▲ Financial Supervisory Service
If illegal debt collection is suspected, securing objective evidence such as recordings can help victims receive relief.
The Financial Supervisory Service (FSS) provided these guidelines today (Sept. 30) regarding consumer precautions related to financial debt collection.
According to the FSS, debt collectors are restricted from contacting debtors regarding collection more than 7 times per 7 days per debt (based on financial debts).
While visits to a debtor's home or workplace by debt collectors are not illegal, publicly disclosing the intent to collect by taking advantage of a debtor's difficult circumstances, such as weddings or funerals, is illegal.
In addition, collectors must not falsely indicate the progress of legal procedures or cause fear and anxiety by calling or visiting during nighttime hours (from 9:00 PM to 8:00 AM the following day).
Visiting related parties, informing them of the debt, or demanding repayment on behalf of the debtor is also prohibited.
If a debtor finds immediate repayment difficult due to major disaster situations or accidents, they can notify the debt collector to suspend collection contact for up to 3 months (limited to once).
Furthermore, debtors can request debt collectors not to contact them for collection during specific time zones or through specific means.
Those who suffer damage from illegal collection can secure evidence such as text messages, KakaoTalk messages, recordings, photos, and videos, and report it to the FSS.
In the event of emergencies such as assault or threats, individuals must immediately report to the police.
If the illegal debt collector is an illegal private lender, victim relief such as suspension of illegal debt collection, appointment of a debtor representative, suspension of telephone number use, and investigation requests can be applied for all at once through the "Illegal Private Financing One-Stop Support" service.
If collection is attempted for a debt whose statute of limitations has expired, one must claim that the statute of limitations has expired.
Upon receiving debt collection, individuals should first check the limitation period and, if the statute of limitations has expired, request a halt to collection.
However, even if it is a short-term statute of limitations debt, if finalized through a court, the period is newly extended to 10 years, and the statute of limitations is interrupted if there is a seizure, provisional seizure, or provisional disposition.
The FSS advised, "Because an accurate judgment of the statute of limitations requires comprehensive consideration of individual debt circumstances, it is recommended to request relevant materials from the creditor and cross-check them."
It also emphasized, "Even when the statute of limitations has expired, if you respond negligently to a lawsuit filed by a creditor, you may no longer be able to claim the effect of the statute of limitations expiration," adding, "If a complaint or other documents are served by the court, do not leave them unattended and respond actively by submitting an answer within the deadline."
Those experiencing difficulties in repaying debts can apply for debt adjustment with their creditor financial institutions and the Credit Counseling & Recovery Service.
(Photo: Yonhap News)
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