Transfer to Pepper September 2022


Permanent tsb has announced that it has entered into an agreement to transfer a number of mortgage loans to Pepper Finance Corporation (Ireland) DAC, trading as Pepper Asset Servicing (“Pepper”). The mortgage loans within the portfolio will continue to be serviced by permanent tsb for a period of up to six months. At the end of this period, legal title and loan account servicing will transfer to Pepper. We have written to all affected customers to outline what this means and identify any action that may need to be taken. If your loan is in the transfer, our Frequently Asked Questions (FAQs) below may be of assistance.

What does this mean for me?

Can permanent tsb transfer my Loan?

Yes. The transfer of your Loan is legally permitted. Loans can be transferred irrespective of loan type and indeed transfers such as this are commonplace in Ireland and internationally.

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.

Why is permanent tsb transferring my Loan?

The transfer has been undertaken for commercial reasons.

Your Loan and its contractual position will be unaffected by the transfer to Pepper and all terms and conditions will 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 21 September 2022, 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.

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.

After the transfer to Pepper, what action is required of me to ensure my loan repayments continue?

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, we will write to you separately on the date of transfer or shortly after the transfer outlining what action you need to take.

I availed of a COVID -19 Mortgage payment break. Is this why my Loan is included in the transfer to Pepper?

No. Whether you availed of the COVID – 19 payment break or not had no impact on the decision to include your Loan in the transfer to Pepper.

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

No, your mortgage balance and terms and conditions will not be affected by the transfer to Pepper.

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.

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 021 6014710. Our lines are open from Monday to Friday 9am until 5pm (excluding public holidays). When your Loan transfers to Pepper, Pepper will engage with you in relation to your repayment plan.

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 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 prior to the transfer, permanent tsb will engage with you to review your individual situation to ascertain whether your circumstances have improved, dis-improved or remain the same. Permanent tsb 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.

I received a letter from permanent tsb asking me to complete or update 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 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 021 6014710. Our lines are open from Monday to Friday 9am until 5pm (excluding public holidays).

I have 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 ability to repay the capital balance due on 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 0818 502424 (or 01 212 4101) Monday-Friday, 9am – 5pm (excluding Public Holidays). If you are calling from abroad please call +353 1 2124101. Our Mortgage Operations team will inform you of the redemption amount and details of the steps involved in paying off your Loan.

What happens to my access to permanent tsb 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.

After the transfer date, 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.

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

Permanent tsb will write to you separately in advance of the transfer if you have any insurance policies that are paid as part of your monthly Loan repayment instalment 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.

I have an outstanding complaint with permanent tsb. What will happen to my complaint?

Your complaint will not be impacted by this loan transfer. In the event that we are 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.

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 0818 502424 (or 01 212 4101) Monday-Friday, 9am – 5pm (excluding Public Holidays). If you are calling from abroad please call +353 1 2124101.

Please note: calls will be recorded for quality, training and regulatory purposes.

General Questions

Who is Pepper?

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.

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 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.

Can Pepper change the terms and conditions of my Loan?

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

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.

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 0818 502424 (or 01 212 4101) Monday-Friday, 9am – 5pm (excluding Public Holidays). If you are calling from abroad please call +353 1 2124101. Please note calls will be recorded for quality, training and regulatory purposes.

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