Alleged financial-institution intimidation
Senators describe alleged intimidation and unlawful repossession tactics by a financial institution against borrowers, including attempts to seize a truck and a tractor at dawn.
In spring 2009 I informed the House of the situation of a young man who had become unemployed due to the closure of a local building firm. Two years prior to 2009, he had purchased a new truck to carry out his business. The truck cost him in excess of €120,000 and he signed a contract with a finance agency in the car park of a public house. He made his payments and paid back every penny up until he was laid off, when the balance remaining was €60,000. He was negotiating payment with the financial institution but while he was away on a medical appointment, thugs from the financial institution arrived at his mother's house and intimidated her into giving them the keys of the lorry. They stole it from him. I have pursued that case for that man since that day but to no avail.
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I am shocked and horrified to learn today that the same financial institution attempted at 5.30 a.m. to steal a farmer's tractor for which he was paying.
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He may have been paying off only €60 a month, but that was all he could afford to pay. It is a disgrace that this financial institution Friends First, which was sponsoring programmes on RTE up until a couple of months ago, should be allowed to engage in thuggery and theft on people who are attempting to pay their loans, which were in illegal loans in a lot of cases.