KAMCO to Grant Repayment Deferrals and Uniform Interest Waivers for Overdue Debtors from March Onwards

KAMCO Implements Additional Support Measures for COVID-19 Delinquent Debtors... Effective from the 29th of This Month

[Asia Economy Reporter Park Sun-mi] Debtors who have been delinquent on installment repayments since last March will have their repayments deferred until the end of this year, and their overdue interest will be uniformly waived.

KAMCO announced that, in response to the prolonged COVID-19 pandemic, it will implement additional measures starting from the 28th to ease the repayment burden on debtors who are delinquent on installment repayments, including repayment deferral and overdue interest reduction.

These measures, such as repayment deferral, have been prepared to promptly support debtors who have inevitably fallen behind due to restrictions on social and economic activities caused by the prolonged COVID-19 pandemic.

The additional support targets unsecured loan agreement debtors who began delinquency after March of this year. KAMCO plans to uniformly defer repayments until the end of the year regardless of debtor application status and waive all overdue interest accrued from March to September.

Furthermore, debtors with loan agreements who became delinquent before March can receive the same support if they resolve their previous delinquencies. Debtors without delinquencies but who require repayment deferral due to income reduction can also apply for support.

Starting from the 28th of this month, KAMCO will individually send notification messages (texts) about the repayment deferral and overdue interest waiver system to eligible debtors to inform them of the support benefits and actively guide more debtors to apply.

Meanwhile, since last March, KAMCO has been actively supporting small business owners and individual debtors who have suffered direct damage such as sales decline due to the prolonged COVID-19 pandemic through special measures including repayment deferral for diligent payers, expanded debt adjustment and reduction, and suspension of aggressive legal actions.

This content was produced with the assistance of AI translation services.