Michael Creed (Cork North West, Fine Gael) | Oireachtas source

Is the downside of that the fact that the unsecured loan is very often with the local credit union? If one enters into that arrangement, one burns one's local credit union as the unsecured creditor. Some mortgage holders are reluctant to engage in that process because in a couple of years' time they may have a child who is going to college and want to borrow €5,000 and it is unlikely that Ulster Bank or any other bank which holds the major mortgage debt will be inclined to give them a hearing. That is why there is a reluctance to engage in this process, because the unsecured creditor is very often a person the customer knows in the local credit union.