Debt Trouble: Start with Information and Contact Your Creditors
If your income no longer covers your payments, first make a clear cash-flow summary, then speak with creditors as soon as you can. The Bank of Thailand recommends contacting providers to discuss terms that fit your ability to repay.
Make a One-Page Debt List
- Creditor name, outstanding balance, interest rate, and required payment.
- Due dates, number of days overdue, and any notices or messages received.
- Collateral, co-borrowers, or guarantors involved.
- Net income and essential expenses to estimate what you can realistically pay.
How to Talk with Creditors
- Use the creditor’s official contact channel and explain your income and why you are having trouble paying.
- Ask for a written offer, such as a temporarily lower payment or a longer repayment period.
- Compare the total amount payable, interest, repayment period, and consequences of missing a payment under the proposed terms.
- Keep case numbers, documents, and proof of every payment.
A longer repayment term may reduce each payment but increase total interest. Consider an offer you can afford and understand over the full term. If you cannot reach the creditor, the Bank of Thailand provides assistance channels; call 1213 to ask for information.
Official Support
- Bank of Thailand: Sustainable debt-resolution measures
- Bank of Thailand: Request assistance or file a complaint
If the issue concerns a deceased person’s debt, read Preparing documents when a creditor contacts an estate.
Original video: Watch on YouTube. The video discusses debt generally; the steps and assistance information here are based on the sources listed in the article.