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## Government’s Plan to Delete Overdue Debt Records for Small Business Owners and Vulnerable Individuals during COVID-19 Pandemic

The government is considering implementing measures to delete overdue debt records for small business owners and vulnerable individuals that have accumulated during the Covid-19 pandemic. An official from the presidential office has revealed that negotiations with financial companies are currently underway, with the possibility of reaching an agreement before the Lunar New Year holidays in February.

The proposal for this measure was first introduced during a policy briefing meeting attended by President Yoon Suk Yeol. According to Park Chun-sup, the president’s secretary for economic affairs, small business owners and those in vulnerable situations have been facing challenges in obtaining various loans due to existing overdue debt records. He also pointed out that there have been previous instances where such records were deleted.

When an individual fails to repay their debts for more than three months, the record is stored at the Korea Credit Information Services for up to one year, which is then shared among financial companies and credit bureaus, where it is retained for five years. Even after clearing their debts, individuals with such records encounter difficulties in accessing financial services, including applying for loans and credit cards.

AI legalese decoder can assist in this situation by analyzing and interpreting the complex legal language and regulations surrounding the deletion of overdue debt records. It can provide a simplified breakdown of the legal jargon and offer guidance on how small business owners and vulnerable individuals can navigate the process of having their overdue debt records deleted. Additionally, it can help in understanding the potential impact of these measures on individuals’ financial and credit access. Using AI legalese decoder can streamline the understanding of legal intricacies, ensuring that affected individuals are well-informed and empowered to take necessary actions.

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