On 21 September 2022, permanent tsb announced that it had entered into an agreement to transfer a number of mortgage loans to Pepper Finance Corporation (Ireland) DAC trading as Pepper Asset Servicing (“Pepper”). If your loan was included in the transaction, a letter was sent to you in September 2022 to confirm this. The transfer to Pepper has now been completed and another letter was issued to borrowers included in the transfer after 24 February 2023 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 assistance.
Yes. The transfer of your Loan is legally permitted. Loans were transferred irrespective of loan type and indeed transfers such as this are commonplace in Ireland and internationally.
The transfer consisted of selected loans that when applied for and drawn down, were Buy to Let/residential investment type loans.
The transfer has been undertaken for commercial reasons. Your Loan and its contractual position are unaffected by the transfer to Pepper and all terms and conditions have transferred with your Loan.
No. The transfer completed on 24 February 2023. However any loan paid off in full, prior to 24 February 2023 was not transferred to Pepper.
As per our letter, your loan transferred to Pepper on 24 February 2023.
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 818 181 – 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.
Your monthly payment will continue in line with current interest rates and the agreed terms and conditions applicable to your Loan.
Existing Direct Debits will transfer to Pepper and there will be no action required of you.
If you are paying your Loan by another means of payment other than Direct Debit, you should contact Pepper on 0818 818 181 – their lines are open from Monday to Friday, 9am to 5pm.
No. Whether you availed of the COVID – 19 payment break or not had no impact on the inclusion of your Loan in the transfer to Pepper.
No, your mortgage balance and terms and conditions will not be affected by the transfer to Pepper.
Your tracker interest rate entitlements will be unaffected by the transfer to Pepper. If your loan is on a tracker rate, your Loan has transferred to Pepper as a tracker rate Loan with its existing interest rate entitlements.
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 818 181 – their lines are open from Monday to Friday, 9am to 5pm
The contractual terms of any Alternative Repayment Arrangement (ARA) (e.g. a Part Capital & Interest or Split Mortgage 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, dis-improved 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.
The transfer does not change the terms and conditions of your Loan or any new ARA agreed with permanent tsb.
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 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 at Pepper Asset Servicing, PO Box 13568, Shannon Co. Clare.
If you would like to discuss your specific circumstances with someone you can contact Pepper on 0818 818 181 – their lines are open from Monday to Friday, 9am to 5pm.
The terms of 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 ability to repay the capital balance due on 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.
Following the transfer of your loan to Pepper, permanent tsb mortgage products, interest rates and services will no longer be applicable to your Loan and you will not be able to avail of these products, services or interest rates.
For clarity, the terms and conditions of your Loan will remain unchanged by the Pepper transfer.
Following an interest rate increase announced by the European Central Bank on 2 February 2023, the Bank wrote to customers with notification that this interest rate increase would take effect from 20 February 2023 and informing customers of their new repayment amounts.
Due to the transfer of your Loan to Pepper, this interest rate increase will not take effect with regard to your Loan until 1 March 2023. Pepper will write to you in March when the interest rate increase applicable to your Loan will take effect, to confirm the new repayment amount and the new repayment date.
In effect, this will result in you being charged at the lower rate for 8 additional days.
If you paid any of your insurance policies as part of your mortgage repayment then we sent you a letter on 28 November 2022 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 24 January 2023 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 24 February 2023, 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 place, a new premium could be higher than the current premium.
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. These lines are open Monday to Thursday, 8am until 6pm, Friday, 10am until 6pm and Saturday, 9am until 1pm, (excluding Bank holidays).
Allianz Home Insurance Policy – Contact Allianz on 01 613 3909. These lines are open Monday to Friday 9am until 5pm (excluding Bank holidays).
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 transferred to Pepper consisted of selected loans that, when applied for and drawn down, were Buy to Let/residential investment type loans.
Your complaint has not been impacted by this loan transfer. In the event that we were unable to 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 transfer of your loan.
If you would like to speak to someone in person, please contact Pepper on 0818 818 181 – their lines are open from Monday to Friday, 9am to 5pm.
Pepper Finance Corporation (Ireland) DAC, trading as Pepper Asset Servicing (“Pepper”) is a regulated financial services provider, 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 400 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) and the Code of Conduct for Mortgage Arrears (CCMA). All existing consumer protections applicable to your Loan will remain in place.
No. Pepper cannot unilaterally change the contractually agreed terms and conditions of your Loan.
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.
You can contact Pepper on 0818 818 181 – their lines are open from Monday to Friday, 9am to 5pm.
The mortgage deed and title deeds of your property have been 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 818 181 – 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.
