Monday, April 19, 2010
Trouble paying back a debt?
Consumers who borrow money in Ireland are protected in legislation by the Consumer Credit Act 1995.
This Act covers all types of credit and credit institutions must comply with this law. The Act also prescribes the ways in which credit may be advertised.
If you are having trouble paying off a loan that you have taken out previously the Money Advice and Budgeting Service (MABS) may be able to help.
It is unlawful to provide someone with moneylending services without a moneylender's licence!
If you believes you have dealt with an illegal moneylender or knows the identity of someone you believe to be an illegal moneylender, you should contact either the Financial Regulator or your local Garda station.
Only the Gardai can take legal action against illegal moneylenders, but the Financial Regulator can give the customer advice on whether the moneylender is trading illegally and how to proceed with your complaint.