Jeonju Citizens' Debt of Over 1.8 Billion Won Forgiven... 'Opportunity for a New Life'

Jeonju City Financial Welfare Counseling Center Holds 6th Jeonju City Bad Debt Write-off Event to Relieve Citizens' Debt

[Jeonju=Asia Economy Honam Reporting Headquarters, Reporter Kim Han-ho] The Jeonju People, a welfare foundation in Jeonju City, through the Jeonju City Financial Welfare Counseling Center, relieved 1.824 billion won of debt burdened by citizens on the 21st.

The Jeonju City Financial Welfare Counseling Center (Chairman Lee Byung-kwan) held the 6th Jeonju City Non-performing Bond Write-off Event, announcing that it wrote off 202 long-term non-performing credit bonds held by Jeonbuk Bank, which citizens were burdened with, through sponsorship from the four major religious orders.

After the write-off event, Jeonju Mayor Kim Seung-su, Lee Byung-kwan, Chairman of the Jeonju People Welfare Foundation, representatives of the four major religious orders, Seol Eun-joo, CEO of Jubilee Bank, and Lee Seong-ran, Vice President of Jeonbuk Bank, participated in a meeting to overcome the COVID-19 economic crisis.

Prior to this, since its opening in 2016, the Jeonju City Financial Welfare Counseling Center has established a cooperative system with Jeonju District Court and the Korea Legal Aid Corporation to support debt adjustment such as personal rehabilitation and bankruptcy and to prevent debt recurrence, supporting △10,099 financial welfare consultations △108.8 billion won debt relief for vulnerable groups △8.254 billion won non-performing bond write-offs.

Separately, as the only basic local government operating a small debt support system and debt adjustment, it has helped relieve 6.116 billion won of debt to date.

Chairman Lee Byung-kwan said, “We are supporting the economic recovery of ordinary citizens suffering from illegal private loans and debt repayment demands due to the prolonged COVID-19 pandemic,” and added, “We will continue to make efforts to relieve citizens’ debts by maintaining a mutual cooperation system with Jubilee Bank and Jeonbuk Bank based on sponsorship from the four major religious orders.”

Meanwhile, the Jeonju People Welfare Foundation’s Jeonju City Financial Welfare Counseling Center is conducting financial welfare counseling and customized visiting financial education for vulnerable groups to overcome the COVID-19 crisis and prevent the expansion of household debt, carrying out various activities for credit recovery in welfare blind spots.

Jeonju=Honam Reporting Headquarters, Reporter Kim Han-ho stonepeak@asiae.co.kr

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