The government will write off the debt of some 460-thousand people who have been unable to pay off their liabilities of under ten million won for more than ten years.

The Financial Services Commission said Monday that it has decided to support 462-thousand delinquents owning small sum debts so they can start anew. It said the decision is in line with policy measures announced in November last year.

The government will first stop debt collection requests and activities for 252-thousand people who are deemed unable to pay back what they owe. If their wealth remains the same, their debt will be written off within three years.

The 252-thousand people were selected from a pool of over 400-thousand people owing small sum debts for an extended period and who are still in arrears.

The November measures apply to delinquents with a principal of under ten million won unredeemed for over ten years as of October 31st, 2017.