Ms. Sirinat Naeng-onng, Acting Managing Director of Sukhumvit Asset Management Company Limited (SAM), announced that in 2023, the “Debt Clinic by SAM” project successfully achieved the targets set by the Bank of Thailand, with nearly 20,000 applicants participating, representing over 50,000 accounts. Since the project's inception in June 2017 until the end of 2023, approximately 54,000 individuals have signed debt restructuring agreements, totaling around 153,000 accounts and a principal debt burden of 10.7 billion baht. Currently, customers in the program have an average principal debt of about 200,000 baht per person, with an average of 2.8 accounts per individual. The average monthly installment payment is approximately 2,400 baht, with an average repayment period of 89 months.

“It is gratifying that since the project's launch six years ago, approximately 1,800 customers have completed their payments, equating to 4,500 accounts and a total principal debt of about 250 million baht, representing a completion rate of 3.3%. Most were able to finish their payments ahead of the contractual deadlines. However, it is unfortunate that some customers had to exit the program, primarily due to breaches of the debt restructuring agreement, such as having overdue payments exceeding 90 days. Others failed to finalize settlement agreements in court, breached final payment conditions, or did not comply with other terms. Nevertheless, SAM, as a key mechanism and tool in addressing the country's household debt issues, which is a national agenda and an important government policy, is fully committed to supporting and promoting the project to alleviate household debt as much as possible. If any customer begins to experience difficulties in making installment payments and is at risk of not meeting the program's conditions, they can contact and consult with the project, and SAM will consider solutions on a case-by-case basis, according to the established conditions, to ensure customers can continue to repay according to their actual capabilities. This year, we also aim to encourage customer applications to reach at least the previous year's numbers,” said Ms. Sirinat.

“The Debt Clinic by SAM” assists debtors with non-performing debts from credit cards, cash cards, and unsecured personal loans that are overdue by more than 120 days, offering special interest rates of only 3-5% per year and repayment terms of up to 10 years. There are three options for debt restructuring: 1. Repayment within 4 years at an interest rate of 3% per year; 2. Repayment longer than 4 years but not exceeding 7 years at an interest rate of 4% per year; 3. Repayment longer than 7 years but not exceeding 10 years at an interest rate of 5% per year. Applicants must be individuals with income, aged no more than 70 years, and have total debts not exceeding 2 million baht.

“The Debt Clinic by SAM” is open every day from 9:00 AM to 7:00 PM on the 4th floor of The Avenue Ratchayothin (Glass Elevator Zone), Phahonyothin Road, Chatuchak, Bangkok (BTS Ratchayothin Station) or you can apply to join the program online through the website www.klinikkaedhni.com or add Line @debtclinicbysam and Facebook Debt Clinic by SAM. For more details, you can contact the Call Center at 1443.