On the 30th, the government announced that it will extend the application period for the 'personal arrears debt purchase fund', which has been operated to support debtors who have been unable to repay their debt on time due to the impact of COVID-19 and to prevent excessive collection, by six months until December this year.
The Financial Services Commission noted, "Considering that the demand for debt adjustment among arrears debtors has increased due to prolonged high interest rates and inflation, as well as delays in domestic recovery. "
The personal arrears debt purchase fund, introduced in June 2020, has purchased approximately 164,000 cases and 1.037 trillion won of personal arrears debt by the end of last month, easing the burden of arrears for debtors.
The Financial Services Commission said, "We will continue to seek necessary policy measures to alleviate the burden of arrears for vulnerable individual debtors and support their return to normal economic activities."