From the next day of application of the debt relief program, creditors would stop any collection activities. ; There is almost no cost except the application fee of KRW 50,000. ; We consolidate all your unsecured debts in our member financial institutions so that you can make one lump sum payment each month.
Debt Counseling was introduced and enforced in 2007. This enabled over-indebted consumers to seek relief in accordance to the National Credit Act (NCA). The NCA has been amended several...
, Bankruptcy, Individual Rehabilitation ; Organization in charge, bankruptcy court, bankruptcy court ; Implementation, Jan. 1962, Sept. 2004 ; Eligible debtor, insolvent debtor (who has no disposable income and property), insolvent debtor who has disposable monthly income ; Coverage of debts, all unsecured debts ※ tax, health care bills not included, all unsecured debts ※ tax, health care bills and loans from individuals included ; Debt limit, no limit, unsecured debt : \1 billion secured debt : \1.5 billion ; Repayment period, -, 3~5 years ; Reduction and discharge of debt, discharge after liquidation (100% written off), pay at least the amount of non exempt property (by liquidation value) (70% of principal reduced on average ; Coverage of secured debt, unavailable (mustberepaidbyoriginalcontract), unavailable (mustberepaidbyoriginalcontract) ; Co-debtor protection, co-debtor remains liable to unpaid debt, co-debtor remains liable to unpaid debt ; Legal effec, order of court(final judgement), order of court(final judgement) ; Public record oncreditreport, kept for 5 years after discharge, kept for 3~5 years after court approval of repayment plan
Are you looking for ways to pay off credit card debt? Offers to help you cut down or wipe out your debt might sound like a perfect solution, but dishonest debt relief companies will take your money...
This strategy involves working with a credit counseling agency or a debt relief service that negotiates with creditors on your behalf to secure lower interest rates and potentially waive...
Seeking debt freedom? Money Fit offers nonprofit debt relief and credit counseling to help you achieve financial stability and peace of mind.
, Court-based Debt Solutions (Individual Rehabilitation or Bankruptcy) ; Application (or filing) fee, heavy cost (\800,000~\2,000,000) ; Suspension of debt collection, takes about 1~2 months ; Application process, takes 6~12 months (for approval of repayment plan or bankruptcy discharge order)
Debt relief involves the reorganization of a borrower's debts to make them easier to repay. Debt relief can come in a variety of forms. It also can give creditors a chance to recoup at least a port...
With these, a credit counseling or debt relief company secures lower rates with your creditors, and then develops a payoff plan on your behalf. You'll then make monthly payments to your...
Consider seeking credit counseling when you need help paying your debts. Credit counselors can assist with setting up a budget, repayment plans and more.