Seonggeumwon announced on May 18 that it will temporarily ease the repayment conditions for borrowers of the Sunshine Loan to assist them in their recovery. The "Sunshine Loan Debtor Support Special Campaign" will run until June 26.
The program targets borrowers who have been unable to repay their principal and interest on the Sunshine Loan, for whom Seonggeumwon has made payments to banks and other financial institutions. However, those currently undergoing personal rehabilitation, bankruptcy proceedings, or debt adjustment through the Credit Recovery Commission are excluded from this support.
During the campaign, applicants for installment repayment will see a reduction in the initial payment burden. Previously, the minimum amount required at the start of an installment repayment agreement was 100,000 won, but this will be lowered to 50,000 won during the campaign period.
The repayment period will also be extended from a maximum of 10 years to 12 years. Seonggeumwon aims to support debtors who may struggle to gather a large sum of money immediately by allowing them to establish a feasible repayment plan.
Once an installment repayment agreement is signed, information regarding subrogation will be immediately released, and no penalty fees will be charged during the repayment period.
For those already using installment repayment but facing difficulties, a readjustment process will allow them to maintain their agreement. If the agreement is canceled due to delinquency, credit assessment information may be re-registered, but by applying for readjustment, borrowers can modify their repayment period and amounts without canceling the agreement.
Kim Eun-kyung, head of Seonggeumwon, stated, "In the current challenging economic conditions, the debt burden on vulnerable groups is increasing. Through this campaign, we aim to reduce the burden on those who have the will to repay but have found it difficult to obtain opportunities, helping them return to economic activity as soon as possible."
* This article has been translated by AI.
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