Transfer to Pepper - October 2020


Permanent tsb has announced the sale of a portfolio loans that will transfer to Pepper. Read the full statement here. If your loan was included in the transaction, you will receive a letter from the Bank to confirm this. If you have any questions in relation to the transaction and transfer, our Frequently Asked Questions (FAQ) below may be of value.

Can Permanent TSB transfer my Loan?

Yes. The transfer of your Loan is legally permitted.

Loans can be transferred irrespective of loan type.

What types of loans are included in the transfer?

The transfer consists of selected loans that, when applied for and drawn down, were Buy To Let/residential investment type loans.

Will there be any impact on the amount of money I owe or on my Loan contract?

No. Pepper cannot change the balance or the agreed terms and conditions of your Loan.

Why is Permanent TSB transferring my Loan?

This transaction has been undertaken in order to strengthen the Permanent TSB balance sheet. The Covid-19 pandemic has further emphasised the need to build sufficient capital resilience. To assist with this, Permanent TSB has selected a number of buy to let/ residential investment type loan for transfer to another legal entity.

Your Loan will be unaffected by the transfer to Pepper and all terms and conditions transfer with your Loan.

Can I avoid my Loan from being transferred?

No. Permanent TSB does not have a general discretion to remove Loans from the transaction.

When will my Mortgage Loan transfer to Pepper?

As per our letter dated 27 October 2020, the transfer will take place between two and six months from the date of this letter.

Permanent TSB will continue to service your Loan and act as your primary contact point until then. You should continue to make repayments to Permanent TSB until the Loan is transferred to Pepper.

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

I am repaying my Loan by Interest Only / Part Capital & Interest repayments - what does this mean for the maturity of my Loan?

If you continue to repay your Loan by Interest Only or Part Capital and Interest repayments, you will owe an outstanding capital balance at maturity or expiry of your Loan term. The transfer to Pepper does not change this.

It is important that you consider how you will you repay this capital amount in full by the maturity date of your Loan.  

If you would like to discuss how to plan for repayment of this capital amount, you can speak to one of our dedicated team on 1890 500 189 or 01 215 1386.  Our lines are open from Monday to Friday 8am until 8pm (excluding public holidays) and Saturday and Sunday 10am to 5pm. When your Loan transfers to Pepper, Pepper will engage with you in relation to your repayment plan.

I recently received a letter from Permanent TSB asking me to complete a “Capital Repayment Plan”. Do I engage with Permanent TSB or Pepper regarding this?

The purpose of a capital repayment plan is to ensure that you have a viable plan in place to repay your Loan balance in full by the maturity date of your Loan.

If you recently received a letter from Permanent TSB requesting the completion of a Capital Repayment Plan you can still complete this and return it to us for assessment.  You can continue to engage with Permanent TSB and discuss your Capital Repayment Plan with one of our dedicated team. When your Loan transfers to Pepper, Pepper will engage with you in relation to your repayment plan.

Our dedicated team can be contacted on 1890 500 189 or 01 215 1386.  Our lines are open from Monday to Friday 8am until 8pm (excluding public holidays) and Saturday and Sunday 10am to 5pm.

I already agreed a Capital Repayment Plan with Permanent TSB - what will happen to this agreement after the transfer?

The Capital Repayment Plan agreed with Permanent TSB will continue with Pepper.

When your Loan is due for the next periodic review, Pepper will engage with you to review your individual situation and assess your affordability to repay the capital balance due on your Loan.

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

The terms of any Alternative Repayment Arrangement (ARA) (e.g. a Part Capital & Interest agreement) as agreed with Permanent TSB are unaffected by this transfer and will continue with Pepper.

If your ARA is scheduled for review, Pepper will engage with you to review your individual situation to ascertain whether your circumstances have improved, disimproved or remain the same. Pepper will work with you to identify where possible the best sustainable long-term solution to repay the capital balance due on your Loan in a way that’s right for your situation.

My Loan is on a tracker rate. Will my tracker be affected by the transfer?

Your Loan will be unaffected by the transfer to Pepper and will transfer to Pepper as a tracker rate Loan.

The transfer does not change the terms and conditions of your Loan.

Can I pay off my Loan in advance of the transfer to Pepper?

Yes, you can pay off your Loan at any time prior to the transfer to Pepper by contacting us on 1890 500 189 or 01 215 1386.  Our Mortgage Operations team will inform you of the redemption amount and details of the steps involved in paying off your Loan. Our lines are open from Monday to Friday 8am until 8pm (excluding public holidays) and Saturday and Sunday 10am to 5pm.

What happens to my access to PTSB products, services and interest rates in relation to my Loan as a result of the transfer to Pepper?

Up until the date of Transfer to Pepper, there will be no change to the servicing of your Loan, including your right to avail of Permanent TSB mortgage products, interest rates and services, subject to the terms and conditions of your Loan including any ARA.

After the Transfer date, Permanent TSB mortgage products, interest rates and services will no longer be applicable to your Loan.

For clarity, the terms and conditions of your Loan will remain unchanged by the Pepper Transfer.

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 to Pepper. We will write to you in advance of the transfer to outline exactly what you need to do.

I have more than one mortgage loan with Permanent TSB. Some of my mortgage loans are transferring to Pepper and some are remaining with Permanent TSB- is this correct?

Yes.  If you have more than one mortgage loan with Permanent TSB, one or more of these mortgage loans may remain with us.

The loans transferring to Pepper consists of selected loans that, when applied for and drawn down, were Buy To Let/residential investment type loans.

Will my monthly Loan repayment remain the same after the transfer to Pepper?

Your monthly payment will continue in line with current interest rates and the agreed terms and conditions applicable to your Loan.

When your Loan is due for the next periodic review, Pepper will engage with you in relation to ongoing monthly repayment arrangements.

I’d like to speak to someone about my situation, including my payment obligations. Who do I contact?

If you would like to speak to someone in person, please contact us on our dedicated phone line at 1890 500 189  or 01 215 1386. Our lines are open from Monday to Friday 8am until 8pm (excluding public holidays) and Saturday and Sunday 10am to 5pm.

General FAQS

Who is Pepper?

Pepper Finance Corporationv(Ireland) DAC, trading as Pepper Asset Servicing  (“Pepper”) is a regulated financial services provider, regulated and authorised by the Central Bank of Ireland under the Central Bank Act, 1997 as a retail credit firm. Pepper is authorised to provide credit and credit servicing in Ireland.

Pepper employs over 500 people in Ireland operating from Dublin and Shannon, County Clare.

What regulations will apply to my Loan after it transfers to Pepper?

Like Permanent TSB, Pepper is regulated by the Central Bank of Ireland and is required to comply with consumer protection legislation, including the Consumer Protection Code (CPC) when dealing with borrowers.

What will happen if my Loan account goes into arrears after it is transferred to Pepper?

If you miss a payment or believe that you are at risk of missing a payment after your Loan has transferred to Pepper, you should engage with Pepper at the earliest opportunity to let them know about your financial circumstances.

Like Permanent TSB, Pepper will work with you to assess your circumstances and try to find a sustainable solution for you.

Can Pepper change the terms and conditions of my Loan?

No. Pepper cannot change the agreed terms and condition of your Loan.

I’d like to speak to someone in Pepper about my situation. Who do I contact?

We will write to you again in advance of the transfer to provide full contact details for Pepper and provide all other relevant information.

In the meantime, if you need to speak to someone about your Loan or your specific circumstances, our dedicated team can be contacted on 1890 500 189 or 01 215 1386.  Our lines are open from Monday to Friday 8am until 8pm (excluding public holidays) and Saturday and Sunday 10am to 5pm.

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