Pepper Asset Servicing / Erroneous Payment

M

Molly Bloom

Registered User
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40
Hello everyone -

An interesting problem. My mortgage was formerly with Danske Bank, and is now with Pepper. It's not in arrears, and I've been in the habit of making small top-up payments to it to reduce it as quickly as possible.

I got a letter (correct a/c number on it, etc) in recent days from Pepper confirming receipt of a lump-sum payment to the mortgage, and asking me how I wanted it to be applied to my mortgage - either reduce the term of the mortgage, or reduce the amount of monthly payments.

So far, so good. Except that I did not make this particular large lump-sum payment. I will be doing the honest thing and contacting them to tell them, but I'm wondering if anyone else with Pepper has had this experience?

Thank you.
 
Hi Molly,
This is probably the sum of a number of smaller overpayments you've made? There was some discussion a while ago about an error in how Pepper were handling these, si they might be doing a tidy up.
 
Hi RedOnion and RETIRED2017 - thanks for responding. No, I don't think it's a sum of the smaller top-up payments I've made, as they generally tend to apply those immediately to the balance and I keep an eye on it. And my top-up payments tend to be in the order of €100 at a time. The letter refers to a top-up payment in excess of €10K! It's still a mystery...
 
You will need to speak directly to Pepper.

If as Red suggested you made a number of one off small payments, they probably just applied them to your account and now need your guidance on whether to reduce the payment or the term.

But if you say that they don't amount to €10,000 then maybe someone just put the wrong account number on their lodgement.
Brendan
 
Hello RedOnion, RETIRED2017 and Brendan,

Well, having phoned Pepper today I can confirm it's not a mistake on their part, or a lodgement by someone else wrongly credited to my account. Despite applying all of my small top-up payments as I've made them, they're doing this as a 'housekeeping' tidy-up on my mortgage, so I get to choose whether to reduce my regular monthly repayments by over €100, or shorten the term of the loan by 14 months.

I told them I'd think about it over Christmas and get back to them in early January (right now, my instinct is to shorten the term of the loan). Any thoughts from you on which might be the better option?

Thanks, Molly
 
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