Pepper - error on tracker rate

[FBF2505]

Hi All,

I would appreciate your views. We were caught up in the Central Bank overcharging review on tracker mortgages. We didn't know our loan was being reviewed until they wrote to us. We also had some arrears which Pepper took upon themselves to clear with our redress amount ( that's another issue!).

Pepper subsequently issued us with an amended loan offer/letter of variation and they put a "1.25% lifetime fixed" rate instead of "1.25% over ECB" rate on the letter.

Fast forward to now and rates are going up. They wrote to advise us that the payment would increase in September. We pointed out the loan offer terms and they are now trying to wriggle out of their error. On the phone today they asked us did we wish to make a complaint. We said no because we have no complaint once the offered and accepted rate is adhered to by them. We felt that if we made a complaint, they would funnel it all the way through to FSPO - kicking the can down the road and pressuring us to pay the increased amount in the meantime.

Do you think we will succeed in retaining this fixed rate?

 

[Johnno75]

i All, I would appreciate your views. We were caught up in the Central Bank overcharging review on tracker - we didn't know our loan was being reviewed until they wrote to us. We also had some arrears which Pepper took upon themselves to clear with our redress amount ( that's another issue!). Pepper subsequently issued us with an amended loan offer/letter of variation and they put a "1.25% lifetime fixed" rate instead of "1.25% over ECB" rate on the letter. Fast forward to now and rates are going up. They wrote to advise us that the payment would increase in September. We pointed out the loan offer terms and they are now trying to wriggle out of their error. On the phone today they asked us did we wish to make a complaint. We said no because we have no complaint once the offered and accepted rate is adhered to by them. We felt that if we made a complaint, they would funnel it all the way through to FSPO - kicking the can down the road and pressuring us to pay the increased amount in the meantime. Do you think we will succeed in retaining this fixed rate?

Get legal advice.

 

[Brendan Burgess]

Do you think we will succeed in retaining this fixed rate?

No. And nor should you.

A typo on a letter made by a human being is not a reason for you to get a cheap mortgage for life.

Mistakes happen. You suffered no loss as a result of this error.

Do you think that someone should have their home repossessed because they switched bank accounts and the new direct debit to their mortgage lender was set up incorrectly?

Do you think that if a friend of mine transferred €1,000 to my bank account, but put down your bank account number by mistake, that you are entitled to the money?

Brendan