Ireland – Regulation of debt-help and debt management industry needed Central Bank orders debt-help firm to stop taking cash from clients (see article from the Independent) Central bank stops a firm that acts for distressed borrowers from taking payments. Showing the need for the debt management industry to be adequately regulated in Ireland and the EU. Money Village takes money off people in financial trouble and pays it to banks and utility companies on their behalf. It tries to negotiate some write-offs of debt and better payment terms for its customers, but the Central Bank told it to stop, pointing out that it is not authorised to provide a payment service. The Central bank has said that Money Village is not abiding by the EU Payment Services Directive. As the Payment Services Directive undergoes its review, debt management must be discussed properly. ID: 48282 Publication date: 02/04/13     URL(s): http://www.independent.ie/irish-news/bank-orders-debthelp-firm-to-stop-taking-cash-from-clients-29162052.html http://moneyvillage.ie/

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Created: 02/04/13. Last changed: 02/04/13.
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