Korea Credit Counselor (신용상담사) key terms

The difference between a household’s stated assets and liabilities at a specified date, distinct from recurring income.

A record of receipts and payments over a period, used to identify surplus, deficit and timing mismatches.

The ability to meet payments using resources available at the needed time without unacceptable delay or loss.

The period over which a particular goal and its funding need are evaluated, which can differ across goals.

The financial ability to absorb adverse outcomes without undermining essential obligations, distinct from emotional willingness to take risk.

The agreed services, responsibilities and boundaries of the planner-client relationship, including relevant information and compensation arrangements.

Periodic assessment of implementation, outcomes and changing circumstances to decide whether a financial plan requires adjustment.

An agreed change to debt terms under a relevant framework, which must be distinguished from a judicial discharge.

The amount a debtor can realistically direct toward obligations after considering reliable resources and necessary living requirements.

A debt supported by a specified security interest, whose consequences depend on the collateral and applicable legal arrangement.

An obligation without the particular collateral support of a secured claim, still subject to its contractual and legal rights.

A formal procedure intended to address financial distress under applicable law, with eligibility and effects determined by that framework.

A legal release from specified obligations under the relevant procedure, which should not be assumed to cover every debt automatically.

Payments that have fallen due and remain unpaid, whose timing and nature can affect available responses.

Checking the creditor, basis, principal, interest and other claimed amounts against reliable records before accepting a demand.

A separate legal commitment concerning another party’s obligation, whose existence and scope require the applicable agreement and law.

A competing interest that can affect professional judgment, requiring appropriate disclosure and management rather than concealment.

Information relevant to creditworthiness or credit transactions, whose collection, use and disclosure remain subject to applicable controls.

A legal time-related doctrine affecting a claim, requiring analysis of the type of claim and relevant events rather than a guessed deadline.

A legal process affecting specified assets or claims, with scope and exemptions determined by the applicable Korean framework.

The client’s ability to make an informed choice about available options without deceptive assurances or coercive pressure.