‘Banks insult debt agencies’

The five main banks have been accused of insulting Irish groups which help people in debt by funding a similar British charity to start work here.

StepChange, a helpline charity that works to secure debt write-offs and restructuring for indebted people in Britain, is to start offering its services here in November. Its expansion is being funded by €6m in grants from AIB, Bank of Ireland, KBC, Permanent TSB and Ulster Bank.

Flac, the Free Legal Advice Centres, expressed “puzzlement” at the move, given that groups such as the Money Advice and Budgeting Service (MABS) were already doing the same thing but also offered both helpline and face-to-face debt counselling services.