The Irish Independent is reporting this morning that thousands of people with loans from moneylenders could be in line to have their borrowings wiped out, and get compensation.
It follows a case won by a Donegal couple who took on the State’s largest moneylender through the financial services ombudsman. They had loans from Provident Personal Credit, but when offered new loans, the amount of previous loans was illegally deducted from them.
The couple complained to the ombudsman, won their case, and got compensation.
The company was fined 105,000 euro last year by the Central Bank after the practice of illegally refinancing existing loans was revealed by Donegal Deputy Pearse Doherty.
He believes more people should take cases………..
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