Noonan gets Cabinet support to regulate debt-collection firms


By Tom Lyons
Sunday November 25 2012
Sunday Independent

THE Government has approved new legislation aimed at regulating debt- and payment-management firms, amid growing official concern about the sector. The agencies are growing fast as consumers and households struggle to pay back their debts.

Research by Stubbs Gazette for the Sunday Independent showed earlier this month that the average consumer now owes €10,000 each – or four times more than they did in 2008, leading to a boom for the debt-collecting business.

Complaints about the agencies have been rising as a result. Despite the bust now being four years old, the area has remained largely unregulated, with no firm legislation covering it.

Among the more controversial players in the debt-collecting sector is Viper Debt Recovery and Repossession Services Ltd, owned by convicted criminal Martin 'The Viper' Foley, an associate of the late gang leader Martin Cahill.

The Minister for Finance Michael Noonan has received Cabinet clearance for new legislation which will impose stricter standards on debt managers.

The legislation will be brought forward as a committee stage amendment to the Central Bank (Supervision and Enforcement) Bill and will come into effect shortly.

Top Judgments Registered

18.11.2021

Pure Fitout Associated Limited
Address: R/o Unit 1 Building 1, Central Park, Mallusk, Newtownabbey Co Antrim
Amount: €257,165.09

17.11.2021

Room to Improve Building Services Limited
Address: R/o 29 Molesworth Close, Knocksedan, Swords, Co Dublin
Amount: €49,968.16

18.11.2021

William Gray
Address: Feighcullen Farm, Feighcullen, Rathangan, Co Kildare
Amount: €29,535.44

18.11.2021

Rory McAtavie
Address: 19 Wylies Hill, Ballybay, Co Monaghan
Amount: €28,138.31

Limited Company Notices

03.12.2021

GREENFLY MARKETING LIMITED
Resolved November 30, 2021 that the above named co...
Read More

03.12.2021

FAIRFOLD HOLDINGS LIMITED
Resolved 30/12/21 that the above named company be ...
Read More

03.12.2021

DXC ARFACILITY DESIGNATED ACTIVITY COMPANY
Resolved 23/12/21 that the above named company be ...
Read More

03.12.2021

KNOW THY PLACE LIMITED
Resolved 23/12/21 that the above named company be ...
Read More

SEARCH OUR DATABASE PLACE YOUR DEBT WITH US SEND A DEMAND LETTER