Credit balance on my mortgage account with Pepper

L

Leesider32

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Thanks for your answers.

I had 2 very interesting conversations with the bank today.

First on my account online (never seen this on my statement) there was an arrears figure of -€5,400, so a credit. Asked why this wasn’t just taken off the capital balance and he said that a lot of times it wasn’t picked up and a lot of people left it there. I said I wanted it off the capital so that was no problem. Then I asked what is the interest rebate each month on my account, he said it was the difference between the capital amount the calculation was based off (before I made some capital payments) and the lower current capital amount. I pointed out that when I did the interest calculation my number was lower then what I am paying with the rebate included. He agreed it is and said he would call me back about it.

Second call he said the calculation was based off the higher capital amount and this would be corrected now. I asked why this wasn’t picked up and he said that a scan is done so you have to hope the scan happens or know this is the case and call them to ensure it has. I again pointed out the rebate amount difference and he said the rebate is capped. I said that is not much good to me when I was paying off some capital in good faith that this was being reflected in my payments. He is to check it out and call me back Tuesday.

Is this practice normal? Or even legal? I may have been paying more than I should over the last 3 years.
 
OK

Pepper makes a mess of their accounting, so you will need to check it out carefully and complain to the Ombudsman if they don't fix it.

Also complain to the Central Bank as the Central Bank should be stopping Pepper from taking on new business until they fix their operating systems.

Brendan
 
Brendan Burgess said:
OK

Pepper makes a mess of their accounting, so you will need to check it out carefully and complain to the Ombudsman if they don't fix it.

Also complain to the Central Bank as the Central Bank should be stopping Pepper from taking on new business until they fix their operating systems.

Brendan
Click to expand...
Thanks Brendan, going to get all of the statements from them again, think I am missing a year, and go through each month. Very annoying having to do this and it’s really only by chance I discovered this issue.
 
Interesting....am also pepper and was BOS...have been over paying mortgage by a small amount and it appears as a credit. Does this mean 1) my outstanding balance is overstated ( this over payment hasn't been deducted) and 2) interest is still being calculated off higher amount, not considering amount I have overpaid.

If i left it as a credit would it mean if I was not able to pay the mortgage one month I could pay from this balance and hence not have a black mark against my credit rating ?
 
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