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Yumo, a self-employed person who runs an indoor soccer class in Seoul, is suffering from problems with loan repayment these days. He, who received a loan of about 150 million won as collateral for a shopping mall in 2019, suffered from a cut in sales after the Corona 19 crisis last year. This is because the monthly principal and interest amounted to 3.3 million won.
In March of the same year, after receiving the deferment of principal and interest in banknotes, he was able to relax. The problem has erupted since September of last year. I did not participate in the second postponement to pay off even a little bit, but the answer came back from the bank, saying, “I gave you six months postponement, so repay the principal and interest for the remaining six months”. Yoo asked for a respite, saying, “If I knew this would be the case, I would have paid back immediately without receiving the first delay,” but to no avail. He has to repay the principal and interest of 6.6 million won a month in the morning.
Yoo said, “I couldn’t do business after Corona, so I still had no income. I did it, but I have to look for a loan again in the future, so it’s just stupid.”
It was found that the burden of principal and interest on some ordinary people who did not receive a second delay in relation to the deferral measures of principal and interest carried out by the banking sector to help those in need after the Corona 19 crisis has significantly increased. It is pointed out that aside from the principle of’partial payment’, there is no consensus, so some banks have arisen that demand that the deferred principal and interest be paid off in a shorter period. With the decision on the third deferred measure approaching, there are concerns that the common people may suffer unfair damage if they request interest repayment from banks to banks in different ways.
According to the financial sector on the 10th, the financial authorities and major banks are considering a plan to postpone once more after the expiration of the principal and interest deferral measures in March. However, as banknotes insist on’selection support’, the possibility that some will not receive a delay is also discussed. An official from the banking sector said, “Even if it is deferred, the opinion that’filtering’ should be done to reduce the possibility of insolvency even a little rather than deferring everyone is dominant.” If this argument is accepted, it is explained that some ordinary people and self-employed people with low rehabilitation potential may no longer receive the deferred action. However, there are many prospects that it will be difficult for banks to do what they want because the corona 19 crisis is still severe.
The problem is that the measures for’non-deferred’ are different for each bank. According to the guidelines at the time of the first principal and interest deferred last year, it stipulated that’the principal and interest must be repaid at a time or in installments after the deferment is over’. The bank is not obligated to extend the maturity of existing loans. It is difficult to make a problem even if you are asked to drive out principal and interest payments that have not been paid until a certain deadline. In fact, it was found that different banks have different policies for repayment of loans to those who have given up suspension.
For this reason, it is pointed out that some banks have been hit by a’principle money bomb’ after not receiving additional postponement after the first postponement. An official from a bank said, “Because most of them are deferred, we do not specifically manage statistics or follow-up measures for non-deferred persons,” he said. “I know that there is no special report to the financial authorities.”
There are voices that it is necessary to prepare preliminary measures not only about whether the principal and interest will be extended, but also the method of repayment after the suspension is stopped. An official from the financial sector said, “Since most of them received additional postponement after the first postponement, the side effects were not revealed, but if the majority did not receive the postponement, many people would be affected.” In advance, banknotes need to inform each borrower more clearly about the repayment method after the deferral.”
Regarding this, an official from the Financial Services Commission said, “If the bank does not respond to the request to receive the deferral of principal and interest again, the borrower can claim the right as it is a violation of the guidelines.” It can be difficult because the strategies for preparing for risks are different.”
Reporter Jeong So-ram/Kim Dae-hoon [email protected]
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