EXCLUSIVE: Credit card bills, personal loans to be sold to vultures
Danske Bank toxic debt sale will open door to ‘sub-prime’ funds
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...
Subscribe from just €1 for the first month!
With any subscription you will have access to
Unlimited multi-device access to our iPad, iPhone and Android Apps
Unlimited access to our eReader library
Exclusive daily insight and opinion seven days a week
Create alerts to never miss a subject that matters to you
Get access to exclusive offers for subscribers on gifts and experiences
Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine
Out of Office: National Cyber Security Centre to get additional €2.5 funding and 20 new roles
The business news you might have missed, all in one place
Content is king – just ask Netflix as rivals attempt to steal its crown
A WarnerMedia-Discovery deal puts the spotlight on streaming wars as around 100 platforms vie for the attention of often fickle audiences
Tom Maguire: Tax changes we make now could help business for years
The way we did business a few months ago may never return – so the opportunity is to make changes that will both aid recovery and set us up well for our new futures