BAM launches lenient “Sook Jai Dai Baan Keun” for residential debtors

          BAM launched a campaign called “Sook Jai Dai Baan Keun” in an effort to help its residential loan clients to reclaim their housing collateral with an offer of paying only 80% of the appraised value of the collateral. Clients can opt for either one-time payment or 10-year installment plan with BAM’s Minimum Loan Rate (MLR) for the entire period. The campaign lasts until the 29^th of December 2017. The company added that the normal process focused more on debtors’ financial ability.

          Mr. Choopong Phokhasawad, BAM’s senior executive vice president, revealed that the company has launched the “Sook Jai Dai Baan Keun” campaign—meaning happy to return home—in order to provide option to debtors to pay off and reclaim their residential collateral with better deals.

          With this less restricted conditions, debtors will have to pay only 80% of the collateral’s appraised value. They can also choose for whether a one-time payment or a maximum of 10-year installment plan with BAM’s fixed MLR throughout the plan, given that it is within the 10-year period of prescription. The eligible clients must be BAM’s debtors with less than 5 million baht worth of the loan, obtain a mortgage loan or a personal loan with residential collateral, a person who has not been put under absolute receivership by court order, have no other loan accounts and/or no records of neither being a joint debtor, guarantor, mortgagor, nor pledger under BAM’s accounts, and own no other assets. If interested, the registration is now open until December 29, 2017.

          Mr. Nopharat Ounjatturaporn, another BAM’s senior executive vice president, added that BAM, so far, had acquired more than 638,935 million baht worth of 178,243 NPLs accounts from several financial institutions. As of now, the company has managed to lower the number to 76,254 accounts with the principal value of 437,082 million baht, 30% of which—21,258 accounts—is mortgage debtors accounting for 28,978 million baht.

          However, in general, BAM’s debt restructuring process is based on the negotiation between the company and debtors in order to find the right measure and mutual expectations. The company concerns mostly about debtors’ financial ability as it welcomes debtors to negotiate at any stage of the process, even if the legal proceedings have been carried out. The single most important purpose is to help debtors to resume their business and reclaim their collateral more easily. For more information please contact BAM Call Center 02-6300-700, www.bam.co.th, Facebook: FB of BAM, or official line ID: @bamline.