Permanent tsb announced the sale of a portfolio of loans on 26 October 2020 and outlined that the loans within the portfolio would be transferred to Pepper. If your loan was included in the transaction, a letter was sent to you in October 2020 to confirm this. The transfer to Pepper has now been completed and another letter was issued to borrowers included in the transfer on 29 March 2021 to outline what this means and identify any action that needs to be taken. If your loan has transferred to Pepper and you have questions in relation to the transfer, our Frequently Asked Questions (FAQs) below may be of value.
Yes. The transfer of your Loan is legally permitted.
Loans can be transferred irrespective of loan type.
The transfer consists of selected loans that, when applied for and drawn down, were buy to let/residential investment type loans.
No. Pepper cannot change the balance or the agreed terms and conditions of your 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 enhance its capital position, permanent tsb has transferred to another legal entity a group of loans that, when applied for and drawn down, were buy to let/residential investment type loans.
Your Loan will be unaffected by the transfer to Pepper and all terms and conditions will transfer with your Loan.
No. The transfer has now been completed. However, any loan paid off in full, prior to 29 March 2021 was not transferred to Pepper.
As per our letter dated 29 March 2021, your loan has now transferred to Pepper.
Following the transfer, Pepper is now responsible for servicing your Loan and you should contact them if you have any queries.
Pepper can be contacted on 0818 210 644 – Their lines are open from Monday to Friday, 9am to 5pm.
You should continue to maintain repayments as per the agreed terms and conditions of your 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 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 contact Pepper on 0818 210 644 – Their lines are open from Monday to Friday, 9am to 5pm.
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 previously received a letter from permanent tsb requesting the completion of a Capital Repayment Plan you can still complete this, however you should now return it to Pepper for assessment Pepper Asset Servicing, PO Box 13325, Shannon, Co Clare.
If you would like to discuss your specific circumstances with someone you can contact Pepper on 0818 210 644 – Their lines are open from Monday to Friday, 9am to 5pm.
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.
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.
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.
Up until the date of Transfer to Pepper, there was 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.
Following the Transfer of your Loan to Pepper, 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 Transfer to Pepper
If you paid any of your insurance policies as part of your mortgage repayment then we sent you a letter on 10 December 2020 to ask you to contact the Insurer (Allianz or Irish Life) to change the method of payment of your insurance and pay the insurer directly.
We issued a reminder on 25 February 2021 which also provided confirmation that your mortgage repayment amount would not include the insurance premium when transferred to Pepper.
If you received a letter in relation to your insurance premium and did not make the required changes to your insurance payment method before 31 March 2021, your insurance cover will lapse, meaning that you will no longer have cover. If your policy lapses and you need to put new insurance cover in plane, a new premium could be higher than the current premium.
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.
Your monthly payment will continue in line with current interest rates and the agreed terms and conditions applicable to your Loan.
If you previously paid an insurance premium as part of your monthly Loan repayment, following the transfer to Pepper this will no longer be billed as part of the Loan repayment. If your Loan repayment is collected by direct debit, the direct debit will be automatically amended to the reduced amount. For all other methods of payment, you will be required to adjust the repayment amount accordingly.
When your Loan is due for the next periodic review, Pepper will engage with you in relation to ongoing monthly repayment arrangements.
If you would like to speak to someone in person, please contact Pepper on their dedicated phone line on 0818 210 644 – Their lines are open from Monday to Friday, 9am to 5pm.
If you paid any of your insurance policies as part of your mortgage repayment then these will no longer be collected as part of your loan repayment. We wrote to customers with insurance policies that were paying as part of their mortgage repayment in December 2022 and again in February 2021, to inform them of the need to change their payment details to pay their insurer directly, and provided details of how they could do this.
If you have any queries in relation to the change in payment method for your insurance policy, please contact;
Irish Life Mortgage Protection Policy – Contact Irish Life on 01 704 1010
Allianz Home Insurance Policy – Contact Allianz on 01 613 3909
Pepper Finance Corporation (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
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.
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.
No. Pepper cannot change the agreed terms and condition of your Loan.
The mortgage deed and title deeds of your property will be transferred to Pepper.
In the event that a solicitor acting for you requires the title deeds to your property, you can instruct your solicitor to contact Pepper on 0818 210 644 – Their lines are open from Monday to Friday, 9am to 5pm.
In the event that the title deeds are currently with a solicitor acting for you, Pepper will be in contact with them to complete the appropriate documentation so that they can continue to hold the title deeds for the necessary period.
On the full repayment of your loan, Pepper will look to you or your solicitor for instructions as to where the title deeds should be sent.
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.
As part of the transfer, all relevant details relating to your loan, including your personal data, have been transferred to Pepper. These details will be used by Pepper for the continued administration of your loan and for related legal and regulatory purposes.
Permanent tsb will retain details relating to your loan (including your personal data) for a minimum period after the transfer date in accordance with legal and regulatory requirements. During this period, permanent tsb may process your personal data where necessary for compliance with Central Bank of Ireland or other legal or regulatory requirements, including engaging with Pepper in relation to your loan where required for such purposes.
A detailed explanation of how your personal data is processed is provided in our Data Protection Notice located here. This provides additional information about how we collect, store and use your personal data.
Your complaint will not be impacted by this loan transfer. If we did not resolve your complaint before the transfer of your loan to Pepper, we will continue to explore all resolution options in an effort to resolve your complaint irrespective of the sale of your loan.