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When the government announced a while ago that it would reduce the debt of self-employed people who suffered from the corona virus, controversy arose that only those who faithfully paid off debt were unfair.

Then, the government set the standard again that only those who had no assets would have their debts reduced.



Reporter Im Tae-woo will explain the details.



<Reporter> The



Financial Services Commission has gathered about 100 working-level bank lenders.



This is to explain the specific standards after the announcement of the self-employed debt relief measures, which has been criticized by public opinion as to who will faithfully pay off debts.



First of all, the exemption applies only when the debt exceeds the assets, that is, when a normal financial life becomes impossible.



60~80% of the principal will be reduced only for credit loans that are overdue for more than 90 days, and interest rates will be lowered for loans overdue for less than 90 days.



Mortgage loans are not subject to reduction or exemption.



If you have any assets or collateral to pay off debts, you will not be able to receive benefits.



After the reduction measures, we conduct periodic property inspections with the National Tax Service to reverse the indemnity measures if secretly hidden property is discovered.



If you apply for debt adjustment, it is reflected in your credit evaluation for up to 5 years, and is effectively treated as a bad credit.



Loans and credit card issuance were all blocked off, so authorities expected few people to deliberately risk getting their principal forgiven.



[Financial Commission official: (Korea) is one of the countries with a developed credit history, so there is probably less moral hazard than any other country.]



The industry was also more rigorously divided.



Even if you are self-employed, private business, real estate rental, and professional occupations were excluded from the list.



Loans seeking relief will be rejected if they are not affected by the coronavirus, such as for the purchase of a home or personal car.



The financial authorities announced that they would implement the system for three years starting at the end of next month after further refining detailed plans through public opinion gathering.



(Video coverage: Kim Gyun-jong, video editing: Lee Seung-yeol)