D-Day, as early as April 1, 2020, you will pay incorrect interest and pay less debt. Faster capital reduction in installments
On November 8, 2020, Ms Thanyanit Niyomkarn, Assistant Governor The Bank of Thailand’s Financial Institutions Supervision Division 2 (BOT) revealed that the BOT has issued a notice stipulating the rules on the interest charge, the debt default and debt repayment. To help reduce the debt burden for the public, there are 3 things put together as follows
1. Interest on late payment is calculated based on actual late payment only. Excluding the principal portion of future installments that are not yet due. Different from original If there is only one payment on the debt The service provider may charge interest on the total outstanding principal. Cause the default interest value to be too high
2. Determination of the predetermined interest rate. At the contractual interest rate plus no more than 3%, that is, if the contractual interest rate is 8%, the financial services provider can set the default interest rate up to 11%, taking into account the history of past debt. Originally, the interest rate was set at a maximum of 15%, 18%, or 22%.
3. Determination of the repayment order by First pay off the longest pending installments. So that the debtor knows the order of cancellation of a clear debt. And help reduce capital even further. You can read the details here.
Read the news: National Bank issued a new way to pay off debt on D-Day July 1, 64 that debtors must see Especially the borrowed car!
As for the rule, it will go into effect on April 1, 2021. However, for debt default that occurs before April 1, 2021, financial service providers can apply the principles of the new announcement to exclude or waive interest in default. Debt with the debtor as appropriate
Regarding the problems Except for the order to cancel the debt It will start on July 1, 2021, which is different from other policies.
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