Permanent tsb has announced the sale of certain loans to Glenbeigh Securities. Read the full statement here.

If you have any questions in relation to the sale and transfer of loans to Glenbeigh Securities our Frequently Asked Questions (FAQs) below may be of value.  If your questions are not addressed below, you can call us on 1800 855 010 or +353 21 601 3700 for more information. Our lines are open from Monday to Friday 9am until 8pm (excluding Bank Holidays) and Saturday 9am until 1pm.

What does this mean for me?

Can I avoid my Loan from being transferred?

No. There is no option to remove Loans from the transaction.

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 (e.g. a Split or a Part Capital & Interest agreement) as agreed with permanent tsb are unaffected by this transfer and will continue with Pepper.

Where an Alternative Repayment Arrangement is up for review, Pepper will engage with you to review your individual situation to ascertain whether your circumstances have changed (i.e. improved or dis-improved). Where this is the case, they will work with you to identify where possible the best sustainable long-term solution in a way that’s right for your situation.

Pepper 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.

I received a letter requesting a review of my Alternative Repayment Arrangement / I would like to review my Alternative Repayment Arrangement in advance of the transfer, what do I do?

If you have received a letter indicating that you were due to complete a review of your Agreed Restructuring Arrangement you can continue to provide the information requested and our team will assess this. 

Alternatively, if you would like to initiate a review in advance of the transfer you can contact our Collections and Recoveries Team on 1890 500 223 or 021 601 3855. Our lines are open from Monday to Friday 9am until 8pm (excluding Bank Holidays) and Saturday 9am until 1pm. We will extend our opening hours on Saturday 1 December and Saturday 8 December until 5pm. In addition, we will extend our weekday opening hours until 10pm up until Friday 7 December.

What happens if my Alternative Repayment Arrangement is due for review after the transfer date?

Pepper will engage with you to review your individual situation to ascertain whether your circumstances have changed (i.e. improved or disimproved). Where this is the case, they will work with you to identify, where possible, the best sustainable long-term solution in a way that’s right for your situation. Where your circumstances have not changed, the terms of your Alternative Repayment Arrangement will be unchanged.

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, Pepper will take responsibility for working with you to find the most appropriate and sustainable solution. All existing consumer protections under CCMA will continue to apply for customers after the transfer.

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

You can pay off your Loan at any time by contacting us on 1890 500 121 or 01 212 4101 and selecting option 5 and then option 1Our Mortgage Operations team will inform you of the redemption amount and details of the steps involved in paying off your Loan.

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

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

If you would like to speak to someone in person, please contact us on our dedicated phone line at 1890 500 223 or 021 601 3855. Our lines are open from Monday to Friday 9am until 8pm (excluding Bank Holidays) and Saturday 9am until 1pm. We will extend our opening hours on Saturday 1 December and Saturday 8 December until 5pm. In addition, we will extend our weekday opening hours until 10pm up until Friday 7 December.

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

Up until the date of transfer, you will continue to have access to permanent tsb mortgage products, services and interest rates. After the transfer this access will no longer be available to you in relation to your mortgage. For clarity, the terms and conditions of your Loan will remain unchanged by the 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. We will write to you in advance of the transfer to outline exactly what you need to do.

Only one of my mortgages with permanent tsb is being transferred? Why is this?

The transfer only affects Loans that have an Alternative Repayment Arrangement and any Loans that are also secured on property relating to those Loans.

Will my monthly Loan repayment 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 or there is an interest rate change applicable to your Loan.

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 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 Pepper at the earliest opportunity to alert them to your financial circumstances.

When dealing with borrowers, Pepper 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 500 223 or 021 601 3855.  

Our lines are open from Monday to Friday 9am until 8pm (excluding Bank Holidays) and Saturday 9am until 1pm. We will extend our opening hours on Saturday 1 December and Saturday 8 December until 5pm. In addition, we will extend our weekday opening hours until 10pm up until Friday 7 December.

When will my Mortgage Loan transfer to On what basis is my personal data being shared with Glenbeigh Securities??

Letters will be issued to every account holder with a Loan included in the transfer.  The transfer of Loans will happen within six months after the date of this letter. We will write to customers at least 60 days before the transfer providing formal notice of transfer.

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.

About the Transfer

Who is Pepper?

Pepper Finance Corporation, trading as Pepper Asset Servicing (Pepper), is a designated activity company incorporated in Ireland on 6 August 1971 (registered number 34927). Among other services, Pepper provides third party residential mortgage administration services to its clients on mortgage Loans secured by residential properties located in Ireland.

Pepper is also a regulated financial services provider, regulated and authorised by the Central Bank of Ireland under the Central Bank Act, 1997 (as amended, the "1997 Act") as a retail credit firm authorised to provide credit in Ireland and is deemed a credit servicing firm authorised to provide credit servicing for the Mortgage Portfolio under the 1997 Act.

Pepper employs over 380 people in Ireland and also forms part of a global financial services network.

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

Why is permanent tsb transferring customer mortgages / Loans to Glenbeigh Securities 2018 – 1 DAC, “Glenbeigh Securities"?

The Bank is required by regulators to reduce the percentage of Loans which are classified as Non-Performing Loans. The transfer of Loans to Glenbeigh Securities is being undertaken to help meet those regulatory requirements.

What is an NPL?

NPL stands for Non-Performing Loan. This is a regulatory classification which applies to Loans even where such Loans are meeting the terms of an agreed restructuring arrangement with permanent tsb. 

For this reason, Split Loans with a future warehouse amount due, as well as Part Capital and Interest Loans that have an outstanding principal sum due at the end of term, are both classified as NPL. 

What does Securitisation mean?

Securitisation is a financial transaction where assets (such as mortgages) are pooled together into one entity and the incomes generated from those assets are sold to third parties as securities.

The nature of this securitisation will result in permanent tsb transferring a group of mortgage Loans to Glenbeigh Securities. The sale, securitisation and transfer of your Loan is permitted under the terms and conditions of the Mortgage.

What is the difference between this securitisation and a Loan sale?

The nature of this securitisation, and the transfer of mortgage Loans to Glenbeigh Securities is similar to a Loan sale and the resultant impact on customers is that after the transfer date, their Loan will no longer be serviced or owned by permanent tsb. 

What is the relationship between Pepper and Glenbeigh Securities?

Glenbeigh Securities is the securitisation vehicle. Pepper has been appointed to service the Loans on behalf of Glenbeigh Securities.

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What regulations will apply to my Loan after the transfer?

Pepper is regulated by the Central Bank of Ireland. When dealing with borrowers, Pepper is bound by the same regulations that currently apply to permanent tsb. Like permanent tsb, Pepper is required to comply with the Consumer Protection Code (CPC) and the Code of Conduct for Mortgage Arrears (CCMA).

On what basis can permanent tsb transfer my Loan?

The terms and conditions of your Loan permit permanent tsb to sell, securitise and transfer the Loan.  

Additional Information

How will I know if my mortgage loan is included in the securitisation & transfer?

Letters will be issued to every account holder with a loan included in the planned transfer. This letter confirms to customers that their loan has been included in the transfer. We will write to customers at least 60 days before the transfer to provide further information.

If you do not receive a letter, but have a query as to whether your loan may be included in the transfer, please contact our Collections and Recoveries team on 1890 500 223 or 021 601 3855 and they will be able to provide you with further information

I have a tracker rate on my mortgage – will Pepper change the interest rate after transfer?

Pepper is required to comply with the terms and conditions of your loan including the tracker rate.

Pepper 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.

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

The settlement or reduction of arrears will not result in the removal of loans from the transfer.

If you are in a position to settle or reduce your arrears you can contact our Collections and Recoveries Team on 1890 500 223 or 021 601 3855. Our lines are open from Monday to Friday 9am until 8pm (excluding Bank Holidays) and Saturday 9am until 1pm. We will extend our opening hours on Saturday 1 December and Saturday 8 December until 5pm. In addition, we will extend our weekday opening hours until 10pm up until Friday 7 December.

I have an outstanding complaint with permanent tsb, what will happen to my complaint?

Your complaint will not be impacted by the transfer. If we cannot resolve your complaint before the transfer of your loan, we will continue to manage your complaint until the matter has been resolved.

You can read more about our complaints process here.

I have a Current Account/Deposit Account with permanent tsb, will this be impacted by the transfer?

The transfer of your mortgage account has no impact on any other product 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 the coming months to outline exactly what you need to do.

What do I do if my contact details have changed?

It is important to let us know if your contact information has changed since you signed up to your Mortgage Loan (correspondence address or mobile phone number).

In particular, if you are no longer Irish resident and are resident in another jurisdiction there may be withholding tax implications under the laws of that jurisdiction in relation to the payment of interest under your Mortgage. You should seek independent financial advice if this applies to you.

To update your details you can call us on 1890 500 223 or 021 601 3855. Our lines are open from Monday to Friday 9am until 8pm (excluding Bank Holidays) and Saturday 9am until 1pm.

Please provide details of the personal data that has been shared with Pepper

All relevant information relating to your Mortgage Loan (including personal data) will pass to PepperPepper will use this information to administer your Loan and for related legal and regulatory purposes.

Permanent tsb will retain information (including personal data) relating to your Loan for its own legal and regulatory purposes. Permanent tsb may also, after the Transfer Date, obtain up-to-date information from Pepper with respect to your Loan solely to the extent such information is required for us to comply with legal or regulatory purposes.

On what basis is my personal data being shared with Glenbeigh Securities?

The transfer of your personal data from permanent tsb to Pepper  will be carried out in accordance with the terms and conditions of your loan and related loan documentation, which includes our Data Protection Notice (“DPN”).

The DPN applies to all customers of our products and services and replaces any data protection provisions in your loan terms and conditions. The current version of our DPN is available on our website here.

The Bank collects and uses (processes) your personal data for a number of different reasons. When we process your personal data we must have a legal basis to do so. The various ways we process your personal data and the legal bases we rely on are summarised in section 4 of our DPN.

If you have any further queries please refer to our Data Protection support page.

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