Independent TD Mick Wallace has revealed how he collected most of an outstanding debt of €20,000 by hinting he had hired a gun-toting "hitman".

Speaking on the Marian Finucane Show this morning, the Wexford TD recounted how he was left €20,000 short after supplying labour to a large building firm.

He said when he went to collect the debt, he was told by the contracts manager at the company to “go to hell”.

Mr Wallace said he looked at getting the money through the legal process but was told by his solicitor it would take up to two years and he would be lucky to get €13,000, after costs.

He said the following night, he coincidentally met a debt collector in a pub and asked him how he might recover the money.

Mr Wallace said the man told him that for a fee of €4,000, he would “go out to his [the company owner’s] house at eight or nine o’clock at night and knock on his door. ‘I’d put my foot in the door and I’d have a gun with me and I’d give him seven days to pay and generally they pay.’”

Shortly after the incident, the Wexford TD said he arranged to meet a former employee who had moved to the company that owed him money.

“I said, 'by the way I’m going to get my money from the contractor'.

“‘That’s great’ he says, ‘how did you do it?’

“I said, 'I haven’t got it yet but I’m going to get it, this guy has guaranteed me I’m going to get it.'”

“I said, 'well I hired a hitman and I explained to him how he was going to get the money,'” the Wexford TD said.

Mr Wallace recalled how two days later he received a phone call from the owner of the company to discuss the outstanding debt.

“I went to the office and I was there for about five minutes on my own, next thing he came in with the contracts manager – ‘will you take €15,000?’ and I said I’ll take €16,000.

“’'OK’ he said, and I got my €16,000.”

Mr Wallace concluded the interview by saying he would never have “sent a gunman” to the contractor’s door.