개인워크아웃 조건Starting this month, a path will be opened for those with bad credit who are in debt to various financial institutions to restore their credit.
“I currently owe about 100 million won due to a poor guarantee five years ago. “I have loans from 6 banks and have been recorded as having bad credit since 2 years ago. I want to know how I can get relief.”
Mr. Kim, an unemployed man in his 40s, called the Financial Supervisory Service to complain and was informed of the personal workout system.
The Credit Recovery Support Committee Secretariat, which opened on October 1st on the 7th floor of the Central Building in Myeongdong 1-ga, Jung-gu, Seoul, is receiving 400 to 500 such consultations per day.
With the introduction of the Personal Credit Recovery Support System prepared by the Financial Supervisory Service to relieve people who have taken on more debt than they can due to unavoidable circumstances, inquiries from people seeking credit recovery are flooding in through the Credit Recovery Support Committee, which has been in operation.
Accordingly, the Financial Supervisory Service and the Korea Federation of Banks will first provide credit recovery support to individuals who have borrowed less than 20 million won from five or more financial companies and have been registered as credit delinquents for more than a year.
Han Bok-hwan, Secretary General of the Credit Recovery Support Committee, said, “This individual workout system is a very desirable system in that it opens a new path for people who are struggling with debt to multiple financial institutions, but it is still possible to adjust it only if very strict qualification requirements are met. “First of all, it is advantageous to receive sufficient counseling through a financial institution,” he advised.
In particular, Director Han emphasized, “Currently, only about 10% of the complainants consulted by the committee meet the requirements for adjustment,” and added, “People with bad credit must be clearly aware that this is not a place where debt forgiveness is provided if everyone applies.”
He pointed out, “We must keep in mind that some people who have the ability to repay debt but deliberately apply for personal workouts will be disadvantaged, such as being recorded as a financial disorderly person.”
We will summarize in detail the eligibility requirements and application procedures for personal credit recovery support.
◆ In case of ineligibility = If a person has a total debt of less than 20 million won at 5 or more financial institutions that have joined the agreement and more than 1 year has passed since registering bad credit information, but is recorded as a financial disorderly person, he/she is excluded from the workout.
Additionally, the amount of debt to one financial institution should not exceed 70% of the total amount of debt.
Standards vary depending on individual circumstances
In addition, the amount of debt to creditors who have not joined the agreement must be less than 20% of the total debt, the amount of business debt as a sole proprietor must be less than 30% of the total debt, and various unpaid taxes must not exceed 30% of the total debt.
◆Content of relief support = Debt exemption or interest rate reduction standards vary depending on each individual’s situation and the details of loan use, and are determined through consultation between the Credit Recovery Support Committee’s review committee and the financial companies doing business.
The newly applied reduced interest rate is charged based on the loan principal, and no interest is charged on interest accrued or overdue interest before credit recovery support is confirmed.
In addition, after applying for personal credit recovery support, until the secretariat notifies that the documents have been completely received (up to 2 months), financial companies such as banks with whom you have a loan transaction may exercise a lien to recover the loan, force recovery of the loan, or file a lawsuit. cannot be raised.
Debtors who have recovered their credit through debt forgiveness must later receive credit management training hosted by the Credit Recovery Committee.
However, if it is revealed that you have hidden your assets or wasted them through gambling after receiving these credit recovery support benefits, the credit recovery decision will be canceled immediately. Also, be aware that you will be re-registered as a person with bad credit.
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