Understanding terminology related to debt and its collection is crucial when dealing with financial matters in Korea. This guide covers the core Korean term for “debt collection,” “추심” (chu-sim), along with essential related vocabulary, phrases used by both creditors and debtors, cultural insights, and practical examples to help you navigate these potentially complex situations.
Table Of Content
Core Expression
This section introduces the primary term for debt collection in Korean.
- Expression: 추심
Pronunciation: chu-sim
Meaning: Debt collection; The act of pursuing or demanding payment of a debt.
Related Financial Terminology
Understanding these terms is essential when discussing debt collection.
- Expression: 채권
Pronunciation: chae-gwon
Meaning: Claim / Credit / Receivable (The right to claim payment) - Expression: 채무
Pronunciation: chae-mu
Meaning: Debt / Obligation / Liability (The duty to pay) - Expression: 채권자
Pronunciation: chae-gwon-ja
Meaning: Creditor (The person or entity owed money) - Expression: 채무자
Pronunciation: chae-mu-ja
Meaning: Debtor (The person or entity who owes money) - Expression: 빚
Pronunciation: bit
Meaning: Debt (A more general and common term for debt) - Expression: 독촉
Pronunciation: dok-chok
Meaning: Urging / Pressing (for payment) / Demand - Expression: 변제
Pronunciation: byeon-je
Meaning: Repayment / Reimbursement / Settlement (of debt) - Expression: 연체
Pronunciation: yeon-che
Meaning: Overdue / Delinquency / Arrears - Expression: 압류
Pronunciation: am-nyu
Meaning: Seizure / Attachment (Legal seizure of assets) - Expression: 소송
Pronunciation: so-song
Meaning: Lawsuit / Litigation - Expression: 파산
Pronunciation: pa-san
Meaning: Bankruptcy - Expression: 신용불량자
Pronunciation: sin-yong-bul-lyang-ja
Meaning: Person with bad credit / Defaulter
Phrases Used by Creditors
These are common phrases you might hear from someone trying to collect a debt.
- Expression: 빚을 갚으세요.
Pronunciation: bi-jeul ga-peu-se-yo.
Meaning: Please pay back the debt. - Expression: 변제 기한이 지났습니다.
Pronunciation: byeon-je gi-han-i ji-nat-seum-ni-da.
Meaning: The repayment deadline has passed. - Expression: 독촉장을 발송했습니다.
Pronunciation: dok-chok-jang-eul bal-song-haet-seum-ni-da.
Meaning: We have sent a demand letter. - Expression: 언제까지 변제하실 수 있습니까?
Pronunciation: eon-je-kka-ji byeon-je-ha-sil su it-seum-ni-kka?
Meaning: By when can you make the repayment? - Expression: 분할 상환도 가능합니다.
Pronunciation: bun-hal sang-hwan-do ga-neung-ham-ni-da.
Meaning: Installment payments are also possible. - Expression: 연체료가 부과됩니다.
Pronunciation: yeon-che-ryo-ga bu-gwa-doem-ni-da.
Meaning: Late fees will be charged. - Expression: 법적 조치를 취할 수 있습니다.
Pronunciation: beop-jeok jo-chi-reul chwi-hal su it-seum-ni-da.
Meaning: We may take legal action. - Expression: 재산을 압류할 수도 있습니다.
Pronunciation: jae-san-eul am-nyu-hal su-do it-seum-ni-da.
Meaning: We may seize (attach) your assets. - Expression: 추심 절차를 시작합니다.
Pronunciation: chu-sim jeol-cha-reul si-jak-ham-ni-da.
Meaning: We are initiating the collection process. - Expression: 채권 추심 회사에 의뢰했습니다.
Pronunciation: chae-gwon chu-sim hoe-sa-e ui-roe-haet-seum-ni-da.
Meaning: We have commissioned a debt collection agency. - Expression: 연락을 피하지 마십시오.
Pronunciation: yeol-la-geul pi-ha-ji ma-sip-si-o.
Meaning: Please do not avoid contact. - Expression: 상환 계획을 알려주세요.
Pronunciation: sang-hwan gye-hoe-geul al-lyeo-ju-se-yo.
Meaning: Please inform us of your repayment plan.
Phrases Used by Debtors
These are phrases someone owing money might use in response to collection efforts.
- Expression: 지금 당장 갚을 돈이 없습니다.
Pronunciation: ji-geum dang-jang ga-peul don-i eop-seum-ni-da.
Meaning: I don’t have the money to pay right now. - Expression: 상환 기간을 연장해 주실 수 있나요?
Pronunciation: sang-hwan gi-gan-eul yeon-jang-hae ju-sil su in-na-yo?
Meaning: Could you please extend the repayment period? - Expression: 분할해서 갚겠습니다.
Pronunciation: bun-hal-hae-seo gap-get-seum-ni-da.
Meaning: I will pay in installments. - Expression: 조금만 기다려 주십시오.
Pronunciation: jo-geum-man gi-da-ryeo ju-sip-si-o.
Meaning: Please wait just a little longer. - Expression: 이자라도 먼저 내겠습니다.
Pronunciation: i-ja-ra-do meon-jeo nae-get-seum-ni-da.
Meaning: I will pay the interest first, at least. - Expression: 개인회생을 신청했습니다.
Pronunciation: gae-in-hoe-saeng-eul sin-cheong-haet-seum-ni-da.
Meaning: I have applied for personal rehabilitation (a type of debt restructuring). - Expression: 파산 신청을 고려 중입니다.
Pronunciation: pa-san sin-cheong-eul go-ryeo jung-im-ni-da.
Meaning: I am considering filing for bankruptcy. - Expression: 추심 전화가 너무 자주 옵니다.
Pronunciation: chu-sim jeon-hwa-ga neo-mu ja-ju om-ni-da.
Meaning: The collection calls are coming too frequently. - Expression: 과도한 추심은 불법이라고 들었습니다.
Pronunciation: gwa-do-han chu-sim-eun bul-beo-bi-ra-go deu-reot-seum-ni-da.
Meaning: I heard that excessive debt collection is illegal. - Expression: 변호사와 상담하고 연락드리겠습니다.
Pronunciation: byeon-ho-sa-wa sang-dam-ha-go yeol-lak-deu-ri-get-seum-ni-da.
Meaning: I will consult with a lawyer and then contact you. - Expression: 현재 실직 상태입니다.
Pronunciation: hyeon-jae sil-jik sang-tae-im-ni-da.
Meaning: I am currently unemployed. - Expression: 사정을 좀 봐주십시오.
Pronunciation: sa-jeong-eul jom bwa-ju-sip-si-o.
Meaning: Please consider my circumstances.
Korean Culture Notes
Understanding cultural context is important when dealing with financial matters in Korea.
- Social Stigma: There can be a significant social stigma attached to debt, bankruptcy (파산 – pa-san), and being labeled a defaulter (신용불량자 – sin-yong-bul-lyang-ja) in Korea. This can make individuals hesitant to discuss financial difficulties openly.
- “Jeong” (정): While business is business, the cultural concept of “정” (jeong – deep emotional connection, attachment) can sometimes complicate financial dealings between individuals who know each other, blurring the lines between personal relationships and financial obligations.
- Guarantors (보증인 – bo-jeung-in): The practice of having a guarantor for loans is common. This means a third party (the guarantor) becomes legally responsible for the debt if the primary debtor defaults, often leading to complex social and financial issues.
- Legal Protections: Korea has laws similar to the Fair Debt Collection Practices Act (e.g., 채권의 공정한 추심에 관한 법률 – chae-gwon-ui gong-jeong-han chu-sim-e gwan-han beom-nyul) that regulate collection activities, prohibiting harassment, threats, and contacting debtors during late hours.
- Debt Collection Agencies: Using specialized debt collection agencies (채권 추심 회사 – chae-gwon chu-sim hoe-sa) is a standard practice for banks, credit card companies, and other financial institutions.
Real Conversation Example
This dialogue illustrates how terms related to debt collection might be used.
- Situation: A representative from a credit card company calls a customer regarding an overdue payment.
- Role A: Credit Card Company Representative (카드사 직원 – ka-deu-sa jig-won)
- Role B: Customer (고객 – go-gaek)
- Expression: A: 여보세요, 김민준 고객님 맞으신가요? 저는 XX카드사 채권관리팀의 박수현입니다.
Pronunciation: yeo-bo-se-yo, gim-min-jun go-gaeng-nim ma-jeu-sin-ga-yo? jeo-neun ek-seu-ek-seu-ka-deu-sa chae-gwon-gwal-li-tim-ui bak-su-hyeon-im-ni-da.
Meaning: Hello, am I speaking with Mr. Kim Minjun? This is Park Suhyeon from the Credit Management Team at XX Card Company. - Expression: B: 네, 맞는데요. 무슨 일이시죠?
Pronunciation: ne, man-neun-de-yo. mu-seun i-ri-si-jyo?
Meaning: Yes, speaking. What is this regarding? - Expression: A: 고객님, 지난달 카드 대금이 현재 연체 상태이십니다. 납부 마감일이 2주 지났습니다.
Pronunciation: go-gaeng-nim, ji-nan-dal ka-deu dae-geum-i hyeon-jae yeon-che sang-tae-i-sim-ni-da. nap-bu ma-gam-il-i i-ju ji-nat-seum-ni-da.
Meaning: Sir, your card payment from last month is currently overdue. The payment deadline was two weeks ago. - Expression: B: 아, 죄송합니다. 제가 요즘 사정이 좀 어려워서요.
Pronunciation: a, joe-song-ham-ni-da. je-ga yo-jeum sa-jeong-i jom eo-ryeo-wo-seo-yo.
Meaning: Oh, I apologize. I’ve been having some financial difficulties recently. - Expression: A: 네, 사정은 이해합니다만, 빠른 시일 내에 변제가 필요합니다. 언제쯤 납부 가능하실까요? 연체료도 계속 부과되고 있습니다.
Pronunciation: ne, sa-jeong-eun i-hae-ham-ni-da-man, ppa-reun si-il nae-e byeon-je-ga pi-ryo-ham-ni-da. eon-je-jjeum nap-bu ga-neung-ha-sil-kka-yo? yeon-che-ryo-do gye-sok bu-gwa-doe-go it-seum-ni-da.
Meaning: Yes, I understand your situation, but repayment is needed as soon as possible. Around when do you think you can make the payment? Late fees are also continuously being added. - Expression: B: 다음 주 월요일까지는 꼭 납부하겠습니다. 조금만 기다려 주십시오.
Pronunciation: da-eum ju wol-lyo-il-kka-ji-neun kkok nap-bu-ha-get-seum-ni-da. jo-geum-man gi-da-ryeo ju-sip-si-o.
Meaning: I will definitely pay by next Monday. Please wait just a little longer. - Expression: A: 알겠습니다. 다음 주 월요일까지 꼭 부탁드립니다. 만약 그때까지 변제가 안 되면, 저희가 추가적인 추심 절차를 진행할 수도 있습니다.
Pronunciation: al-get-seum-ni-da. da-eum ju wol-lyo-il-kka-ji kkok bu-tak-deu-rim-ni-da. man-yak geu-ttae-kka-ji byeon-je-ga an doe-myeon, jeo-hui-ga chu-ga-jeo-gin chu-sim jeol-cha-reul jin-haeng-hal su-do it-seum-ni-da.
Meaning: Understood. Please ensure payment by next Monday. If repayment is not made by then, we may proceed with further collection procedures.
Practice Tips
Familiarizing yourself with these terms is important, especially if dealing with finances in Korea~
- Review Vocabulary: Go over the terms like 채권 (chae-gwon), 채무 (chae-mu), 연체 (yeon-che), and 추심 (chu-sim) regularly.
- Pronunciation Practice: Pay close attention to the syllable breakdowns provided! Correct pronunciation is key.
- Context is Crucial: These terms are specific to financial and legal contexts. Understand when and how they are used.
- Listen Actively: If you encounter situations involving finance (e.g., banking, contracts), listen for these words.
- Seek Professional Advice: If you are actually facing debt issues in Korea, it is highly recommended to seek advice from a qualified financial advisor or lawyer rather than relying solely on language knowledge. Good luck with your studies!
