Debt management firms must be regulated, says consumer agency

Urgent legislation is needed to protect consumers who deal with debt management agencies.

The warning came from National Consumer Agency chief executive Ann Fitzgerald, who said that only full regulation would protect consumers who dealt with such companies.

Her statement came as it was revealed the Central Bank has written to hund-reds of customers with Dunne and Maxwell, a Dublin-based debt management firm trading as yourmoney.ie. The letter recommended customers to suspend all payments tothe company and "consider contacting the Garda" if bills to be paid on their behalf were not up to date.