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Dáil
‹ Order of Business

Sale of written-off bank debt

Summary

Ray Butler seeks protection for people whose written-off bank debts are sold to debt-purchasing companies; the Tánaiste says no legislation is promised but accepts that the issue requires attention.

I was going to speak about the Central Bank (consolidation) Bill but I will not do so. The consumer and competition Bill is currently being prepared. I would like to see legislation on banks that have written off debts and sold it on to companies that are popping up all over the place. They are buying debt for very little and making people’s lives a misery. It is a huge issue. I am hearing much about it in my constituency office. I would welcome legislation on banks selling on bad debt, second hand, which they have already written off. It will become a huge problem in the future.

Comment on this

There is no legislation promised in the area but I accept what the Deputy has said. I agree it is an issue that must be addressed.

Comment on this