Published on 27 May 2019
On 29 November 2018 permanent tsb has announced the sale of certain loans to Glenbeigh Securities. Read the full statement here.
The loans have now transferred to Pepper Asset Finance (Pepper) who has been appointed as the servicer of the loans. If you have any questions in relation to the sale and transfer of loans to Pepper 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 021 601 3700 for more information. Our lines are open Monday to Friday, 8.45am - 6pm (excluding bank holidays).
Your mortgage loan transferred to Pepper on 24 May 2019.
We wrote to you on 22 February 2019 to confirm that Glenbeigh Securities 2018 – 1 DAC (“Glenbeigh Securities”) had become the beneficial owner of your Loan.
In that letter, we confirmed that as part of the securitisation transaction, Pepper Finance Corporation (Ireland) DAC, trading as Pepper Asset Servicing (“Pepper”) would shortly: (i) become the legal title holder of your Loan; and (ii) be appointed as the servicer of your Loan, no sooner than two months after the date of the letter (the “Transfer Date”)
The transfer to Pepper of the legal title of your Loan and the servicing arrangements relating to your Loan (together the "Pepper Transfer") completed on 24 May 2019. A letter of formal notice issued to you on 24 May 2019 confirming this.
No. There is no option to transfer loans back.
On 24 May 2019, all relevant details relating to your loan were transferred to Pepper. These details will be used by Pepper for the continued servicing of your loan.
Your loan will remain in place until all amounts payable by you have been paid and your obligations to repay such outstanding amounts are now owed to Pepper.
Any Permanent TSB product and interest rate offers relevant to your loan that you did not accept before 24 May 2019 are no longer available. However, contractual rights within your loan documents and any loan restructure agreements transfer with your loan, as amended by any offers you have accepted, if you have already done so.
If your loan is included within the securitisation transaction, we wrote to you on 30 November 2018 notifying you of this.
We issued further letter on 22 February 2019 notifying you that as part of the securitisation transaction, Pepper Finance Corporation (Ireland) DAC, trading as Pepper Asset Servicing (“Pepper”) would shortly: (i) become the legal title holder of your Loan; and (ii) be appointed as the servicer of your Loan.
We issued another letter on the 24 May 2019 confirming completion of the transfer.
If you did not receive any of these letters and are still unsure whether your loan has been transferred, you can speak to one of our Collections and Recoveries team on 1800 855 010 or 021 601 3700. Our lines are open from Monday to Friday 9am until 8pm (excluding ROI Public Holidays) and Saturday 9am until 1pm.
Your loan will remain in place until all amounts payable by you have been received and your obligations to repay such outstanding amounts are now owed to Pepper. If you have any queries in relation to your loan, you can contact Pepper on 0818 200 120 or 061 232 71, Monday to Friday, 9am to 5pm.
Contact details for Pepper are as follows:
| Telephone: | 0818 200 120 or 061 232 71. Monday to Friday, 9am to 5pm. |
| Address: |
Pepper Asset Servicing |
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 either improved, disimproved or remained the same, and 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 with Pepper.
Pepper will work with you to find the most appropriate and sustainable solution. All existing consumer protections under CCMA continue to apply to customers with Pepper.
Your monthly payment will continue in line with your current terms and conditions, unless any arrangement which you may have with Permanent TSB has expired or there is an interest rate change applicable to your Loan.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 after the transfer.We wrote to customers with insurance policies that were paying as part of their mortgage repayment, in March and again in April, to inform them of a need to change their payment details to pay their Insurer directly, and provided details of how they could do this.
If you have queries in relation to the change in payment method for your insurance policy, please contact;
Irish Life Insurance Policy – Contact Irish Life on 01 704 1010
Allianz Home Insurance Policy – Contact Allianz on 01 613 3903
AXA Mortgage Protection Policy – Contact Permanent TSB on 1800 855 010 or 021 601 3700.Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.
If you have queries in relation to the terms of your insurance policy or you wish to make a claim, please contact the insurer on;
Irish Life Insurance Policy - Contact Irish Life on 01 704 1010
Allianz Home Insurance policy - Contact Allianz on 01 613 3903
AXA Mortgage Protection Policy - Contact AXA on 061 737373
The transfer of your Loan has 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, 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).
If you are currently in arrears, or in the event that you find yourself in financial difficulty due to a change of circumstances, we encourage you to make contact with Pepper on 0818 200 120 or 061 232 71, Monday to Friday, 9am to 5pm.
If you are concerned about your ability to meet your monthly repayments, you should engage with Pepper at the earliest opportunity to alert them to your financial circumstances.
If you have any queries in relation to any aspect of your loan you can speak to Pepper on 0818 200 120 or 061 232 71, Monday to Friday, 9am to 5pm.
If we did not resolve your complaint before the transfer of your loan to Pepper, we will continue to manage your complaint until the matter has been resolved.
You can read more about our complaints process here.
The loan transfer has no impact on your current account or deposit / savings account with permanent tsb.
As part of the transfer to Pepper, all relevant details relating to your loan have been transferred to Pepper. These details will be used by Pepper for the continued servicing of your loan and for related legal and regulatory purposes.
A detailed explanation of how your personal data is processed is provided in our Data Protection Notice here. This provides additional information about how we collect, store and use your personal data.
If you wish to make a payment to your loan you can speak to the Pepper Payments Team on 0818 200 120 or 061 232 71, Monday to Friday, 9am to 5pm.
You will no longer be able to make a payment in a Permanent TSB branch with effect from 24 May 2019. To discuss alternative payment methods, you can speak to the Pepper Payments Team on 0818 200 120 or 061 232 71, Monday to Friday, 9am to 5pm.
If you are having any issues making a payment or setting up a direct debit, please call the Pepper Payments Team on on 0818 200 120 or 061 232 71, Monday to Friday, 9am to 5pm.
Please note there may be a short delay in the processing of payments happening just before / after the transfer date.
All such payments will be captured and will be applied to your account as having been made on the date on which they were initiated and there will be no detriment to customers.
The mortgage deed and title deeds of your property are in the course of transferring to Pepper.
In the event that a solicitor acting for you requires the title deeds to your property, instruct your solicitor to contact Pepper on 0818 200 120 or 061 232 71, Monday to Friday, 9am to 5pm to make the required arrangements.
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.
If your contact information has changed, or if there are any changes Pepper should know about, you can contact Pepper on 0818 200 120 or 061 232 71, Monday to Friday, 9am to 5pm.
Permanent tsb mortgage products, interest rates and services will no longer be available on your loan. For clarity, the terms and conditions of your loan will remain unchanged by the Pepper Transfer.
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 after the transfer.We wrote to customers with these insurance policies in March and again in April, to inform them of a need to change their payment details to pay their Insurer directly, and provided details of how they could do this. If you engaged with the insurer on receipt of this letter and changed your payment details to pay them directly then your insurance cover will continue. If you did not engage with the Insurer to make new payment arrangements then the policy will lapse on the next payment date.If you have queries in relation to the change in payment method for your insurance policy, please contact;
Irish Life Insurance Policy – Contact Irish Life on 01 704 1010
Allianz Home Insurance Policy – Contact Allianz on 01 613 3903
AXA Mortgage Protection Policy – Contact Permanent TSB on 1800 855 010 or 021 601 3700 .Our lines are open from Monday to Friday 9am until 8pm (excluding public holidays) and Saturday 9am until 1pm.
If you have queries in relation to the terms of your insurance policy or you wish to make a claim, please contact the insurer on;
Irish Life Insurance Policy – Contact Irish Life on 01 704 1010
Allianz Home Insurance Policy – Contact Allianz on 01 613 3903
AXA Mortgage Protection Policy – Contact AXA on 061 737373
The Bank is required by regulators to reduce the percentage of Loans which are classified as Non-Performing Loans (NPLs). The transfer of Loans to Glenbeigh Securities is being undertaken to help meet those regulatory requirements.
Glenbeigh Securities is the securitisation vehicle and is now the beneficial owner of your Loan. Glenbeigh Securities has appointed Pepper to service the Loan on behalf of Glenbeigh Securities. Pepper now holds the legal title to your Loan.
permanent tsb is no longer responsible for the servicing of your loan.
Pepper Finance Corporation (Ireland) DAC, 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 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 under the 1997 Act.
Pepper employs over 380 people in Ireland and also forms part of a global financial services network.
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).
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.
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 resulted 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 Loan.
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 their loan is no longer serviced or owned by permanent tsb.
The terms and conditions of your Loan permit permanent tsb to sell, securitise and transfer the Loan.
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 021 601 3855 and they will be able to provide you with further information
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.
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 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.
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.
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.
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 021 601 3855. Our lines are open from Monday to Friday 9am until 8pm (excluding Bank Holidays) and Saturday 9am until 1pm.
All relevant information relating to your Mortgage Loan (including personal data) will pass to Pepper . Pepper 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.
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.
