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BackThe Credit Recovery Committee and the Korean Attorneys' Association signed a business agreement to protect debt adjustment users.
The Credit Recovery Committee and the Korean Attorneys' Association signed a business agreement to protect debt adjustment users.
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연합뉴스1 hour agoBusiness2 min readSouth KoreaView original

The Credit Recovery Committee and the Korean Attorneys' Association signed a business agreement to protect debt adjustment users.

Credit Recovery CommitteeKorean Attorneys' Associationdebt restructuring

Quick Look

  • The Credit Recovery Committee and the Korean Attorneys' Association signed a business agreement to prevent damage to debt adjustment users and strengthen legal support for vulnerable groups.
  • We agreed to prevent consumer damage caused by false advertising and excessive fees and to reduce unnecessary cost burden through accurate system guidance.

AI-generated summary

Why It Matters

In the process of using the debt settlement system, consumer damage is occurring due to some legal representatives' false and exaggerated advertisements, excessive fee demands, and intentional delays in cases, so cooperation was necessary to prevent this.

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The Credit Recovery Committee announced on the 9th that it signed a business agreement with the Korean Attorneys' Association on the 8th to prevent damage to debt adjustment users, provide accurate system guidance, and establish a cooperative system for legal support for vulnerable debtors.

The agreement was prepared to prevent damage to consumers due to false and exaggerated advertising by some legal representatives, excessive fee demands, and intentional delay in cases, and to create a sound environment for use of debt adjustment.

According to the agreement, both sides agreed to cooperate to prevent damage to debt restructuring users and prevent unnecessary cost burden through accurate system guidance.

In addition, we decided to cooperate to increase legal accessibility for economically vulnerable groups, such as vulnerable borrowers and financial fraud victims, and to provide prompt relief for damages.

Kim Eun-kyung, chairman of the New Financial Services Commission, said, "We will strengthen the protection of debt adjustment users by cooperating with related organizations such as the Korean Attorneys' Association to prevent debtors from incurring unnecessary costs due to misunderstanding of the system, and we will make efforts to eliminate blind spots in legal services for vulnerable groups."

Lee Kang-cheon, president of the Korean Attorneys' Association, said, "With this agreement, we will work closely with the Financial Services Commission to prevent unnecessary damage suffered by debt adjustment users and to accurately select a system that suits their individual circumstances."

What to Watch

AI outlook — possibilities, not facts

  • Damage cases for debt restructuring users will decrease

    Possible · Within months

  • Access to legal support for vulnerable groups will be improved.

    Possible · Within months

Open Questions

  • What are the specific implementation plans for the agreement?
  • How will a monitoring system be established to prevent damage?
  • What is the scope and scale of legal support that will be provided to vulnerable debtors?

Related Topics

Credit Recovery Committee
PeopleKim Eun-kyungLee Kang-cheon
OrganizationsKorean Attorneys' Association
PlacesSeoul
TopicsKorean Attorneys' Associationdebt restructuringDamage preventionvulnerable debtorlegal supportbusiness agreement
This article was originally published by 연합뉴스.

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