NCPO explains order banning lenders' vigorous pursuit of money owed by farmers

Saturday, 31 May 2014 By  NNT

BANGKOK, 30 May 2014  – The National Council for Peace and Order (NCPO) issued an order on Thursday banning debt collectors from making threats to rice growers who owe them money.

Colonel Sirichan Ngathong, deputy spokesperson of the Royal Thai Army, explained that the NCPO issued to order due to concern about the safety of farmers, many of whom had resorted to borrowing from loan sharks after having spent months waiting for their money from the rice pledging scheme.

Col. Sirichan added that out-of-the-system loans are illegal, and the lenders involved with such loans must legalize their actions by producing a borrowing document that included an interest rate permitted by the law. If the debtor fails to repay the loan, the creditor shall have the police proceed with the case.

She noted that lenders who violate the NCPO order will be prosecuted.

comments powered by Disqus
Terms of Service | Privacy Policy | Advertise With Us | About Us | Feedback | Contact Us