A bill that would wipe out consumers' debts under certain conditions and allow them to apply for bankruptcy was put on hold in the legislature yesterday at the request of the Democratic Progressive Party (DPP) caucus.
According to the agenda of yesterday's plenary session, the bill was supposed to go through its second and third readings, thereby clearing the legislature. But the DPP's request could mean that the bill is delayed for as long as four months.
DPP caucus whip Ker Chien-ming (
Angered by the DPP's move, a group of activists and credit card debtors participated in a press conference held by Chinese Nationalist Party (KMT) Legislator Shyu Jong-shyoung (
The key point of the bill is the use of courts to oversee negotiations on repayment schedules.
Should the bill pass the legislature, debtors would be able to go to court to negotiate a repayment schedule and method or apply for bankruptcy.
"If the legislature fails to pass the bill by the end of this session [on June 15], I will be the next to commit suicide," a debtor surnamed Shan said.
"It's not that I am reluctant to repay my debts, I just couldn't reach a deal with the banks," Shan said.
She added that the banks had asked her to repay NT$100,000 a month and that her monthly salary of NT$25,000 was not sufficient for her to support her family.
When quizzed by reporters, Ker said that he asked for negotiation on the bill because it would impact on many aspects of the economy and thus required thorough consideration.
There are 185 articles in the bill, all of which passed the legislature's preliminary review in April within half a day, Ker said.
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Editorial: Tough love for credit card debtors
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