Free Legal Support Application for Illegal Private Loan Victims Now Available Online
[Asia Economy Reporter Kim Hyo-jin] Victims of illegal private loans can now apply for legal service support online.
The Financial Supervisory Service (FSS) announced on the 19th that from the 20th, applications for free support from debtor representatives and litigation lawyers for victims of illegal private loans will also be accepted on the FSS website. Until now, applications were only accepted through phone consultations at the FSS Illegal Private Loan Reporting Center.
The Financial Services Commission and the FSS signed a business agreement with the Korea Legal Aid Corporation and the Korea Inclusive Finance Agency in January to start a support project for debtor representatives and litigation lawyers to assist victims of illegal private loans.
Through lawyers from the Korea Legal Aid Corporation, the service includes representing debtors throughout the collection process, providing legal services such as reviewing illegality, and representing victims in lawsuits for claims of return, damages, and confirmation of non-existence of debt caused by loans exceeding the maximum interest rate or illegal collection practices.
The target beneficiaries are those with an income below 125% of the median income (2.19 million KRW per month for a single-person household) who have suffered or are at risk of suffering illegal collection from unregistered or registered lenders, or debtors who have received loans exceeding the maximum interest rate (24% per annum).
Appointment of debtor representatives for victims of unregistered lenders is provided to all without income requirements from the perspective of protecting crime victims.
Applicants can access the application screen by entering the 'Free Support Application for Debtor Representatives and Litigation Lawyers' within the Illegal Financial Reporting Center on the FSS website. Phone consultations and applications are still available.
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An FSS official said, "With the opening of the online application system, we expect more victims of illegal private loans to conveniently receive legal service support."
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