FSC announces new debt forgiveness programs for the marginalized group
- 5 years ago
소액채무 3년간 잘 갚은 빈곤층 나머지 탕감
The government laid out new measures to cancel the debts of people in vulnerable groups... such as recipients of basic livelihood security.
It involves readjusting the levels drastically, and even getting rid of the remaining debt of those who are faithful in repaying them.
Ko Roon-hee fills us in on the relief plan.
It's good news for people in Korea who've been struggling to pay a relatively small debt.
The Financial Services Commission and the Credit Counseling & Recovery Service announced on Monday... new debt forgiveness programs for marginalized groups.
The Credit Counseling and Recovery Service is an organization established in 2002... to support the financial recovery of low-income families.
Specific measures include debt relief for those who receive the government's basic livelihood security payments, recipients of disability pensions, seniors and low-income people who've been unable to pay a small debt for more than 10 years.
However, there are some conditions.
The total principal of the debt cannot exceed around 13 thousand dollars... and the borrower needs to repay in a 'faithful' manner... that is, make their promised payments for at least 3 years.
This is on top of the government's existing measure providing partial debt relief up to 90-percent.
For instance, if a basic livelihood security recipient owes 10 thousand dollars..., the government reduces the debt by up to 90 percent... leaving principal of just 1 thousand dollars.
And if this person pays back half of that faithfully for 3 years, then the remaining 500 dollars is cancelled automatically.
The Financial Services Commission says this will take effect in June... after related agreements from the Credit Counseling & Recovery Service are revised.
This latest measure is part of the Moon administration's efforts to build an inclusive nation... by helping low-income people get out of debt and improve their quality of life.
Ko Roon-hee, Arirang News.
The government laid out new measures to cancel the debts of people in vulnerable groups... such as recipients of basic livelihood security.
It involves readjusting the levels drastically, and even getting rid of the remaining debt of those who are faithful in repaying them.
Ko Roon-hee fills us in on the relief plan.
It's good news for people in Korea who've been struggling to pay a relatively small debt.
The Financial Services Commission and the Credit Counseling & Recovery Service announced on Monday... new debt forgiveness programs for marginalized groups.
The Credit Counseling and Recovery Service is an organization established in 2002... to support the financial recovery of low-income families.
Specific measures include debt relief for those who receive the government's basic livelihood security payments, recipients of disability pensions, seniors and low-income people who've been unable to pay a small debt for more than 10 years.
However, there are some conditions.
The total principal of the debt cannot exceed around 13 thousand dollars... and the borrower needs to repay in a 'faithful' manner... that is, make their promised payments for at least 3 years.
This is on top of the government's existing measure providing partial debt relief up to 90-percent.
For instance, if a basic livelihood security recipient owes 10 thousand dollars..., the government reduces the debt by up to 90 percent... leaving principal of just 1 thousand dollars.
And if this person pays back half of that faithfully for 3 years, then the remaining 500 dollars is cancelled automatically.
The Financial Services Commission says this will take effect in June... after related agreements from the Credit Counseling & Recovery Service are revised.
This latest measure is part of the Moon administration's efforts to build an inclusive nation... by helping low-income people get out of debt and improve their quality of life.
Ko Roon-hee, Arirang News.