President Lee expressed interest in the "Finance Policy Series for Saving Lives," a set of measures aimed at rescuing financial suicide victims through debt rationalization. He instructed officials to devise finance policy measures that can institutionally prevent illegal debt collection, voice phishing, and rental deposit fraud, and also reduce major industrial accidents through financial regulation, ultimately saving lives.
On the 22nd, Kang Yoojung, spokesperson for the presidential office, explained the content of the senior aides’ meeting presided over by the president the previous day at a briefing in Yongsan. She stated, "President Lee pointed out that excessive debt among financially vulnerable groups, the repayment burden from illegal private lending, and the pressure from debt collection are causes of suicide," and questioned whether facilitating debt collection for the financial sector infringes on debtors' rights.
In response, President Lee instructed officials to review amendments to laws and detailed regulations related to debt collection. Spokesperson Kang said, "(President Lee) noted that if banks irresponsibly serve public notices or fail to properly inform debtors about the completion of the statute of limitations, resulting in illegal debt collection and inherited debt that crushes the will to live, this should not happen." She added that the president ordered a review of the relevant laws and regulations.
Additionally, Kang stated, "(President Lee) also reviewed the suicides of rental fraud victims and emphasized the need to design comprehensive finance policies that consider both the effects and side effects of the rental deposit loan system, checking for any loopholes." She further reported that upon hearing that the average waiting time for the youth counseling hotline 1338 is about 18 minutes, President Lee ordered an immediate resolution through additional staffing.
Furthermore, Kang explained, "President Lee, recognizing the significant influence of celebrities, called for mandatory enforcement of reporting guidelines to enhance effectiveness, as copycat suicides have surged following media coverage."
Kang also explained that the finance policy series is similar to the Financial Services Commission's approach to preventing industrial accidents. She said, "In the past, during the IMF era, compared to overseas cases, Korea's financial sector allowed for somewhat easier debt collection. For example, even after the statute of limitations has expired, there is no obligation for the financial sector to notify debtors. Such issues can be addressed simply by changing the Financial Services Commission’s regulations." She added, "The point was that, if possible, we should return to the same standards as other countries and implement measures that save lives through finance, rather than trapping people in the cycle of debt collection."
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