Dáil
‹ Order of Business Sale of loan books legislation
Summary
Ray Butler asks when legislation will regulate sales of loan books to unregulated third parties, warning that borrowers may face unaffordable terms. The Taoiseach says the Bill is not due until the following year.
When will the sale of loan books to unregulated third parties Bill be published? This will cater for the sale of loan books by regulated financial institutions to unregulated institutions.
Comment on this
Institutions are selling off debt and companies are setting up overnight to buy it for little or nothing.
Comment on this
If the borrower cannot pay the debt in the first place, how can he or she pay it under the terms set down by a third party? Legislation is needed. I am sure many Members have had representations about this issue.
