Clampdown on hire purchase loans ordered by Paschal Donohoe

A clampdown on higher-purchase loans agreed by retailers has been ordered by Finance Minister Paschal Donohoe.

A clampdown on hire purchase loans agreed by retailers has been ordered by Finance Minister Paschal Donohoe.

The number of such loans, known as personal contract plans (PCPs), has rocketed in recent years and are now altogether valued at some €1.2bn. They mainly relate to car purchases but also apply to other costly items, such as industrial tools, TVs or consumer goods.