CUSTOMERS OF A debt management company have been advised to stop all payments to the firm by the Central Bank.

The bank also warned clients of YourMoney.ie that the company may not be in a position to pay their outstanding bills. YourMoney.ie is a brand operated by Dunne and Maxwell Ltd.

In a statement, the Central Bank said it had “inspected the business of Dunne and Maxwell Ltd” and “has reasons to be concerned about the nature of this firm’s operation and the handling of consumers’ monies.”

According to its website, YourMoney.ie offers a “complete debt solutions service” to help customers “get free from the debt trap”. The firm advertises itself with the line: “Nothing to loose [sic]-  only your debt”.

Debt management companies have been the subject of controversy since the collapse of Home Payments Ltd last year. Not all of them are subject to regulation, depending on the precise business model used. However, the Central Bank said it has written to several asking them to offer better protection for debtors’ money.

The bank has also called for new legislation to regulate all companies in the sector, and it is understood officials in the Department of Finance are preparing this.
YourMoney.ie were not reachable for comment this evening.

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