Pepper now charging former ptsb customers 6.5%

Are you all former ptsb customers?

If you had an LTV loan, I think that the loan agreement or variation you have required ptsb to give you the LTV rate.

The sale to Pepper should not change that?

Was on an LTV rate with ptsb - but Start increasing this rate?

We were part of the Project Glas sale to Start a few years back but had sorted out our arrears before the sale . We had switched to a LTV MVR rate of less than 50% with PTSB . They did not pass on the 0.1% reduction from July 2020 but now want to peg on 1.2% yet PTSB have not increased their LTV...
www.askaboutmoney.com

Brendan
 
I also got same letter re hike. I'm currently on ARA which is part capital and interstes so monthly payment won't change but I guess its adding interest to the figure at end of term. I've done a CCR check and mine is all clear for last 5 years is it possible for me to switch mortgage now ?
 
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There is a very serious issue here which you need to address.

If your contract with ptsb set the rate as a ptsb rate, then I don't see how Pepper can change that.

For example, if you were on a SVR rate and switched to an LTV rate, the switching documentation was very clear: "You will be on the 70% to 80% LTV rate for the remaining term of the mortgage."

I don't see how Pepper can say that this no longer applies.

So each of you needs to work out exactly what rate you were on with ptsb.
Was it set when you drew down the mortgage?
Did you change the rate?
Did you choose a new rate after a fixed rate period ended?

Brendan
 
If you are in an ARA your monthly repayment will remain the same until that agreement ends
 
These rates are going to push otherwise compliant payers into default.

Take a €200k mortgage for 20 more years paying down capital. At my rate of 3.0% that's €1,110 a month. At Pepper's 6.5% that's €1,491 a month or a full third more. €380 a month is just not something that these people generally have to spare even in an environment of rising wages and benefits.

For people in tight financial circumstances this is going to be absolute misery and likely default.

Government and/or Central Bank should really do something here for people who've been compliant with the terms of their restructured mortgages.
 
Tha active part of the mortgage will increase despite being in an ARA. We will be paying the 1.25% interest hike on our active mortgage from this month and probably the .75% the following month.
 
So much for consumer protection.

I think that anyone caught up in this, needs to immediately register a formal complaint, with Pepper. While it's unlikely that Pepper will find in the Borrower's favour, it's essential, so the complaints can then be taken to the office of the Ombudsman.
 
I'm confused. Got letter today saying increase to 5.75% to take affect from this month payment. Payment has increased by 107 per month. In same letter it states if you are in ARA "your expected payment as per agreement will remain the same. In event of agreement coming to and end or is terminated your repayment will be adjusted accordingly".

I'm in an ARA I have the Copy of it and states agreement for period of 189 months as of 21.04.2021.

So why have they increased my monthly repayment if I have an agreed ARA with them. I'm going to ring them tomorrow just wondering am I missing something here....

I contacted a broker today to see if its possible to switch.
 
Fleetwoodfan said:
Tha active part of the mortgage will increase despite being in an ARA. We will be paying the 1.25% interest hike on our active mortgage from this month and probably the .75% the following month.
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Did u contact them and if so what was reply.
 
No I didn't contact them.I don't communicate via phone with them as I had a bad experience talking to someone in there.Waiting on a written response takes a while it at all.
 
Fleetwoodfan said:
No I didn't contact them.I don't communicate via phone with them as I had a bad experience talking to someone in there.Waiting on a written response takes a while it at all.
Click to expand...
I'm going to ring in morning and might follow it up with a letter. I don't see how if we in am agreed ARA that they increase monthly repayment
 
Best of luck with that!We filled out a sfs during the summer and they wanted us to start paying the full warehoused amount(an extra 400 pm) leaving us with very little disposable income per month. Requested a breakdown of interest and fees for the remaining term as seemed quite high and a couple of months later we are still waiting for info. Obviously with these massive interest hikes we won't be in a financial position to pay it. It's like they want customers to go into arrears!!
 
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