Kibo Launches 'Jaegi Support Activation Campaign'

Supporting the Restart of Honest Failures Through Expanded Debt Relief Measures

[Asia Economy Reporter Kim Cheol-hyun] The Korea Technology Finance Corporation (Chairman Jeong Yun-mo, hereinafter referred to as Kibo) announced that it will conduct a two-month limited "Rehabilitation Support Activation Campaign" from the 1st of this month to the 30th of next month to help debtors recover.

The campaign targets debtors of written-off debts who lack repayment ability. Through easing measures such as expanding the scope of debt reduction, Kibo plans to alleviate the repayment burden on debtors and actively encourage credit recovery through early repayment.

To this end, during the campaign period, Kibo will apply an additional reduction rate beyond the basic debt reduction rate calculated through a comprehensive review of debt evaluation and the debtor's repayment ability to debtors who sign installment repayment agreements, thereby motivating debtors' willingness to repay. In particular, for youth under the age of 29, Kibo plans to expand the debt reduction scope to support their swift rehabilitation.

Additionally, if a debtor who is faithfully making installment repayments pays off the remaining installment amount in full at once, Kibo will triple the present value repayment preferential rate to support their return to normal economic activities.

Debtors can apply for debt repayment agreements through the Kibo Rehabilitation Support Center, and Kibo will actively support as many debtors as possible to succeed in rehabilitation by thoroughly reviewing debt reduction and other measures for the applications received.

Jeong Yun-mo, Chairman of Kibo, stated, "Since introducing the principal reduction system for the first time among guarantee institutions in 2018 in line with the government's policy emphasizing inclusive finance, Kibo has actively supported debtors' credit recovery. This campaign will also have a positive impact on creating a warm environment that embraces failure and encourages re-challenge."

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