NIACAB CALLS FOR SCRUTINY INTO NI DEBT LEVELS

Northern Ireland Association of Citizens Advice Bureaux (NIACAB) have revealed that around £5 million of debt has been recorded during just one month, prompting them to make calls for an urgent review into debt reform.

The findings, which were published on Thursday 19 July highlighted questionable practices in the financial services sector, particularly in respect of irresponsible lending and in the area of credit control. The report, entitled “Would You Credit It?” also found that 83 per cent of debts occurred in people aged between 25 and 59, with 63 per cent of those affected in receipt of social security benefit.

NIACAB have called for greater scrutiny into practices in the financial services sector, and have advised that the Department of Enterprise, Trade and Investment should support a consumer information campaign concerning credit and borrowing

The consumer affairs body also recommended that the Consumer Credit Act should be amended to clearly define what constitutes an extortionate credit agreement, and that all credit agreements should clearly show the full amount to be paid over the full term. (MB)