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Transfer to Pepper - March 2022

Permanent tsb announced the sale of a portfolio of loans on 10 November 2021 and outlined that the loans within the portfolio would be transferred 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 on 12 November 2021 to confirm this. The transfer to Pepper has now been completed and another letter was issued to borrowers included in the transfer on 28 March 2022 to outline what this means and identify any action that needs to be taken. Our Frequently Asked Questions (FAQs) below may be of value if you have any questions in relation to the transfer of your account.

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.

Why did permanent tsb transfer my Loan?

The Bank is required by regulators to reduce the percentage of Loans which are classified as Non-Performing Loans (NPLs) or are at risk of becoming NPLs as defined by European regulatory guidelines. Your Loan is being transferred in order to continue to meet these regulatory requirements.

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

My Loan is meeting the agreed terms and conditions and my payments are up to date. Why was it included in the transfer?

This transfer of loans includes loans that are being repaid on an interest only or part-capital and interest basis. Whilst these loans are currently meeting their monthly payment terms, there is a significant risk that the outstanding capital balance of loans in this cohort may not be repaid in full when the loan reaches maturity. That is why such loans are included in this transfer. 

When will my Mortgage Loan transfer to Pepper?

As per our letter dated 28 March 2022, 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 818 181 – Their lines are open Monday to Friday, 9am to 5 pm.

You should continue to maintain repayments as per the agreed terms and conditions of your loan.

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 Pepper on 0818 818 181. Their lines are open from Monday to Friday 9am until 5pm (excluding public holidays).

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.

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 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 however you should now return it to Pepper for assessment at Pepper Asset Servicing, PO BOX 13481, Shannon, Co. Clare.

If you would like to discuss your specific circumstances with someone you can contact Pepper on 0818 818 181. The lines are open from Monday to Friday 9am until 5pm.

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.

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?

After the Transfer, 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 paid any of your insurance policies as part of your mortgage repayment then we sent you a letter on 10 December 2021 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 16 February 2022 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 2022, 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. 

As set out in our letter please contact the relevant insurance provider directly:

Irish Life Mortgage Protection Plan:

  • Contact Irish Life on: 01 704 1010

Allianz Home Insurance Policy:

  • Contact Allianz directly on:
    • 01 613 3948 to pay by credit / debit card; or
    • 01 616 3909 to pay by monthly instalments by direct debit from your current account

AXA Mortgage Repayment Protection Policy:

  • Contact Axa directly on 0818 923 810.
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.

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.

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.

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 Pepper on 0818 818 181. Their lines are open from Monday to Friday 9am until 5pm (excluding public holidays).

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 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 Code of Conduct for Mortgage Arrears (CCMA) & the Consumer Protection Code (CPC). 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 change the agreed terms and condition 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?

You can contact Pepper on 0818 818 181. Their lines are open from Monday to Friday 9am until 5pm (excluding public holidays).

Where are the deeds of my property?

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 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.

What personal data has been shared with Pepper?

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.

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