Paschal Donohue to tackle €2.7bn car debt crisis

Minister for Finance Paschal Donohoe has pledged to regulate the personal contract plans which have been used by 126,000 drivers to get new cars.

Personal contract plans (PCPs) and hire purchase agreements allow drivers to obtain a new car on relatively low monthly repayments without actually owning it.

But the swift expansion of the market – PCPs and hire purchase deals have grown so rapidly they now account for around €2.7 billion worth ...