Credit reports provide guidelines to future

THE recent report published

It is difficult to understand how we still have to rely on legislation enacted in the Ireland of the 1920s when consumer credit was practically unknown to deal with the growing number of people experiencing financial difficulty in the Irish economy of 2003, given the explosion of credit in recent years.

Now that the credit industry is also seeking urgent change, there should be no insurmountable problem to putting in place a system that reflects our modern economy and is fair to both creditor and debtor.

Any new legislation in this area should be comprehensive, based on a person's ability to pay and orientated primarily towards facilitating voluntary agreements.

The present "debt settlement pilot scheme" based on a voluntary agreement between the Money Advice and Budgeting Service and the Irish Banks Federation as well as Mr Joyce's report, An End Based on Means, provide clear guidelines as to the way forward.

Michael Culloty,

5, Mount Prospect Park,

Clontarf,

Dublin 3

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