New Album, Additional Implementation of the 'Debtor Rehabilitation Support Enhancement Special Campaign'

[Asia Economy Reporter Kwangho Lee] The Korea Credit Guarantee Fund announced on the 30th that it will additionally conduct the 'Special Campaign to Strengthen Support for Debtor Rehabilitation' for three months from next month 1st to November 30th to support debtors suffering long-term distress due to excessive debt after business failure.

This campaign was prepared to alleviate the repayment burden of debtors who have been further strained by the spread of COVID-19 and to practice inclusive finance for financially vulnerable groups. Unlike previous years, it will be conducted additionally in the second half of the year following the first half to actively support the return of debtors to economic activities.

Through this campaign, the Korea Credit Guarantee Fund plans to reduce the repayment burden of debtors and induce credit recovery through early repayment by ▲operating all written-off claims as targets for principal reduction ▲expanding the debt reduction rate for simple joint guarantors ▲easing the debt burden for debtors whose statute of limitations will expire within two years.

An official from the Korea Credit Guarantee Fund said, "With the additional special campaign, it is expected that more than 30,000 debtors will receive preferential debt reduction," and added, "Going forward, the Korea Credit Guarantee Fund will continue to support the rapid credit recovery and practical economic rehabilitation of debtors and expand inclusive finance for financially vulnerable groups."

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