Kibo Leads Efforts to Create a Rechallenge Environment... 'Rehabilitation Support Activation Campaign'
Expansion of Debt Relief and Other Easing Measures
Active Support for Restarting for Honest Failures
The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced that it will conduct a temporary "Rehabilitation Support Activation Campaign" for about two months from the 4th to the 30th of next month to help debtors with their rehabilitation.
This campaign targets debtors of written-off debts who lack repayment ability and includes measures such as ▲expanding the debt reduction limit ▲increasing the discount rate for present value repayment (lump-sum repayment by converting installment payments into present value) ▲relaxing approval authority. Through these measures, Kibo aims to reduce the repayment burden on debtors and encourage early repayment to support their credit recovery. Written-off debts refer to debts held by financial institutions that have been accounted as losses because the debtor is judged to have no repayment ability or the debt is deemed uncollectible.
During the campaign period, Kibo plans to comprehensively review the characteristics of the debt and the debtor's repayment ability for those who enter into installment repayment agreements, applying the maximum additional reduction rate to increase the debtor's willingness to repay. Debtors with the willingness to repay can proceed with debt repayment under relaxed measures through the Kibo Rehabilitation Support Center, and Kibo will actively support debt reduction to help more debtors succeed in rehabilitation.
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Kim Jong-ho, Chairman of Kibo, stated, "Since 2018, Kibo has proactively promoted debtors' credit recovery by introducing the principal reduction system as the first guarantee institution," adding, "Through this campaign, we will do our best to create a swift and smooth environment for re-challenge so that debtors can use failure as a stepping stone to take on new challenges."
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