Credit Recovery Committee Expands Cooperation with Leading UK Debt Counseling Organizations... Shares Achievements of "K-Debt Adjustment"

The Credit Recovery Committee is expanding its cooperation with major debt counseling and welfare organizations in the United Kingdom to better support financially vulnerable groups. The committee also plans to actively share the achievements of the “K-Debt Adjustment” program—a Korean-style integrated support model that links debt counseling with financial, employment, and welfare services—with the international community.

From the left, Eunkyung Kim, Chairperson of the Credit Recovery Committee, and Matt Dronfield, Head of Debt Free Advice, a debt counseling agency affiliated with the British Toynbee Hall, are posing for a commemorative photo. Provided by the Credit Recovery Committee.

On June 8, the committee announced that Chairperson Kim Eungyeong visited London and Manchester from June 3 to 5, attending major conferences and meetings related to debt counseling. This visit was organized at the official invitation of Toynbee Hall, the world’s first community welfare institution and a partner organization of the committee. Chairperson Kim examined the operational practices of leading UK debt counseling institutions and discussed ways to expand comprehensive support for financially vulnerable groups.

Chairperson Kim attended the Debt Free Advice (DFA) conference in London and the annual conference of the Institute of Money Advisers (IMA) in Manchester. These conferences reviewed the UK’s debt counseling management system, including innovations in credit counseling technology, Debt Relief Order (DRO) guidelines, and support for debtors facing mental health crises, while also exploring the potential for domestic application.

Meetings were also held with the Money and Pensions Service (MaPS)—the UK’s control tower for inclusive finance—and Christians Against Poverty (CAP), a nationwide debt counseling agency. The committee examined the operation of the “Breathing Space” system, which provides temporary repayment relief for debtors, and reviewed community-based support models.

With Policy in Practice, a welfare policy analysis institution, the committee shared techniques for identifying financially vulnerable groups using data, as well as examples of swift economic recovery support. In discussions with UK Finance, which has around 300 member banks and financial companies, both sides recognized the need for active debt adjustment, delinquency prevention, and strengthened protection of financial consumers.

As the final official agenda, Chairperson Kim visited Toynbee Hall and discussed future cooperation with DFA. Both sides agreed to continue working together to share the UK’s debt counseling expertise and the Credit Recovery Committee’s achievements with K-Debt Adjustment, further developing the strengths of each country’s systems. Chairperson Kim stated, “It is meaningful to witness the UK’s longstanding expertise in debt counseling—the birthplace of community welfare—and to introduce an integrated K-Debt Adjustment system, which connects debt counseling with financial, employment, and welfare services in one place. We will continue to actively share the achievements of K-Debt Adjustment and build a strong network with the UK’s leading debt counseling organizations to further strengthen support for financially vulnerable groups.”

This content was produced with the assistance of AI translation services.