@Pepper customers - you need to get together to challenge the rates you are being charged

Brendan Burgess

Brendan Burgess

Founder
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54,773
If you have received a letter telling you that your rate has gone up to 6.5%, don't just sit back moaning about it.

If you do nothing, Pepper will just continue to hike up their rates.

The Central Bank will do nothing about it.
The Government will do nothing about it.

You have to do it yourselves.

Michael McGrath should be the new Minister for Finance on Saturday. He was very supportive of the Fair Mortgage Rates Campaign when he was in opposition. He has control of the steering wheel from Saturday. You need to get a meeting with him.

The Central Bank has been disgraceful in its failure to take any action to protect consumers. And worse still, it forced ptsb to sell off perfectly good split mortgages to Pepper. You need to make them take responsibility for their failures.

If you had a ptsb Managed Variable Rate you have a good case to take to the Ombudsman that Pepper should respect it.

And you need to pursue this issue as well. I don't think that there is any mileage in it, but it's not my opinion that counts.

Could a borrower challenge mortgage rates in a variable rate contract as unfairly high?

No!!! Why not? While it's unlikely that any lender would charge, say, 15% right now, I'm not aware of anything to stop them (other than fixed rate and tracker loan agreements). https://www.oireachtas.ie/en/debates/question/2022-02-22/58/ The price lenders charge for their loans is a commercial...
www.askaboutmoney.com
 
You have a great ally in Charlie Weston who has given the topic great coverage. And I have highlighted it at every opportunity as well.

But one of you now needs to step up to the plate and organise yourselves.

It couldn't be easier in these days of Zoom and Social Media. You don't need to travel from the 4 ends of the country to meet in person.

Brendan
 
Was thinking this yesterday listening to Charlie Weston on the last word. Plenty of Bank of Scotland loans with Pepper still. Was shocked to hear other lenders would not want to deal with Pepper customers on assumption they are effectively 'trouble'
 

Key Post - Struggling with your mortgage payments after recent rate increases - especially Pepper and Start

This is going to become a more common problem again now with interest rates increasing, so here are some ideas 1) You are not going to lose your home. The usual suspects will be out talking about tsunamis of repossessions. There won't be any tsunamis. There probably won't even be a wave. The...
www.askaboutmoney.com
5) Make sure you pay something every month. This really is critical.
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Be careful about other groups. There are some fringe groups out there who will tell you that you don't need to pay your mortgage and that they will protest to stop any eviction. They will give you completely bogus legal advice which may well result in your losing your home.
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Like Brendan said , complain , complain and complain . We were sold to Start and at the time our arrears had been switched to the Loan to Value Managed Variable Rate with PTSB .
We wrote to Start and they shrugged us off so far .
Complaint is gone to Ombudsman and we have also written to the Central Bank with a copy of the FSPO complaint and overview of the issue.
Dont just take this if like us your contract is not being respected as you must remember at the start of the ECB tracker issue all the banks played hardball with the customers and even some people who took legal advice were told they were not going to win.
The problem with legals is give 5 of them an issue and you may well get 5 different answers .
Fight the wrong being done here from the very start and once somebody gets a result the rest will benefit .
The more complaints that go in the more obvious it will become that there is an issue here.
 
This needs to be done urgently as Pepper is only going to use the rate rise from the ECB yesterday and two more ECB 0.5% hikes in Feb-22 and Mar-22 to do likewise. Possibly more ECB rate rises to come later, but full 1% from combination of Feb & March 2023 a high possibility after ECB press conference yesterday. Many research desks out this morning saying saying to expect a higher peak in ECB rates, notwithstanding data dependency after the Mar-23 meeting
 
Hi all , it's been a while , I've been in touch with Charlie Weston since November on this situation, it's beggar's belief what's going on. My own mortgage , purchssed by Start has gone from 3.9% to 5.10% from January, 2 rises since December & I'm expecting more.

Thankfully my balance relatively small but even at that it's going to be a challenge. I see Pepper announced today they are looking at fixed rates but I remain skeptical.

I'm just flabbergasted how VF, who essentially used privating funding not linked to ECB fluctuations can do this , notwithstanding the fact they purchased at discounts.

As Charlie & Brendan have highlighted there's many reasons why Mortgages were sold ,some were infact not in arrears but those who had restructured mortgages, Split or any negative history are stuck and can not switch. My own was restructured and mine split. I've seen rates on Twitter as high as 7% and those affected were already on high rates when their mortgages sold.

I'm astonished at the Silence from the Cebtral Bank , this will only lead to greater Arrears .
 
Why or how would someone go public Brendan, Charlie will confirm to you, I've given him information, I've also touched base with a number of opposition politicians, all displaying Deafening Silence. I've also emailed the Central Bank.

I'm sure your aware David Hall was on newstalk last evening also & the presenter & indeed FG senator both ill informed.

I appreciate this thread not about policy but its important to explain how folks got here, you may also recall I highlighted other mistakes I discovered after my mortgage was restructured by PTSB before being sold, Mortgage protection insurance issues was just one.

Whilst folks can protest, kick up a fuss, the fact remains this requires intervention at the highest level but it seems obvious there's no appetite in Government or the Central Bank to intervene. ECB rate hikes one thing, VF hikes another & don't even correlate with the ECB rate hikes, it would seem VF and pick any number they wish & that's beyond scary.
 
JD2021 said:
Whilst folks can protest, kick up a fuss, the fact remains this requires intervention at the highest level
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JD2021 said:
Why or how would someone go public Brendan,
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Because Charlie and I can talk about other people and mortgage rates and that does not get people excited.

But if you featured with your photograph in an article by Charlie, people would read it. Many more people that would read an article about the topic.

I have spoken at many bank AGMs and I make a limited impact. But if someone affected by the issue stands up and talks about how their life has been impacted, it is ten times as powerful.

Brendan
 
As it happens I did actually feature in 2 seperate Articles, including Picture & was interviewed in my home by RTE for their Six One program.

One after the Crash, it was a feature on how it was affecting different people, Job loss, Mortgage difficulties etc & your correct it did have an impact. The second a slightly more personal matter not related, it to had a Major impact.

Different Journalists but certainly, if approached will do my bit again
 
Hi Paul F , I' got to know Charlie over the years , my assitance to him was primarily the first notification from Start, I shared the details etc and have touched base on how my mortgage was sold etc. The Article in question was focusing on a couples experience, it may be the case as the story develops more articles will be done. We didn't discuss my participation this time around. Both Brendan and Charlie have done Trojan work on this and both know I'm available to share my story, experience etc, I reiterate my remaining balance is relatively small, there are those less fortunate than I.

I'm just grateful there is a focus on this situation
 
Brendan Burgess said:
Because Charlie and I can talk about other people and mortgage rates and that does not get people excited.

But if you featured with your photograph in an article by Charlie, people would read it. Many more people that would read an article about the topic.

I have spoken at many bank AGMs and I make a limited impact. But if someone affected by the issue stands up and talks about how their life has been impacted, it is ten times as powerful.

Brendan
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IMO you are understating your impact by a bit. You have been Ireland's number 1 consumer advocate over the years and likely saved a whole lot of people a whole lot of money through your influencing.
 
The Central Bank (CBI) wants to hear from as many of Start Mortgage’s customers using CBI’s complaint process. Apparently the more details CBI has of customers’ experience of rate hikes and what they were told by Start the more likely it is they will conduct a formal enquiry. The “cost of funds” reason cited by Start in correspondence is bogus and Start I suspect know it but are seeing how far they can push it. Not a way to run a regulated entity. If CBI don’t act it will be legally challenged by some customers . That said it is in everyone’s interest including CBI that it demonstrate it is not toothless and is prepared to exercise it’s regulatory powers in the face of known illegality and not just stop the rates hikes but hold individuals in Start accountable so this does not happen again. Please mobilise and not wait for others. Send an email to CBI.
 
ryaner said:
IMO you are understating your impact by a bit.
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Thanks Ryaner and I do agree with you. But the most impact is made when others get involved as well - we had a full committee on the AIB Prevailing Rate case and they told their stories to the media. When I campaigned against ptsb's high SVRs , 5 or 6 people came along and spoke at the AGM. The media, rightly, ignored me and focused on them.

So both are needed.

Brendan
 
Sally66@ said:
The Central Bank (CBI) wants to hear from as many of Start Mortgage’s customers using CBI’s complaint process. Apparently the more details CBI has of customers’ experience of rate hikes and what they were told by Start the more likely it is they will conduct a formal enquiry. The “cost of funds” reason cited by Start in correspondence is bogus and Start I suspect know it but are seeing how far they can push it. Not a way to run a regulated entity. If CBI don’t act it will be legally challenged by some customers . That said it is in everyone’s interest including CBI that it demonstrate it is not toothless and is prepared to exercise it’s regulatory powers in the face of known illegality and not just stop the rates hikes but hold individuals in Start accountable so this does not happen again. Please mobilise and not wait for others. Send an email to CBI.
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I have emailed the CBI and flagging it for the Director of Consumer Protection , the words you say are from CBI looking to take this on while sounding great can I ask where does your info come from ?? I have not seen such talk reported in the press and the reply I got from CBI did not indicate they wanted to hear from me and would not revert to me in respect of my email , just acknowledged receipt and contents of same.
 
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