I have 8 years left on a E312,000 tracker mortgage with Pepper (was PTSB). I have never missed a payment. I have tried engaging with them for the last couple of months to arrange paying off a E250,000 lump sum and moving to capital and interest. I have engaged with them in writing and on the phone to simply get the process going and two months later they have sent me out a Standard Financial Statement form to fill out with no cover letter. My understanding is that the SFS is for the MARPs process is that correct? I have never missed a payment on the loan so don't understand why they want SFS.
I'm in a similar situation, never missed a payment, 8 years left. (PTSB).
That's a question I would like to know the answer too as well.Why was your loan sold to Pepper?
Isn't your situation unusual in that your loans are on rental properties with significant leveraging?That's a question I would like to know the answer too as well.
My loans were transferred from PTSB this year and are not restructured. I am meeting my contractual obligations in full and no payments missed.
That's not the case anymore as I have paid off a lot of capital by way of lumpsum payments and sales. In any event, I doubt leveraging was the reason for transfer. A significant number of loans transferred and its unlikely every scenario was identical. Maybe it was just because they are buy to let, trackers and interest only. However one loan did not transfer and it is identical to those that did. . It would be interesting to see what the OP situation is and for @7 of 9.Isn't your situation unusual in that your loans are on rental properties with significant leveraging?
Case study - 53yr old Healthy finances: Diversify or stick
Age: 53 Spouse’s/Partner's age: Not applicable Annual gross income from employment or profession: €74, 000 Annual gross income spouse: Not applicable Type of employment: Public Sector Expenditure pattern: Definately a saver Rough estimate of value of home: €340,000 Mortgage on home: None...www.askaboutmoney.com
That makes sense but why would customer service tell them that "it's complicated" and need a manager to call back...?You're in plus arrears as such, the minus isn't really a minus because proper arrears under that balance wouldn't have a minus before it as it's just the arrears amount so you're paid ahead rather than proper arrears. Your total outstanding balance is showing as 10k less.
Well I don't know their processes but in another bank I worked in that would read as interest calculated on outstanding balance. You'll have to double check if you can get anyone there who understands it! Many banking staff these days don't even understand capital/interest etc, zero training or life experience.@Monbretia - is the interest calculated off the principal or the outstanding balance? I'd be delighted if it's the latter.
Send a complaint letter looking for a final response within 21 days or else you will escalate.The cheque with the large lump sum arrived and was also added to the "arrears balance" despite a signed covering letter explicitly stating that it was to come off the principal. My next scheduled interest payment hasn't reduced by a single cent.
Any advice on how to deal with these people?
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