Regulator to step up ad campaign for write-off program for troubled borrowers

SEOUL, Sept. 20 (Yonhap) -- The financial regulator said Thursday it will bolster advertising campaigns for a scheme to write off debts of troubled borrowers, as fewer than expected people applied for the scheme.

The scheme was launched last November to help borrowers who failed to repay debts of less than 10 million won (US$8,918) for over 10 years.

The government had originally expected the scheme to help write off debts of 1.59 million people. In January this year, the debts of about 294,000 borrowers were written off.

Since January this year, about 66,000 people have applied for the scheme, according to the Financial Services Commission (FSC), which administers the program.

The scheme had been scheduled to end last month but was extended until February next year.

Kim Yong-beom, vice chairman of the FSC, said the regulator will also streamline application processes to help more people apply for the scheme.

kdh@yna.co.kr
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