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Bank of Thailand clears up for debt adjustment, but interest still walks
On April 10, reporters reported that Facebook “Bank of Thailand” has clarified measures to suspend payment of principal and interest from commercial banks. And specialized state financial institutions Explaining to the public that Debt relief measures at this time are only a postponement of the payment schedule. But as for the interest it keeps walking. Therefore, it does not help to reduce the debt burden.
The BOT also states that alternatives for debtors During the Covid 19 period, financial institutions have implemented measures to facilitate debt repayment in order to reduce the burden in many ways, such as suspending repayment of the principal. Or suspend the payment of principal and interest. Let’s see the practical results of the 6 months after the event, under various options, how will the financial charges be in each case?
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The first case, fees as usual. Suppose if you owe 1,000,000 baht for a home and have a monthly payment of 10,000 baht for a mortgage loan, consisting of 4,000 baht of principal and 6,000 baht of interest, we still pay the normal 10,000 baht per month as before. After 6 months, the debt is only 976,000 baht, so if someone is in debt and affected, you can contact the creditor bank for assistance, which will allow us not to pay the debt as promised. What is not considered a default payment AND not lose history
In the second case, pay the principal. Are financial institutions lenient so we don’t have to return capital as scheduled? From the original example Suppose we choose to pay the principal for 6 months, we normally pay 10,000 baht per month, leaving only the interest of 6,000 baht per month and because we pay interest every month Causing the debt not to rise There are still 1,000,000 baht of equal debt left .
The third case pays the principal and the payment of interest. Which means you are not required to pay both principal and interest to the bank during the grace period. From the original example Of having to pay 10,000 baht, not having to pay the bank Because financial institutions are lenient with us “There is still no need to pay installments “for the payment of both principal and interest. That it is not considered “Default payment” that we will not lose the history in the database of the credit agency. But the interest of 6,000 baht per month, not paid for 6 months, keeps walking And it went to increase the total debt to 1,036,000 baht
But if someone can still pay the debt, they should pay the debt as always, because various measures to facilitate debt repayment are just a deferment. To reduce expenses only during this period, and as for interest, keep walking. reduce the burden of our debt.
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