Loan Sale to Start Mortgages - September 2019


Published on 12 September 2019

Permanent tsb has announced the sale of certain loans to Start Mortgages DAC (trading as Start Mortgages). Start Mortgages is a retail credit firm regulated by the Central Bank of Ireland since 2008.

If you have any questions in relation to the sale and transfer of your loan to Start Mortgages, our Frequently Asked Questions (FAQs) below may be of value.

If your Loan is included in the Transfer and you wish to discuss any aspect of your Loan you can contact our Collections and Recoveries Team on 1800 855 010 or 021 601 3700. Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

What does this mean for me?

How will I know if my loan is included in the sale?

If your loan is included in the sale you will receive a letter notifying you of this.

Letters will be issued to every account holder with a loan included in the sale. This letter represents the legal notification of the sale as required under the Consumer Protection Code (CPC), and provides notice of the sale and the expected transfer of loans to Start Mortgages in early 2020. 

If you do not receive a letter, but are still unsure if your loan is included in the sale, please contact our Collections and Recoveries team on 1800 855 010 or 021 601 3700 and they will be able to provide you with further information and clarification regarding the status of your loan.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

Can I avoid my loan from being sold?

The Bank does not have a general discretion to remove loans from the sale.  However, a loan paid off in full, ahead of the transfer date, will not be transferred to Start Mortgages.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

Will I still be protected by the Central Bank codes of conduct and regulations?

Yes, all customers will continue to be covered by the protections of the Central Banks consumer protection codes and regulations up to and after the transfer to Start Mortgages.

There are no changes to the terms and conditions of any loan transferring to Start Mortgages.

Why has my loan been included in the sale?

The loan is included in the sale as it has been classified as a non-performing loan in line with European regulatory guidelines and definitions for one of more of the following reasons:

  1. The loan is in arrears;
  2. The loan is linked to another loan which is in arrears;
  3. An account holder is currently in, or has been through a personal insolvency process;
  4. An account holder is currently in, or has been through a bankruptcy process;
  5. An account holder is currently agreeing a sale or surrender of a property and the proceeds are unlikely to clear the loan; or
  6. An account holder has previously agreed a sale or surrender of a property and the proceeds did not clear the loan.

In addition to one of the above, there is either a large payment falling due at maturity of the loan, or repayments are not in full or to the agreed terms of the loan.

If you do not receive a letter, but are still unsure if your loan is included in the sale, please contact our Collections and Recoveries team on 1800 855 010 or 021 601 3700 and they will be able to provide you with further information and clarification regarding the status of your loan.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date. 

I’m currently in arrears. If I settle the arrears will that stop my loan being sold?

The Bank does not have a general discretion to remove loans from the sale process and the settlement or reduction of arrears will not result in the removal of loans from the sale. 

If you are in a position to settle or reduce your arrears you can contact our Collections and Recoveries Team on 1800 855 010 or 021 601 3700. Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

Can I pay off my loan in advance of the transfer?

You can pay off your loan at any time.  Please contact our Mortgage Operations team on 1890 500 157 or 01 2151345 and they will inform you of the redemption amount and details of the steps involved in paying off your loan.  Our lines are open Monday to Friday 8am until 7pm (excluding public holidays).

Note: If you are on a fixed rate loan then there may be a fee for paying off your loan early.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

Can I settle my loan at the same price Start Mortgages has paid for my loan?

The sale does not alter or reduce the amount owing on any individual loan and the amount outstanding on your loan continues to the owed by you. 

If you wish to make a proposal to settle your loan, you may do so by contacting the Collections and Recoveries team on 1800 855 010 or 021 601 3700 who will be able to provide you with details of the information required to make a settlement offer. 

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.

When will my loan transfer to Start Mortgages?

Letters will be issued to every account holder with a loan included in the sale.  The transfer of loans is expected to happen in early 2020.   

Permanent TSB will continue to service your loan and act as the primary contact point until the transfer date and until that time you should continue to contact Permanent TSB if you have any queries in relation to your loan.

For general queries in relation to your loan, you may call 1890 500 157 or 01 215 1345. Our lines are open from Monday to Friday 8am until 7pm (excluding public holidays).

If you have queries in relation to your restructure arrangement or the arrears on your account, you can contact our Collections and Recoveries Team on 1800 855 010 or 021 601 3700. Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

I have not received any notification of the sale – does this mean my loan has not been sold?

If your loan is included within the sale, we wrote to you on the 12 September 2019 notifying you of this.

If you did not receive this letter and are still unsure whether your loan has been sold, you can speak to one of our Collections and Recoveries team on 1800 855 010 or 021 601 3700.  Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

Repayment Queries

I’d like to speak to someone about my situation, is this possible?

If you have queries about any aspect of the loan transfer or your specific situation you can speak to one of our Collections and Recoveries team on 1800 855 010 or 021 601 3700.  Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.   

Will my monthly loan payment remain the same after the transfer?

Your monthly payment will continue in line with your current terms and conditions, unless any arrangement which you may have with the bank has expired, a new arrangement is put in place with your agreement, or there is an interest rate change applicable to your loan.

If you pay any of your insurance policies as part of your mortgage repayment then you will need to take some action in advance of the transfer.  We will write to you in the coming weeks to outline exactly what you need to do. 

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date. 

I currently have an Alternative Repayment Arrangement with Permanent TSB. What will happen to this agreement after the transfer?

The terms of any restructure agreement or Alternative Repayment Arrangement as agreed with Permanent TSB are unaffected by this transfer and will continue with Start Mortgages where you continue to maintain payments in line with the agreement.

Where an Alternative Repayment Arrangement is subject to a periodic review, Start Mortgages will engage with you to review your individual situation to ascertain whether your circumstances have either improved, dis-improved or remained the same, and will work with you to identify, where possible, the best sustainable long-term solution in a way that’s right for your situation.

Start Mortgages is regulated by the Central Bank of Ireland and all statutory codes of conduct relevant to your Loan will continue to apply, meaning that all existing consumer protections will remain in place following the transfer. 

What do I do if I miss a payment or my circumstances have changed?

In advance of the transfer, Permanent TSB will work with you to find the most appropriate and sustainable solution.  Equally, after the transfer, Start Mortgages will take responsibility for working with you to find the most appropriate and sustainable solution.

Start Mortgages is regulated by the Central Bank of Ireland and all statutory codes of conduct relevant to your Loan will continue to apply, meaning that all existing consumer protections will remain in place following the transfer.

What will happen if my financial circumstances get worse and my account goes into arrears after the transfer date?

The transfer of your Loan will have no impact on the consumer protection afforded to you in relation to financial distress. If you miss a payment or believe that you are at risk of missing a payment after the transfer, you should engage with Start Mortgages at the earliest opportunity to alert them to your financial circumstances.

When dealing with borrowers, Start Mortgages is bound by the same regulations that currently apply to Permanent TSB.  Like Permanent TSB, they are required to comply with the Consumer Protection Code (CPC) and the Code of Conduct for Mortgage Arrears (CCMA).

What do I do if I’m concerned about meeting my payment obligations?

If you are concerned about your ability to meet your monthly repayments, you can speak to one of our Collections and Recoveries team on 1890 855 010 or 021 601 3700.  Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.

Queries relating to Personal Insolvency / Bankruptcy

I am currently adjudicated or have previously been adjudicated Bankrupt. How will the transfer of my loan impact my Bankruptcy?

Bankruptcy Legislation will continue to apply to any loan that is sold or transferred.  Start Mortgages is a Retail Credit Firm regulated by the Central Bank of Ireland and is bound by the same regulations that currently apply to Permanent TSB.  Like Permanent TSB, Start Mortgages is required to comply with all applicable legislation.

You should continue to maintain repayments as per the agreed terms and conditions of your Bankruptcy, up to and after the transfer date.  If you require information regarding the terms of your Bankruptcy please contact the Insolvency Service of Ireland.

I am engaged in the Personal Insolvency Process, how will the transfer of my loan impact this?

Personal Insolvency Legislation will continue to apply to any loan that is sold or transferred.  Start Mortgages is a Retail Credit Firm regulated by the Central Bank of Ireland and is bound by the same regulations that currently apply to Permanent TSB.  Like Permanent TSB, Start Mortgages is required to comply with the applicable legislation.

You should continue to maintain repayments as per the agreed terms and conditions of your Insolvency Arrangement, up to and after the transfer date.  If you require information regarding terms of your Personal Insolvency/Debt Settlement Arrangement please contact your own Personal Insolvency Practitioner or alternatively the Insolvency Service of Ireland.

My mortgage loan was restructured as part of my Bankruptcy / Personal Insolvency Arrangement. Will the terms of this restructure be maintained after the transfer?

Yes, the terms of any restructure agreement or Alternative Repayment Arrangement as agreed with Permanent TSB are unaffected by this transfer and will continue with Start Mortgages where you continue to maintain payments in line with the agreement.

Start Mortgages is regulated by the Central Bank of Ireland and all statutory codes of conduct relevant to your Loan will continue to apply, meaning that all existing consumer protections will remain in place following the transfer.

About the Transfer

Who is Start Mortgages?

Start Mortgages is a Retail Credit Firm and has been regulated by the Central Bank of Ireland since 2008.  As a Retail Credit Firm, Start Mortgages is required to adhere to various legal and regulatory requirements, including:

  • Consumer Protection Code 2012
  • Code of Conduct on Mortgage Arrears 2013
  • Central Bank (Supervision and Enforcement) Act 2013 (Section 14) (Lending to Small and Medium-Sized Enterprises) Regulation 2015

Start Mortgages will carry out the servicing of your loan after the transfer date.  Permanent TSB will continue to service your loan and act as the primary contact point until the transfer date.

Permanent TSB will write to you to let you know when the transfer has taken place.

Why is Permanent TSB selling customer mortgages / loans to Start Mortgages?

The Bank is required by regulators to reduce the percentage of loans which are classified as Non-Performing Loans. The sale of Loans to Start Mortgages is being undertaken to help meet those regulatory requirements.

What regulations will apply to my loan after the transfer?

Consumer protections travel with any loans that are sold and transferred.  Start Mortgages is a Retail Credit Firm regulated by the Central Bank of Ireland since 2008.  When dealing with borrowers, Start Mortgages is bound by the same regulations that currently apply to Permanent TSB.  Like Permanent TSB, Start Mortgages is required to comply with the Consumer Protection Code (CPC) and the Code of Conduct for Mortgage Arrears (CCMA) when dealing with borrowers who are in arrears.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date.    

Please provide details of the personal data that has been shared with Start Mortgages.

In providing personal banking services to you, we process your personal data.  This involves asking you for information about you, processing this information and storing it for a period of time in connection with the services we provide to you.

In preparation for the transfer, and in accordance with the terms of your loan, your personal data and other relevant details relating to your loan have been provided to Start Mortgages. 

Your personal data will be required by Start Mortgages for the continued servicing of your loan and for related legal and regulatory purposes.

A detailed explanation of how your personal data is processed is provided in our Data Protection Notice located here: www.permanenttsb.ie/gdpr/data-protection-notices/ . This provides additional information about how we collect, store and use your personal data. 

On what basis can Permanent TSB transfer my loan?

The transfer of your loan is permitted by law and/or also by the terms and conditions of your loan. 

If your loan is included in the sale, we have written to you providing formal notification of the sale and confirming the details of the relevant loan condition or basis allowing for the sale and transfer of your loan.

You should continue to maintain repayments as per the agreed terms and conditions of your loan, up to and after the transfer date. 

Additional Information

I have an outstanding complaint with Permanent TSB. What will happen to my complaint?

Your complaint will not be impacted by this loan transfer. If we cannot resolve your complaint before the transfer of your loan to Start Mortgages, we will continue to explore all resolution options in an effort to resolve your complaint irrespective of the sale of your loan.

You can read more about our complaints process here: www.permanenttsb.ie/contact-us/complaints-charter/

Will I still be able to access PTSB services and interest rates related to my loan after the loan is transferred to Start Mortgages?

Up until the date of transfer, you will continue to have access to PTSB services and interest rates related to your loan.

After the transfer to Start Mortgages, access to PTSB services and interest rates (related to your transferred loan) will no longer be available to you. 

For clarity, the terms and conditions of your loan will remain unchanged by the transfer.

I have a current account / deposit account with Permanent TSB. Will this be impacted by the transfer?

The loan transfer has no impact on any other product or service you have with Permanent TSB.

However, if you pay any of your insurance policies as part of your mortgage repayment then you will need to take some action.  We will write to you in advance of the transfer to outline exactly what you need to do.

Do I need to make any changes to my mortgage insurance policies?

If you pay any of your insurance policies as part of your mortgage repayment then you will need to take some action in advance of the transfer. We will write to you in advance of the transfer to outline exactly what you need to do.

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