SSIAs should be used to pay off debts, says Financial Regulator

SAVERS should use payments from their SSIAs to pay off expensive debts and borrowings, the Financial Regulator said yesterday.

The special savings scheme has an estimated worth of €15 billion and accounts of the first 40,000 savers will mature on June 1. The Financial Regulator said consumers could save thousands of euro if they used the money from their SSIAs to pay off expensive borrowings.

“For example, a person who has saved a large lump sum in their SSIA and has a five-year €20,000 car loan would save over €2,500 in interest by paying off their loan after just one year with their SSIA money,” said its consumer director Mary O’Dea.