The Clare branch of Saint Vincent de Paul is expressing concern that the Central Bank won’t be able to control unlicensed moneylenders.
It follows an announcement that the bank intends to introduce new measures to protect the 340,000 customers of licensed lenders, which would included greater restrictions on advertising and a debt to income ratio limit.
Members of the public are invited to have their say on the measures between now and June 27th and Saint Vincent de Paul says it’s a welcome move.
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But John Cullinane of SVP Clare has been telling me moneylenders operating without a licence will still push people to the brink.
