I have questions about credit card debt collection procedures and personal rehabilitation.

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I was using a credit card and couldn't pay several million won in card bills because my current company delayed my salary. Then I received contact that debt collection will proceed if payment isn't made. I'm wondering if it usually goes to debt collection this quickly after not paying shortly after the payment due date. I'd like to know the debt collection procedure and what happens once it transfers, and whether personal rehabilitation can stop it.

debt collection procedure

personal rehabilitation

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The debt collection procedure is a process for recovering debts that the debtor has defaulted on. If you do not repay the card payment on time within the deadline, the financial company will conduct collection on its own, and may then delegate to or sell the claim to an external debt collection agency.

As in your case, if the default continues, the card company will demand repayment through text messages, phone calls, and mail.

If you do not repay within this period, debt collection will begin and legal procedures may proceed, such as a credit rating decline and payment orders.

If a payment order is issued during the debt collection procedure, you must file an objection within 2 weeks; if there is no objection, it will have the same effect as a final judgment, and compulsory execution such as wage garnishment and real estate seizure may begin, so you must be careful.

The pressure of debt collection can be burdensome.

I will explain the methods to stop debt collection as follows.

If you proceed with personal rehabilitation procedures, debt collection stops immediately. This is a system where, if you apply for rehabilitation to the court and receive approval from the court, creditors can no longer perform debt collection.

By the court's decision, the debtor can be legally protected, creditors' demands stop, and the debtor gains an opportunity to repay the debt over a certain period.

Through prior legal consultation with a debt collection specialist attorney, identify your eligibility for personal rehabilitation and submit a rehabilitation application.

To escape from debt collection, prompt document preparation and personal rehabilitation application is the priority.

If you need assistance with personal rehabilitation or bankruptcy, please request assistance from a debt collection specialist attorney at our firm.