Pepper customer in High Court claiming rate should be same as ptsb

This is good news except that it has gone to mediation and perhaps Pepper will settle with a non-disclosure agreement rather than risk an adverse judgement which the Central Bank would require them to apply to all loans.


One of the arguments Pepper used to justify the high rates was the price they paid ptsb for the loans!
But they said that they could not disclose the price they paid.
The Judge wasn't having any of it.

Mr Justice David Nolan, who previously made discovery orders in the case, said the defendant should swear an affidavit of discovery saying they are not in a position to say the price for this loan. The defendant should also state the price for the portfolio of loans.

I wonder if there is a settlement will the CB take action and require it to be applied to all borrowers?

The recent case in the UK re the Whistletree Loans was lost by the "Vulture Prisoners"
See link

If its a standard variable loan then the PTSB T&Cs allow
1 For the sale of the mortgage
2 The new owner to set the interest rate

In my opinion these people are being treated far worse than those who lost their trackers.

CorkHome2022 said:

The recent case in the UK re the Whistletree Loans was lost by the "Vulture Prisoners"
See link

If its a standard variable loan then the PTSB T&Cs allow
1 For the sale of the mortgage
2 The new owner to set the interest rate

TSB did not breach 'mortgage prisoner' contracts, judge rules

The preliminary ruling could undermine a class action being brought by 'mortgage prisoners', who claim they have been unfairly tied in to high interest rates.

moneyweek.com

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Does that have much bearing on/relevance to the Pepper/PTSB case given that it involves a completely different company in a different jurisdiction? (And a class action suit which I believe are still not possible in Ireland?).

ClubMan said:

Does that have much bearing on/relevance to the Pepper/PTSB case given that it involves a completely different company in a different jurisdiction? (And a class action suit which I believe are still not possible in Ireland?).

Click to expand...

We have the same common law system as the UK and UK law is commonly quoted for precedence in courts in this country .

cremeegg said:

In my opinion these people are being treated far worse than those who lost their trackers.

Click to expand...

Agreed but getting an Irish Court to rule in accordance with the EU Fair Terms Directive is nigh on impossible , PTSB have a nasty little clause in their mortgage contracts which cover the vulture's to a certain point. Getting that ruled upon is the hard bit.

CorkHome2022 said:

We have the same common law system as the UK and UK law is commonly quoted for precedence in courts in this country .

Click to expand...

But the UK case is a class action and I don't believe that such cases can be taken in Ireland?

ClubMan said:

But the UK case is a class action and I don't believe that such cases can be taken in Ireland?

Click to expand...

The Class Action bit is irrelevant , that just allowed a large number of people join the case , the ruling was on the legal points taken by the Vulture Prisoners to say they should have been on a better rate , they lost .
Here if one person won the case it would set a precedent and all others would be settled out of court like the Army Deafness cases of 30 years ago or the Tracker Cases of 10 years ago .
Alot of people are watching this case against Pepper to see what way it goes , unless there is a very public fight where Pepper win then I expect more cases to follow .
If there is negotiation's with Non Disclosure attached then you can be sure Pepper have folded , it will be worth keeping an eye on .

I studied the Whistletree judgement at the time and I believe that it boosts the claims of customers of Irish vulture funds rather than damns them.

I attach my notes but would point out that I am not a lawyer.

CorkHome2022 said:

We have the same common law system as the UK and UK law is commonly quoted for precedence in courts in this country .

Click to expand...

The issue here is more likely to revolve around statute law rather than common law.

I once found myself in the position where a barrister applied to have me committed to prison for contempt of court. The judge asked on what basis, when the barrister quoted a UK decision, the judge harrumphed at him, 'Is this a UK court, do I look like a UK judge?' I could have kissed him !