Game Records, Rechallenge Support Activation Campaign... Establishing a Foundation for Retaking Challenges

Implementation of Debt Relief Expansion and Other Easing Measures
Active Support for Restarting After Honest Failure

The Korea Technology Finance Corporation announced on the 27th that it will conduct a temporary 'Rehabilitation Support Activation Campaign' for about two months to help debtors recover.

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 (converting installment repayments into a lump sum at present value) ▲relaxing approval authority. Through this, the plan is to reduce the repayment burden on debtors and encourage early repayment to support 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 debtors who sign installment repayment agreements, applying the maximum additional reduction rate to increase the debtor's willingness to repay. Debtors willing 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.

Kim Jong-ho, Chairman of Kibo, said, “Since 2018, Kibo has actively supported debtors' credit recovery by introducing the principal reduction system as the first guarantee institution,” adding, “Through this campaign, we will do our best to support the return of debtors with the will to rehabilitate to normal economic activities and contribute to the economic recovery of small and medium-sized venture businesses.”

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