On October 2, 2026, Korea's Financial Services Commission announced that the New Leap Fund's fourth write-off round had cleared KRW 1.5968 trillion in long-overdue claims covering 183,000 debtor records. The size is significant, but it does not by itself mean that an individual's debt disappeared. Even a debt more than seven years overdue with principal of KRW 50 million or less can have a different result depending on whether the claim was acquired, reviewed and written off.
The more accurate first step is therefore to identify whether each debt is still unacquired, under review or fully written off, rather than waiting only for a text message.
Three distinct statuses: acquisition, review and write-off
The New Leap Fund is not a program in which a debtor files a standard application. It purchases eligible claims from financial institutions, assesses repayment capacity with administrative data, and directs the claim either to a write-off or debt adjustment. The fourth round did not accept new applicants. It cleared some claims already acquired in rounds one through six, including review-exempt claims, claims that could no longer be enforced, expired claims, and claims covered by confirmed bankruptcy discharge.
| Status shown | What it means | Next check |
|---|---|---|
| Not acquired or not yet acquired | The claim may not have transferred to the fund, or may be outside the acquisition pool | Debt status record; original creditor |
| Acquired and under review | The fund holds the claim but has not issued the final outcome | Review and write-off status |
| Write-off complete | Collection on the particular displayed claim has been cleared | Scope of the claim; support for releasing legal measures |
The 183,000 debtor records in round four included not only review-exempt claims involving certain welfare, disability-pension and veterans-benefit recipients, but also claims that were difficult or impossible to enforce. The figure should not be read as evidence that every long-overdue debtor has completed review.
UnsplashThe two-screen sequence, from debt status to write-off status
Start with the debt status page. It directs the user to creditor-change records that show whether a claim transferred to the New Leap Fund. The official notice says the record is visible only to the individual, is not shared with financial institutions or credit-information companies, and does not affect the credit score.
If acquisition is confirmed, move to the review and write-off status service. It shows the review progress and write-off result for claims held by the fund. A person without a phone in their own name, or anyone unable to complete online identity verification, can use the fund's call center or a counseling center.
The first screen answers, ‘Did the fund acquire this claim?’ The second answers, ‘What result did the acquired claim receive?’
The screens answer different questions. An empty result on the write-off screen alone provides no basis for concluding that someone is ineligible.
What an empty record means
If the creditor-change record shows no movement, the claim may still be waiting for acquisition. The fund's own guidance says that a record with no change may indicate a pre-acquisition status and advises checking with the relevant financial institution.
Some older debts can also fall outside the online record's coverage. Creditor-change data for moneylenders have date limitations, and information from locally registered moneylenders may not appear. In that situation, old collection notices or court decisions can identify the creditor, after which separate confirmation with the creditor and the New Leap Fund may be needed.
Official-address verification instead of text links
According to the FSC announcement, texts to people covered by the fourth round were scheduled from mid-October. Not receiving one does not automatically mean exclusion. Contact details may have changed, delivery times can differ, and only some of several claims may have been written off.
PexelsUsing the embedded link need not be the first step. The official route is to type `newleap.or.kr` directly into the browser or call the New Leap Fund at 1660-0705. The program proceeds without a separate application, so a request for an application fee or an offer to file on your behalf does not match the official process.
Claim scope and attachment after write-off
A completed status applies first to the claim shown on the screen, not automatically to every debt a person has. The displayed claim's scope therefore needs to be checked first. Claims held by different institutions can receive different acquisition and write-off outcomes.
A bank-account attachment or another legal measure should not be assumed to disappear automatically at the same moment. The FSC says debtors receiving a discharge can obtain assistance with lifting legal measures and related costs. If an attachment remains, the call center can address three specific questions.
Eligible people whose debts were written off may also check support for the basic fee of the Korea Post mobile plan, subject to conditions such as having no telecom debt. Budget availability and detailed rules can change, so checking the current criteria on the official site or through the call center before enrolling is the safer course.
PexelsOfficial contacts for unacquired debt
A person with debt more than seven years overdue and principal of KRW 50 million or less that was not acquired by the fund can ask the Korea Legal Aid Corporation about support for the cost of personal rehabilitation or bankruptcy discharge. The number is 132. Debt-adjustment counseling is handled by the Credit Counseling and Recovery Service at 1600-5500, while the Inclusive Finance Call Center at 1397 connects broader finance, employment and welfare support.
| Question | Contact |
|---|---|
| Acquisition, review and write-off status | New Leap Fund 1660-0705 |
| Personal workout and other debt adjustment | Credit Counseling and Recovery Service 1600-5500 |
| Rehabilitation, bankruptcy discharge and cost support | Korea Legal Aid Corporation 132 |
| Linked finance, employment and welfare counseling | Inclusive Finance Call Center 1397 |
Splitting the questions usually reduces confusion. ‘The record is missing,’ ‘the claim is under review,’ and ‘the claim is written off but an attachment remains’ are different problems.
Four items worth recording today
Write down the date of the official check, the creditor's name, whether acquisition is shown, and the review or write-off status. After a call, add the call date and the next action you were given. This makes it easier to see what changed if the status later moves.
The large New Leap Fund numbers describe the program's overall progress. Your own result comes from claim-level records and official counseling, not from a text alone. The official status shown provides the basis for the next step, rather than unconfirmed reports about expanded eligibility or paid filing offers.
This article provides general information based on official sources checked on October 20, 2026. Individual acquisition, repayment-capacity review, write-off and release of legal measures are matters to be determined from the New Leap Fund's and the relevant financial institution's records and counseling.
Sources reviewed
The article was checked against the sources below. Image context and credits appear in each caption.
