Problems and obstacles in Legal matters regarding solving informal debt related to borrowing money

Abstract

The purposes of this research article are to 1) study the concepts, theories, and laws related to informal debt; 2) study the problems and obstacles in Legal matters regarding solving informal debt related to borrowing money; and 3) Analyze approaches to solving the problem of informal debt in an integrated and sustainable manner. The research results found that the cause of the informal debt problem is that the Thai economic outlook in 2023 will expand at a slower rate, which (1) affects Thai exports, which are the country's main source of income; and (2) affects people's lives and becomes a social problem because of insufficient income, causing people to urgently spend money but cannot access formal sources of funds. They have to enter into a large amount of informal debt, resulting in the informal debt problem, which is caused by two issues: (a) informal creditors have taken advantage of debtors by charging interest rates higher than the law, which is a violation of the provisions of the law; and (b) informal creditors have used intimidation and violence to collect debts, which is a method that violates the law. The actions of these two main issues of informal creditors are considered unfair to debtors. Therefore, this research proposes solutions to the informal debt problem as follows: 1) The government must strictly use legal measures to punish creditors; 2) The government should focus on supporting various forms of funding sources. to the people 3) The government should support job creation so that people can use the money to pay off their debts by themselves 4) The government should support communities to participate in solving problems at the grassroots level seriously and 5) There should be integration to solve problems systematically from the government, civil society and private sectors. There should be a main agency responsible for analyzing problems and creating policies at the national level to lead to implementation and follow up and evaluate the results to ensure clarity, continuity and efficiency in all dimensions.