Some sub-prime lenders are trawling through court judgements and the defaulter lists in Iris Oifigiuil and Stubbs Gazette and direct mailing vulnerable debtors with offers of large high interest loans to get them out of trouble.
And one small businessman who was tempted by offers from sub-prime lenders in the days after his name appeared in the official State gazette for non-payment of a debt said he was encouraged to tell “white lies” about his personal finances so he could bump up the size of his sub-prime loan.
The revelation that sub-prime lenders are targeting people in trouble comes a matter of days after a judge ordered an investigation into the “excessive legal fees” charged to people by sup-prime lenders. A married couple were ordered to pay €12,100 in legal fees to redeem mortgage arrears of €8,255.
It meant that the couple who had missed just a few mortgage payments to subprime lender Start Mortgages ended up with a bill for arrears and lawyers fees of more than €20,000 as they tried to stop their home being repossessed. >>>>
Sub-prime agents found trawling for those in debt
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