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The Envy of the World

What would you do if you find yourself in a business sector that is going down the pan? Get into one that isn’t, of course. Prominent estate agent Ken MacDonald and mortgage broker Frank Conway are about to launch a debt mediation service for troubled borrowers, The Sunday Business Post reports.

For an introductory fee of €495 and a flat fee of €45 a month Credecare, which is expected to advertise for staff this week, will act as an intermediary between creditors and debtors who find themselves in financial trouble.

Conway acknowledged the irony that after selling mortgages during the Celtic Tiger years, he and MacDonald were now in the business of helping those who found themselves overstretched trying to keep overpriced roofs over their heads.

“We have moved from borrowing to budgeting,” he said.

As managing director of Hooke & MacDonald, which specialised in selling new homes, MacDonald dismissed suggestions in March 2007 that the economy was about to come to a juddering halt.

“I am totally convinced that the market is currently in good shape and that anyone buying now will do extremely well in the years ahead. There is no better investment than Irish property at present … why do we allow scaremongers and doomsayers with unfounded pessimism and unbridled negativity dictate our thinking and blunt consumer confidence. The Irish economy is the envy of the world.”

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