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Eedoryeong
Joined: 10 Dec 2007
Location: Jeju
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 Posted: Sun Feb 14, 2010 4:58 pm Post subject: A question about crime in Korea |
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My Korean friend and I were talking about the legality of debt and interest rates in Korea and how the mafia here do what they do. I was wondering if anyone knows anything about how this is possible:
Korean family acquires debt, at some point debt goes to collections. Korean mafia somehow acquire the debt and charge an illegal percentage of interest, ensuring the debt remains unpayable forever. Then they acquire the family's wife or daughter, and essentially press them into service as prostitutes to pay against the skyrocketing interest. Because of the interest they charged, the debt remains forever unpayable and the acquired person is essentially an endentured servant for the rest of her life.
From my friend's perspective, this system accounts for the majority of prostitution income in Korea, and also explains where most of the money goes. Relatives of the family get threatened as well in case anybody bolts.
Why doesn't the Korean government place a cap on chargeable interest rates for debts? And how does organized crime in this country get a hold of people's debts in the first place? |
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blackjack
Joined: 04 Jan 2006
Location: anyang
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| Posted: Sun Feb 14, 2010 5:18 pm Post subject: Re: A question about crime in Korea |
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| Eedoryeong wrote: |
My Korean friend and I were talking about the legality of debt and interest rates in Korea and how the mafia here do what they do. I was wondering if anyone knows anything about how this is possible:
Korean family acquires debt, at some point debt goes to collections. Korean mafia somehow acquire the debt and charge an illegal percentage of interest, ensuring the debt remains unpayable forever. Then they acquire the family's wife or daughter, and essentially press them into service as prostitutes to pay against the skyrocketing interest. Because of the interest they charged, the debt remains forever unpayable and the acquired person is essentially an endentured servant for the rest of her life.
From my friend's perspective, this system accounts for the majority of prostitution income in Korea, and also explains where most of the money goes. Relatives of the family get threatened as well in case anybody bolts.
Why doesn't the Korean government place a cap on chargeable interest rates for debts? And how does organized crime in this country get a hold of people's debts in the first place? |
okay you are all over the place here.
Mafia buying debt from collection agencies, sure it could happen but common, please
using this debt to get make a prostitute, possible I guess, common? hardly.
most prostitutes are due to this  most prostitutes here are due to one of two reasons, they have no other skills and no family to support them, or they want nice new expensive things.
And finally you are talking about the korean mafia and people being sold into prostitution to pay debts. I don't really think they care about laws on interest rates |
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Eedoryeong
Joined: 10 Dec 2007
Location: Jeju
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| Posted: Mon Feb 15, 2010 3:57 am Post subject: |
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You're right, I am all over the place on that. It's okay. I'm trying to find out if there's anything other than complete BS to the story I was told today.
I checked my leg but didn't find any pull marks, but if it turns out this sad story's all BS that's okay too.
I was just wondering if anybody knows if any of this unpayable debts = indentured-servitude story has been known to be true in Korea. |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Mon Feb 15, 2010 5:02 am Post subject: |
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| i remember some news on EXACTLY this a few months back - and it was clearly illegal. Search the Joongahn for it. |
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