The Fair Trade Commission at the Government Complex in Sejong City. [Photo by Yoo Dae-gil, dbeorlf123@ajunews.com]
South Korea’s Fair Trade Commission said Thursday the number of registered prepaid installment transaction companies fell to 76 in the first quarter, down from 77.
The commission said two companies canceled their registrations during the quarter and one newly registered.
Four companies reported changes to key information such as executives or addresses. A Plus Life and Baramil Good Life changed their representatives, The Better Life changed its address, and Utopia Future changed its email address, the commission said.
The commission urged consumers signing prepaid installment contracts to closely review notices from the consumer damage compensation insurance institution to help prevent losses tied to closures or registration cancellations. It also warned that companies that frequently change their name or address may pose a higher risk of weak operations or business suspension.
It said consumers should be especially cautious with companies that have not signed a consumer damage compensation contract, because there is no safeguard to recover payments if the company shuts down or another incident occurs.
The commission said some companies have failed to refund payments — excluding penalties — within three business days after consumers cancel prepaid installment contracts for mutual-aid services and savings-type travel products, or have delayed payment. Consumers who suffer losses such as delayed refunds can seek counseling or file for relief through the Korea Consumer Agency, it said.
The commission said two companies canceled their registrations during the quarter and one newly registered.
Four companies reported changes to key information such as executives or addresses. A Plus Life and Baramil Good Life changed their representatives, The Better Life changed its address, and Utopia Future changed its email address, the commission said.
The commission urged consumers signing prepaid installment contracts to closely review notices from the consumer damage compensation insurance institution to help prevent losses tied to closures or registration cancellations. It also warned that companies that frequently change their name or address may pose a higher risk of weak operations or business suspension.
It said consumers should be especially cautious with companies that have not signed a consumer damage compensation contract, because there is no safeguard to recover payments if the company shuts down or another incident occurs.
The commission said some companies have failed to refund payments — excluding penalties — within three business days after consumers cancel prepaid installment contracts for mutual-aid services and savings-type travel products, or have delayed payment. Consumers who suffer losses such as delayed refunds can seek counseling or file for relief through the Korea Consumer Agency, it said.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.