Brendan Burgess
Founder
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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.
Couple claim Pepper should not charge more than PTSB for loan acquired from bank
Cork couple agree to mediation in case where they say 8.5% home mortgage interest rate charged by Pepper is ‘excessive’
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.