신속채무조정특례 지원조건This system, operated by the Credit Recovery Committee, provides benefits such as interest rate relief, extension of the maximum period, and deferral of repayment to young people who have difficulty repaying debt before they fall into a swamp of delinquency.
Initially, this system had an age limit of under 34, but as the economic downturn continued for a long time, the support target was expanded to all ages.
Those eligible for special support for rapid debt adjustment are those who are 30 days or less in arrears or are heavily indebted but have no delinquency but are at risk of delinquency.
Overburdened borrowers who are at risk of delinquency are: ▲ Personal credit score in the bottom 20% or less (those exceeding 10 or less are limited to annual income of KRW 45 million or less) ▲ Those who have lost their job, taken unpaid leave, or closed their business within the past 6 months ▲ Have been hospitalized for more than 3 months within 1 month before application If you have been diagnosed with a disease that requires treatment ▲If you have had 3 or more late payments for more than 5 days within the past 6 months ▲The Chairman of the Credit Recovery Committee recognizes that support is necessary due to a disaster or equivalent emergency situation as defined in the ‘Framework Act on Disaster and Safety Management’ The conditions of the debtor must be met.
However, debtors whose debts exceed their income or assets cannot receive special provisions for rapid debt adjustment. Specifically, the total debt must be less than 1.5 billion won, and the property valuation must be less than the unsecured debt amount to be eligible for special support for rapid debt adjustment. Even if it is determined that you have intentionally defaulted on your debt, you are also excluded from support.
Unlike personal rehabilitation, quick debt adjustment cannot adjust private loans, taxes, etc., and can only adjust debts of bond finance companies with which agreements have been made, such as commercial banks, savings banks, and other lending businesses. Applicants cannot select the debt they wish to adjust, and Sunshine Loan guaranteed loans, policy funds, deposit-secured loans, vehicle mortgage loans, housing mortgage loans, and jeonse loans are excluded from debts subject to debt adjustment.
Rapid debt restructuring is carried out through methods such as interest rate reduction, repayment deferral, and installment repayment, depending on the debtor’s situation.
First, the existing loan interest rate is reduced by 30-50% depending on the amount of debt, and the installment repayment period is extended to up to 10 years in line with monthly disposable income to lower the repayment burden.
It also provides the opportunity to ‘defer payment of principal’ by only having to pay interest of 3.25% per annum for a certain period of time. In case of deferment of principal payment, support can be received for a total of 3 years, including up to 1 year before principal repayment and up to 2 years during repayment. The government expects that the rapid debt adjustment system will reduce the interest burden by 1.41 million to 2.63 million won per person per year.
For the special rapid debt adjustment, you can apply by visiting 50 low-income financial integration support centers nationwide, or use the Credit Recovery Committee’s cyber counseling department or a dedicated application.
