One-stop debt workout service for financial debts and missed mobile payments expected to help up to 370,000 vulnerable debtorsJun 20, 2024

Chairman Kim Joo-hyun of the Financial Services Commission visited the central inclusive finance support center in Seoul on June 20 and held talks with the counseling staff about the demand and expectation for the one-stop integrated personal debt workout service newly made available by the Credit Counseling and Recovery Service (CCRS). Starting from June 21, debtors can receive one-stop debt adjustment on their financial debts and missed mobile phone bill payments from the CCRS. Until now, debtors were required to apply with individual telecommunication service providers to be able to get support for spreading out their late payment dues in five-month installments. However, from June 21, the CCRS will offer an integrated and one-stop debt adjustment on their financial debts and missed mobile payments through which debtors may be eligible to receive up to 90 percent of relief in principal payments depending on their individual payment capabilities. During his visit, FSC Chairman Kim Joo-hyun said that the government will continue to provide active support to help vulnerable debtors to recover financially and regain footing on their own.