Pay-day lenders and vulture funds are possible buyers of the remaining loan books
Danske Bank is selling the remaining parts of its Irish Business, sparking fears vulture funds will scoop up the unsecured debts of thousands of borrowers.
The sale will see debts like credit card bills, overdrafts and other unsecured loans packaged up and offloaded by the bank.
Debt collection agencies, pay-day lenders and vulture funds are possible buyers.
Markets Correspondent with the Sunday Business Post, Ian Guider, says it may be bad news for some consumers:
“All of these loans are going to be packaged up and offloaded. Who is going to come in and buy these loans? You’re not going to a big happy-clappy shining investment company who wants to treat you nicely.
“These are the last loan books to be sold so who is going to come in? Will they be debt collection agencies, will they be pay-day lenders, will they be vulture funds? You would not want to be dealing with some of the firms who buy these loans?”