Unsecured household debt such as car loans will rise in Covid-19 storm: Expert         

Paul Joyce, Flac Senior Policy Analyst.  Picture: Derek Speirs

The Central Bank will require a new code for lenders to deal with the inevitable rise in all types of debt, including unsecured debt such as car loans, amid the Covid-19 fallout, one of the country’s leading debt advisers has said.

Paul Joyce, senior policy analyst at the Free Legal Advice Centres, or Flac, said a specific code or legislation is needed that goes beyond mortgage debt and rent to protect households facing debt that will inevitably increase as the Covid-19 jobs fallout deepens, including obligations such as credit cards, HP agreements or PCP agreements on cars, and credit sales agreements.