Brendan Burgess
Founder
- Messages
- 52,208
Press release today from Pepper
Pepper to contact cohort of customers in relation to mortgage repayment error
Pepper Advantage Ireland has identified an error in its mortgage repayment process which has led to monthly mortgage repayments for approximately 2,500 customer loan accounts being lower than they should be. This is approximately 2% of the total number of loans that Pepper Advantage Ireland currently services in Ireland.
These tracker and variable rate customers were previously notified about interest rate increases following changes in the European Central Bank rate but their subsequent monthly mortgage repayments did not increase, in some cases from as early as August 2022.
Pepper Advantage Ireland is working to rectify this error and the company will not seek to recover the interest amounts not collected. The accounts for the affected customers will be amended as if the error did not happen.
Pepper Advantage Ireland is writing to all customers impacted by this error over the coming weeks. Customer letters will explain what happened and include information regarding the options available for future mortgage repayments, which will now reflect the recent increases in the ECB rate. No payments will change for at least 60 days to provide borrowers with time to work with Pepper Advantage Ireland to find an appropriate payment plan.
In recognition that previous increases in interest rates will be implemented at the same time, Pepper Advantage Ireland will offer impacted customers a range of options to ensure that repayments remain affordable. These options will include everything from short-term arrangements that fix repayment amounts for a set number of months to longer-term solutions, such as extending repayment periods or implementing a temporary fixed interest rate reduction. All solutions will be tailored to a customer’s individual financial circumstances.
Pepper Advantage Ireland fully understands and acknowledges the error and the challenges and concern it may create for customers. We apologise for this error and want to reassure customers that we are taking the necessary steps to support all affected borrowers. Our teams are in place to help and can be reached on 0818 818 181 from 9am to 5pm Monday-Friday. Any concerned borrower can also find more information at http://www.pepperadvantage (www.pepperadvantage). ie/customer-update while we continue to work to resolve this issue as quickly as we can.
Ends
Pepper to contact cohort of customers in relation to mortgage repayment error
- Pepper will not seek to recover interest amounts not collected
Pepper Advantage Ireland has identified an error in its mortgage repayment process which has led to monthly mortgage repayments for approximately 2,500 customer loan accounts being lower than they should be. This is approximately 2% of the total number of loans that Pepper Advantage Ireland currently services in Ireland.
These tracker and variable rate customers were previously notified about interest rate increases following changes in the European Central Bank rate but their subsequent monthly mortgage repayments did not increase, in some cases from as early as August 2022.
Pepper Advantage Ireland is working to rectify this error and the company will not seek to recover the interest amounts not collected. The accounts for the affected customers will be amended as if the error did not happen.
Pepper Advantage Ireland is writing to all customers impacted by this error over the coming weeks. Customer letters will explain what happened and include information regarding the options available for future mortgage repayments, which will now reflect the recent increases in the ECB rate. No payments will change for at least 60 days to provide borrowers with time to work with Pepper Advantage Ireland to find an appropriate payment plan.
In recognition that previous increases in interest rates will be implemented at the same time, Pepper Advantage Ireland will offer impacted customers a range of options to ensure that repayments remain affordable. These options will include everything from short-term arrangements that fix repayment amounts for a set number of months to longer-term solutions, such as extending repayment periods or implementing a temporary fixed interest rate reduction. All solutions will be tailored to a customer’s individual financial circumstances.
Pepper Advantage Ireland fully understands and acknowledges the error and the challenges and concern it may create for customers. We apologise for this error and want to reassure customers that we are taking the necessary steps to support all affected borrowers. Our teams are in place to help and can be reached on 0818 818 181 from 9am to 5pm Monday-Friday. Any concerned borrower can also find more information at http://www.pepperadvantage (www.pepperadvantage). ie/customer-update while we continue to work to resolve this issue as quickly as we can.
Ends