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 Donal Scannell (CEO) Thurles Credit Union In a statement today, Thurles Credit Union have issued a warning to its members, to avoid using moneylenders who are permitted, by law, to charge exorbitant interest rates of up to 190% APR.
The warning comes as a recent media report highlights that moneylenders are preying on the most vulnerable in Irish society, with major concerns expressed over the way in which they operate. Money-lending is the practice of giving cash loans or supplying goods or services, that are repaid at a high level of interest over a short period of time.
Legal moneylenders are required to hold a license to trade in money-lending. The Central Bank of Ireland regulates the activities of moneylenders and is responsible for issuing money lending licenses in Ireland. Currently there are only 47 licensed moneylenders operating in the Republic Ireland – no such figures however presently exist for illegal moneylenders. The Combat Poverty Agency estimates that presently there are over 150,000 people in Ireland, using moneylenders.
Thurles Credit Union along with its trade and representative body, the Irish League of Credit Unions (ILCU) has recently called on the present Government to introduce a statutory interest rate cap for licensed moneylenders. No such cap currently exists, but in practice, the ceiling is just below 190% APR.
Furthermore the majority of licensed moneylenders charge interest rates in excess of 100% APR. The ILCU’s quarterly independently commissioned research (The Disposable Income Tracker) clearly indicates that, with the level of personal indebtedness and financial exclusion in Ireland, there is a real danger of compounding the problem by allowing both legal & illegal moneylenders charge excessive rates. Availing of this type of credit will most certainly put many people in further debt & at a time when they can least afford expensive credit.
Speaking on the issue, Mr Donal Scannell (CEO) of Thurles Credit Union stated: “Thurles Credit Union contends that the rates charged by moneylenders, operating in the Republic, are excessive and we therefore feel that the State should now move to introduce an interest rate cap for licensed moneylenders. We strongly believe that this would be a positive first step in addressing the wider problem of money-lending here in this country”.
Donal added: “Sadly at Thurles Credit Union we have seen an increase in the numbers of people turning to us for help, having previously borrowed from a moneylender. People often turn to moneylenders when they feel they really have no other option. The reality of this situation is that borrowing from a moneylender will result in a continued spiralling of debt. We would strongly urge those who are considering his type of finance or those who find themselves in financial difficulty, to visit Thurles Credit Union and speak to a member of staff.”
To speak to someone at Thurles Credit Union, visit their offices in Thurles, Urlingford and Killenaule, telephone 0504- 91700 or go to their website (Click HERE)
 At least 47% of Irish consumers struggle to pay all of their bills on time & this figure has remained the same since April 2012.
TV license (17%), TV/ telecoms (8%), bin charges (7%), and electricity (7%) are the bills most likely to be ignored by consumers, while 44% of those who cannot pay their bills on time are worried.
This survey comes courtesy of the second Irish League of Credit Unions ‘What’s Left’ Tracker 2012.
The 12 most interesting facts uncovered in this CU survey’s report include:-
- Irish consumers owe on average €1,100 on their personal Credit card.
- 25% of credit card holders rely on their credit card to make ends meet each month.
- 46% of those with a credit card do not actually know the interest rate charged on their card.
- 1,820,000 people are left with just €100 or less each month, after all bills are paid.
- 40% have borrowed to pay their household bills in the past 12 months, 10% using moneylenders
- 69% of people have less disposable income than 12 months ago, according to the ILCU report.
- Some 79% claim their electricity bills have increased in the past 12 months (€39 on average).
- 75% claim that their gas bill has increased in the past 12 months (€40 on average).
- 42% claim their cable TV bill has increased in the past 12 months (€8 on average).
- 73% claim that their health insurance has increased in the past 12 months (€68 on average).
- 40% of consumers have had to borrow to pay their household bills in the past 12 months.
- Of this group, the largest proportion rely on financial help from family and friends, while 30% use the credit union, 10% rely on their bank and 10% on moneylenders.
Meanwhile Tipperary remains silent as Phil Hogan, (Yes see him of “Soft Loan Fame,”) who publicly admits (January 21st 2012 ‘Sun,’ newspaper) that his recent Household Charge is unjust, continues to pursue his ridiculous €100 + interest charges on the householders in County Tipperary who have not paid this inequitable charge (only 4 out of 10 paid) and are now being branded as “Unpatriotic.”
Meanwhile, talking about being “Unpatriotic,” the Dáil will rise on July 19th and won’t sit again until September 18th. The question must be asked “Why should politicians get 3 months holidays when 90% of the Irish work force will only get a mere 2 weeks?” Politicians will argue that they work over the ‘Summer Recess.” Surely if this is true, they should not have any problem with having their holidays reduced, since it will make no difference to their busy work schedules. Hopefully someone will be watching their expenses sheets with regards to their “Summer Walk About.”
It is interesting to note that our less bankrupt friends across the water, in the Parliament of Westminster, will recess only from the 29th July to 6th September.
 An interesting Business and IT Conference (BIT Conf) is beginning shortly on July 12th 2012, at the Abbey Court Hotel, Nenagh, Co. Tipperary, & just maybe of interest to business owners and managers from Thurles, seeking information on how to integrate IT correctly, into the day-to-day running of their businesses.
Customers are attracted to online shopping and advertising, not only because of the high level of convenience, but also because of the broader selection & competitive pricing, which is so easily available presently, in the ease & privacy of consumers own private living rooms. It is worth noting that the most popular items attracting online customers over the past 3 months, benefiting businesses using proper advertising and marketing strategies are Clothing/Accessories/Shoes (36%), Videos / DVDs / Games (24%), Books (41%), Airline Tickets (24%) and Electronic Equipment (23%).
The knowledge gleaned from this conference would allow you to create new advertising and marketing strategies, improve work flow and productivity, and build better channels of communication, through better contact with both client and customer.
The first of a series of these talks on “Social Media for Business” will focus on the use of social media and the beneficial uses it can have in growing your own business.
In the spotlight for the evening & lecturing at this conference will be Emma D’Arcy (PhD in Marketing, and a PhD student in Marketing & Social Media.) and Aoife Rigney, (Bachelor of Business (Honours) in Information Systems at Cork Institute of Technology.)
Emma will be covering topics relating to Twitter and Linked-In.
Twitter: Introduction to Twitter – How to build up followers – Interacting on Twitter – Do’s and Don’ts – Etiquette – Tips & Hints on using Twitter.
Linked In: What is it? – Why it’s worth using in business – Creating a profile – Networking – Tips & Hints on using Linked In.
Aoife will cover topics related to Facebook and Google+.
Facebook: Is Facebook Right For My Business? – Build Your Page – Interacting on Facebook – Expanding Your Reach – Facebook Insights & Advertising – Hints, Tips and Guidelines.
Google+: Google+ What is it? – Why use Google+? – A Simple Guide to Your Google+ Profile – Google+ for Business – Hints, Tips and Guidelines for using Google +.
To Register for this free event please click HERE.
Note Your Diary
Date: 12th July 2012
Time: 7.00 – 9.30pm
Location: Abbey Court Hotel, Nenagh, Co. Tipperary
 According to a report this week in the Irish Examiner a new HSE review of its Child and Family services, shows Tipperary South had the highest level of child neglect in the country at 30.3%, just ahead of Dublin West.
Of the almost 6,000 children in care nationally at the end of 2010, 442 came from the North Lee area of Cork City — the highest figure for any one area in the country.
The review also showed that 31 children had been in residential care for more than five years, half the 2006 figure. The primary reasons for admission into the care system were split into three categories:- Abuse, Child Problems and Family Problems.
The report, under the headline “primary reason for welfare concern following initial assessment“, showed that a family member abusing drugs or alcohol, were a major factor. Other significant issues were where a child displayed emotional/behavioural problems, parent separation/absence, and financial difficulty.
 Companies & small businesses that hire new employees or increase wages, would receive a tax credit under the “Small Business Hiring Income Tax Credit System,” which President Barack Obama is calling on his American Congress to immediately pass.
President Obama is confident that his tax credit idea, if implemented, would encourage more than $200 billion in new hiring and pay raises, by providing a 10% income tax credit on wages added in 2012. The credit would be available to all companies, but would be capped at $500,000 per business to specifically spur small business hiring. Companies that claim the credit would be able to do so on a quarterly basis, which means all businesses would see tax relief sooner rather than later, for those hiring new staff.
By providing targeted tax relief to these businesses that are expanding and investing in their workforce, the “Small Business Hiring Credit,” would grow the economy, create jobs, and strengthen recovery, thus reducing Social Welfare handouts and bringing back confidence to consumer spending. The US Congressional Budget Office recently found that this type of targeted credit is possibly the single most effective business tax option for boosting hiring and for spurring economic growth.
Hello Irish Coalition Government, has this idea been examined in any great dept by those charged with enhancing our own public finances? Must we, as a nation, continue to whinge about our self inflicted wounds, while forced to listen to Independent / Sinn Féin political doctrine, which advocates the type of future chaos practised in Greece & which we as a nation just love to hear, but secretly in our heart of hearts know full well is as useful as an ashtray on a motorbike.
Must Ireland vanish into the defecation, which has been heaped upon us by the greed, apathy, criminality and arrogance of some?
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