Pepper looking for SFS on performing loan.

paradroid

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Hi,

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 get the impression they are stalling the process - any advice?

Thanks!
 
I'm in a similar situation, never missed a payment, 8 years left. (PTSB). I just transferred a lump sum online, then sent pepper an email to take it off my principal. They rang me 3 days later to confirm my request no problem. I received an SFS about two weeks after I was moved from PTSB. I completed it. I received another 6 months ago. I just ignored this one.
 
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.

If you had a ptsb loan and it was sold to Pepper, it's because it was classified as non-performing.

So presumably your loan is restructured? The fact that you have never missed a repayment on a restructured loan, does not mean that it is performing.

If it is restructured, then they are right to check if you can afford to move to Capital and Interest, so sending the SFS is the best way to do it.

Having said that, you don't need to engage with them about paying €250k off the loan. Just transfer in the money. They will accept it. You don't need to ask them.

Brendan
 
As per above, you just do a Swift transfer and that's it. No need to ask them.
I recently paid a lumpsum and there was no issue. I contacted them to see if the money was received. They asked me the source of funds and I was a bit miffed being asked as I had already provided this info to PTSB as part of their AML process. They were happy with that and said all was in order. I have not been asked to complete a SFS.
My loans are not distressed and were transferred from PTSB this year too.
 
My loan was not distressed or restructured, I've always over paid. It was transferred from PTSB . I have no Idea why. Its a tracker interest only. But I have clear about 75% of the principal over the years.
 
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Why was your loan sold to Pepper?
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.

Maybe they regard interest only as non-performing but at 5% interest it can't be loss making for them.

Some posters on AAM, refer to anyone who has a loan sold or serviced by Pepper as somehow bringing this on themselves by being in arrears or in a restructure. This, as far as I am concerned, is not correct.
 
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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.
Isn't your situation unusual in that your loans are on rental properties with significant leveraging?
 
Isn't your situation unusual in that your loans are on rental properties with significant leveraging?
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.
 
Thanks all for the responses. Let me first address Brendan's question about the transfer to Pepper. No the loan was not re-structured. No missed interest-only payments. I simply got a letter on 14 Jan 2022 from Pepper to say they had taken over the management of the mortgage. No communication from PTSB. From the posts above it seems I'm not alone in this. Performing loans were transferred to Pepper.

I transferred a small 10,000 lumpsum online a few days ago and checked today. It hasn't reduced the principal, instead it has reduced the "arrears balance". See screenshot below. When I rang, I had a bizarre conversation with the agent Victoria who said "it was not possible for it to come off the principal" and when asked why answered with "well, it's complicated". Tried to speak with a manager, they said get a manager to ring me in a week. I managed to get her to loosely commit to get a manager to ring me tomorrow.

Any advice on how to escalate this? I have cheque in the post to Pepper with an explicit note to pay off the principal but now I'm concerned that the same will happen to those funds.

Question to 7/9 - what is Pepper's email address? I just have a phone number and mail address.

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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.
 
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.
That makes sense but why would customer service tell them that "it's complicated" and need a manager to call back...? :oops:
 
@Monbretia - is the interest calculated off the principal or the outstanding balance? I'd be delighted if it's the latter.
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.
 
Predictably the manager did not ring back at the agreed time. I rang and learnt that for a lumpsum to come off the principal they they need that it writing with a 'vetting' signature. They won't accept a scanned and emailed document. That's the first time they have stated that and it's taken two months to get that information.

In the absense of the above they use an 'interest rebate' scheme to calculate the interest payment. The agent was unable to explain the mechanics of that scheme but assured me it would not impact negatively.
 
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?
 
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?
Send a complaint letter looking for a final response within 21 days or else you will escalate.

I find phone calls a waste of time these days; after navigating bonkers menu settings, you're left on hold for far too long, end up talking to someone who knows less than you do, and have no record in the end of what was discussed or agreed.

In the time I've spent on hold, I've had a letter typed, printed, signed, enveloped & stamped; and I have a document trail should I need it.
 
I sent them an email saying, I wanted my (Credit balance in the arrears balance) taken off the principal. You can email them under 'Contact Us' tab. They rang a few days later to confirm. No problems. No complications. I'd email of ring them again.
 
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