Seán Sherlock (Cork East, Labour) | Oireachtas source

My question relates to the proposed amendment to the Consumer Protection (Regulation of Credit Servicing Firms) Act 2018 to introduce provisions to regulate the affordability clauses in hire purchase and personal contract plan, PCP, financing arrangements, particularly as they relate to the motor industry. More than 76,000 people are on PCP contracts and the value of loans outstanding is some €1.5 billion. The Tutty report in 2018 advised that legislation be introduced in this area. Many people who have such contracts have lost their jobs as a result of the Covid crisis and are having to seek help from the Money Advice & Budgeting Service, MABS, because they are unable to get any forbearance from some of these companies. Will the Taoiseach give this issue his personal attention?

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