Calling the Galaxy Note 7 debacle a disaster for Samsung is an understatement. After ending production of the device, it was suggested that we could have seen the last handset featuring the Note name. But it seems this isn't the case.

In a statement released today, Samsung announced it is attempting to appease South Korean Note 7 owners by offering the ability to upgrade to a Galaxy S8 or Note 8, providing they trade in their potentially dangerous handset for a Galaxy S7 now.

Note 7 owners who wish to participate in the offer need only pay half the cost of the Galaxy S7 device. They sign a two-year contract for the phone when joining the Galaxy Upgrade Program, but can exchange the S7 for one of the new handsets - for free - after 12 months of paying the monthly fee, instead of the usual 24 months. If anyone on the program wants a S8 or Note 8 sooner, they just need to pay off the remainder of what they owe.

While it's only launching in South Korea initially, Samsung said the program's availability in other countries will depend on each area's situation. Members will also get a fast track after-sales service and receive 50 percent discount on display repairs, which can be used twice. The deadline to take up the offer is November 30.

The Note 7 is expected to cost Samsung around $17 billion in recall costs, lost sales, and lawsuits. The company will no doubt hope that offering incentives such as the upgrade program and financial loyalty rewards will go some way toward repairing its damaged reputation.