The Bank of Thailand is allowing unsecured loan borrowers to use collateral stemming from mortgage loans for debt restructuring through debt consolidation, with lower interest rates charged.
The central bank has introduced an optional debt relief measure for consumer finance products as a debt consolidation method.
Borrowers who have good debt-servicing ability for housing loans can convert unsecured loans to secured loans by using houses as collateral to qualify for the debt consolidation programme, said Thanyanit Niyomkarn, assistant governor for supervision group 2.
The manoeuvre must be done through the same financial institution or finance company.
By converting unsecured loans to secured loans under the debt consolidation concept,…
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