Civic organizations are joining hands to launch Korea’s first advocacy group for debt-ridden individuals as early as next month.
The group will campaign to protect poor debtors from bankruptcy, property seizure and loan shark abuses, according to the movement’s promoters.
Tentatively named “People Who Want to Pay Back,” it will be affiliated with With Save, a financial welfare foundation launched last month under the sponsorship of the Seoul Metropolitan Government.
Major nongovernmental organizations including the People’s Solidarity for Participatory Democracy and Lawyers for Democratic Society will participate, With Save said.
It will be Korea’s first permanent civil society organization devoted to the interest and rights of indebted people though some clients of failed savings banks have formed ad-hoc interest groups.
Priority will be given to protecting the human rights of beleaguered debtors and reforming the “predatory” aspects of financial capital in the long term, With Save said.
It will lobby to improve regulations regarding liability rescheduling, personal bankruptcy and debtor rehabilitation. Major activities will also include arranging collective petitions for bankruptcy, assisting those with mortgage arrears and legally protecting debtors from collectors’ frequent violence and abuses.
By Lee Hee-su (
hs@heraldcorp.com)
