Friday 20 July 2018

Warning over debt advice

CASH-strapped consumers have been warned that they could end up being ripped off by commercial debt advisers.

The state-backed Money Advice and Budgeting Service (MABS) said that some debt management companies are claiming that they can get up to 75pc of your debts written off.

But a spokesman for MABS said it would be "extremely exceptional" for this to happen.

People considering commercial debt services should thoroughly check out the fees and what they will get for their fee before engaging one of these firms.

MABS is the only free and independent debt advice service in the State, Michael Culloty of the organisation said.

Irish Independent

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