On Feb. 29, 2024, SK FSS announced that the validity of the guidelines has been extended for one year from Feb. 29, 2024 until Feb. 28, 2025.
Document dated Feb. 29, 2024, received from SK FSS Mar. 5, summarized on Mar. 7.
In Mar. 2024, SK FSS issued measures against illegal debt collection, see #203549.
In Oct. 2024, SK FSS proposed revisions to claims collection guidelines, see #229530.
In Nov. 2024, SK FSS revised debt collection and loan sales guidelines, see #235430.
On Jan. 18, SK FSS proposed to extend the debt collection guidelines.
SK FSS proposed to extend the validity of the Guidelines for debt collection and loan sales, in order to prevent illegal as well as unfair debt collection practices.
Follows SK FSS Mar. 2023 proposed extension of the guidelines, see #165949.
Extension
Expand counterparties to which financial companies can sell loan receivables.
Oblige debt collectors to refuse small-amount claims of less than KRW 1mn whose statute of limitations period has passed and can be presumed to be complete.
Where a creditor decides to reduce debt and proceeds with debt reduction, a debt collection company must provide documents to a debtor in advance in writing.
Raise both the standard monthly living expenses for seizure restrictions for small debtors and the standard deposit amount required to maintain a debtor's monthly livelihood for seizure restrictions to KRW 1.85mn from KRW 1.50mn.
Consultation Period
Comments shall be submitted by Feb. 7, 2024.
Feb. 2024 Validity Extended
On Feb. 29, 2024, SK FSS announced that the validity of the guidelines has been extended for one year from Feb. 29, 2024 until Feb. 28, 2025.
Document dated Feb. 29, 2024, received from SK FSS Mar. 5, summarized on Mar. 7.
In Mar. 2024, SK FSS issued measures against illegal debt collection, see #203549.
In Oct. 2024, SK FSS proposed revisions to claims collection guidelines, see #229530.
In Nov. 2024, SK FSS revised debt collection and loan sales guidelines, see #235430.
