EXCLUSIVE: Credit card bills, personal loans to be sold to vultures

Danske Bank is set to push the button on the sale of unsecured debts of thousands of borrowers, including credit card bills, legal judgements, overdrafts and personal guarantees.

The sale, which is likely to see the loans offloaded at a tiny percentage of their face value, is set to usher in a new breed of toxic debt purchaser, which experts say operate like “sub-prime vulture funds”.

Informed sources suggest that the funds which ...