Hello! I’m back with another good news today!
The financial authorities introduced ‘New Hope’s Healing Fund’ in August for the purpose of adding more measures to financial supports available for low-income households.
Now you might be wondering what the ‘New Hope’s Healing Fund’ is 🙂
Simply explaining, this fund is designed to support the victims of financial crimes such as voicephishing and illegal private loans. It aims at helping those people recover their credit rating which were downgraded due to the undeserved financial crimes.
How does it work?
The Financial Supervisory Service (FSS) figured out that there are a huge mount of unused credits accumulated in forms of ‘mileage donations’ by corporate credit cards and ‘social contribution fund’ by financial companies. To use them effectively, the FSS decided to gather all the unused credits from the financial companies. This way was sought to create a relief fund for victims who are miserably suffering from the financial damages caused by financial crimes.
Who are be the beneficiaries?
The victims of financial crimes who are unable to build their own financial capabilities, especially with low credit rating
-Victims of voice phishing
-Victims of illegal private loans
-Victims who got subordinated security bond from the bankruptcy of the saving banks.
-Victims of the investment company without permission
-Families of the victims incurring insurance incident
According to the FSS, about half of the financial companies has joined this fund so far. I hope this fund is widely publicized and more people become the beneficiaries of the fund.