The FSC and relevant institutions along with all financial industry groups agreed to extend the period of support available for vulnerable debtors hit by the COVID-19 until the end of this year.

(Pre-workout Programs)  The application period for pre-workout programs offered by individual lending institutions will be extended until December 31, 2021. Individual (non-corporate) debtors at risk of overdue payments (less than three months) on loans due to a decline in income levels amid the pandemic may apply for pre-workout program at individual lending institutions.

The pre-workout program will offer a payment deferral on the principal for six to twelve months and an opportunity to readjust payment schedule after the period expires.

(Debt Adjustment by CCRS)  Debt adjustment programs offered by the Credit Counseling & Recovery Service will be available on a regular basis.

(Individual Debt Purchase by KAMCO)  The application period for individual debt purchase program offered by the Korea Asset Management Corporation (KAMCO) will be extended until December 31, 2021. KAMCO will purchase unsecured debt accrued between February 1, 2020 and December 31, 2021. Both lending institutions and individual debtors are eligible to apply until the end of this year.

* Please refer to the attached PDF for details.