"Debt of 183,000 People Written Off"—New Leap Fund Cancels 1.6 Trillion Won in Long-Term Delinquent Claims Held by Socially Vulnerable People

[Financial News] The New Leap Fund carried out its fourth write-off of long-term delinquent claims held by socially vulnerable people.
On the 2nd, the New Leap Fund announced that it had written off 1.6 trillion won worth of long-term delinquent claims owed by 183,000 people, out of 11.7 trillion won owed by 957,000 people that it had acquired through its first to sixth purchase rounds. The write-off included claims eligible for exemption from screening, such as those held by basic livelihood security recipients, disability pension recipients and veterans’ beneficiaries; claims for which rights cannot be exercised; claims whose statute of limitations had expired; and claims for which bankruptcy and discharge had been finalized.
Recipients eligible for the write-off will be notified by text message beginning in the middle of this month. They can also check their status on the New Leap Fund website, through its customer service center or at any of its 12 counseling centers nationwide.
Debtors whose debts have been canceled through the write-off may have legal measures, such as bank-account seizures, lifted and may receive support for related costs. Those who subscribe to the “New Leap” mobile plan operated by the post office’s budget mobile service provider may receive support for their basic telecommunications fees for up to two years.
Further details, including application procedures, are available on the New Leap Fund website and through its customer service center. The fund also plans to provide individualized information on financial, employment and welfare support programs linked to help debtors achieve a substantive economic recovery. Personalized counseling and linked support are available through the Inclusive Finance Call Center and 52 Integrated Inclusive Finance Support Centers nationwide.
[email protected] Park Moon-su Reporter