Credit unions sceptical of independence of bank-funded debt advisory service

Kevin Johnson, chief executive of the Credit Union Development Association (CUDA)

Credit unions have raised concerns over the independence of a new bank-backed debt advisory service.

British debt charity StepChange will launch a telephone-based debt advisory service for Irish debtors on November 16, after reaching a deal with Ireland’s five main mortgage lenders.

The deal will see the lenders - AIB, Bank of Ireland, KBC, Permanent TSB and Ulster Bank - provide combined funding of €6 million over the next three years to the ...