Pepper has bought Dankse's performing mortgage book

Hi All,
I got a "hello" letter today from Pepper on trust for Proteus, for my ECB +0.5% Tracker on my PPR.

Maybe I'm picking holes here, but I had a lot of questions about what they've sent..
* The main letter was atrocious - words split at the end of every sentence and rolled over to the next line. Talk about attention to detail!
* They've told me that I need to contact my insurers to tell them that Pepper is to be noted as the interested party on my policies (presumably house insurance and mortgage protection). Surely this is for Danske to contact the insurers to tell them that they pass their interest onto Pepper?
* They're saying that I need to fill out AML information... again, surely Danske should have passed this on? Are they not allowed to under Data Protection? Am I actually obliged to do this or what happens if I don't bother?
* They say that the regulations that they are obliged to follow are Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and MEdium-Sized Enterprises) Regulations. But I'm not a small or medium sized enterprise (hold the sniggers ;-) ). The relevant regulations defines a "small enterprise” as an enterprise which employs fewer than 50 persons and which has an annual turnover and annual balance sheet total which does not exceed €10 million. Definitely not me. Are they pulling a fast one here? This is my Principal Private Residence I'm talking about!
* They say that they conduct their business in the English language. Doesn't affect me much, but again, are they allowed to not accept correspondence in Irish?
* Lastly, one that I'm really not happy about, they say that they will tranfer my data to countries outside the EEA...

Any thoughts??
Thanks!
 
PS see Wikipedia's definition of Proteus. Not sure it will inspire confidence...
Proteus is a genus of Gram-negativeProteobacteria. Proteus bacilli are widely distributed in nature as saprophytes, being found in decomposing animal matter, sewage, manure soil, the mammalian intestine, and human and animal feces. They are opportunistic pathogens, commonly responsible for urinary and septic infections, often nosocomial.

So. An opportunistic pathogen...
 
Hello,

I got the same letter.

I just about managed to read the fist page, before I started losing the will to live, and had to stop reading.

Whoever wrote that letter, needs to be sent back to primary school. It's an absolute disgrace, and definitely does not inspire confidence in Pepper.

  • Best to update your bank payment details immediately, to ensure that future loan repayments get to the correct account (if you pay by transfer or standing order).
  • It's also worth updating your insurance details (as in the unlikely event that you make a claim on your insurance policy, the insurance company's cheque will be issued in the joint names of the property owner(s) and Danske Bank, if you don't get the details updated. If that happens, you will have serious problems trying to lodge the cheque, you may have to contact Danske to get them to write to the insurer to consent to their interest being removed from the policy etc.).
  • I will not be sending Pepper my AML documents again. Both my wife and I provided copies of all required documents to Pepper, on two previous occasions. Prior to Pepper taking charge of our file, we had also provided all necessary documents to Danske. The most recent copies only went to Pepper in the last 12-18 months and were perfect, as I think the previous set were also.

Given that I have not read the entire letter yet, I cannot speak with confidence on what else is in the letter, but no doubt it's the same letter as SN9 has received.

A quick telephone call to the Data Protection Commisisoners Office tomorrow, should answer the question about whether or not you can stop your data from being transferred outside of the EEA and if so, what you need to do. Please let us know what you learn, as I'd also like to stop them from sharing my data outside of the EEA, if it's possible.
 
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"I'd also like to stop them from sharing my data outside of the EEA" - I appreciate the data protection issues in general, but in this case with Pepper and Proteus what exactly are you worried about? In reality it means your personal info might reside on a server or file outside of the EEA, but I am not concerned about that. But maybe I am ignorant of the issues with that.
 
Received the same letter, and as has been said, the layout is abysmal. There are words where the first letter ends on one line, with the rest of the word continuing on the second line.

Regarding updating your bank details, it states that if you are paying by direct debit, the transfer will happen automatically.

So it looks like I have to take no action to have my DD continue, and like Mr. Earl, they can whistle for another set of the same AML documents already provided. As nothing has changed on my side, I see no reason why I should jump through hoops again.

I will inform my house insurance company to be on the safe side.

And as SN9 so aptly quotes from Wikipedia, they are bottom feeders.
 
Be keen to see if anyone will try get a right down. Only got the letter today off them.
Sick of how Danske robbed us of the Offset.

Sounds like they wouldn't be interested in a right down. But who the hell do we contact anyway!
 
Were the bank account details for anyone else’s Danske repayment changed recently?

I pay my mortgage by standing order and have always done so; this month’s payment just arrived back into my account.

Many thanks.
 
There was something in the letter about the bank account changing which would affect standing orders but for direct debits there was no need to do anything. Mine is paid by DD and this months payment went through as usual.
 
Gordon Gekko said:
Were the bank account details for anyone else’s Danske repayment changed recently?

I pay my mortgage by standing order and have always done so; this month’s payment just arrived back into my account.

Many thanks.
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Hi Gordon,

I make monthly payments the same way.

The bank transfer details were changed, with details provided in that long winded, badly written letter issued recently. If you need the info, let me know and I'll send you a copy.

I've also noticed that they've moved the date of my repayment forward by 3 days. My scheduled repayment used to be due on 29th of each month, but now it's set to 26th. When I asked Pepper about this, they were quite relaxed about it, didn't admit to any changes to my repayment schedule, but told me I can get the date "changed back" if I send them a letter requesting it. Has this happened with anyone else ?
 
Thanks Mr Earl,

I didn’t receive a letter. I called them this morning and the details had indeed changed so I put the payment through there and then.

I wonder if there’s potential for a deal? I doubt it as I understand they paid 95c in the Euro for this bucket of performing loans.

Cheers.
 
Gordon Gekko said:
Zero as I understand it.

These are performing loans which also performed through the crisis. As I understand it, they paid 95c in the Euro for them.
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Yup, have also heard in recent days that there is currently no interest in providing discounts for early settlements.
 
Hi there,
I have a tracker with Danske and now owed by proteus. I recently got a letter from Danske stating my remaining loan amount and term. The term was incorrect out by a few years, should be 18 yr but stated 23yrs. I rang pepper and they said it must be a mistake and had I taken a break or interest only period. I had reduced payments, paid interest plus some capital when I was on a career break, all agreed by Danske. However, I have paid the full amount for the last few years and all is up to date. Pepper said it must be a mistake, I said I wanted the correct term in writing and she said Danske are sending out letters. I got the impression that this had happened to other mortgage holders. Should I be worried? No letter received yet. I heard that the vulture funds are only accepting the initial terms of the mortgage and any changes to these terms, even if agreed with Danske, are being recognised.
 
poka said:
Hi there,
I heard that the vulture funds are only accepting the initial terms of the mortgage and any changes to these terms, even if agreed with Danske, are being recognised.
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Did you mean to say not being recognised.
 
Yes apologies, they are not accepting any deviations from original agreement.
 
MrEarl said:
Got a letter today from Pepper, advising about changes on how they apply the TRS.
I'm surprised they didn't provide for the possibility of a future interest rate rise there.
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Maybe that's because there is not a snowballs chance in hell of there being an increase in ECB interest rates this year or even next year.
 
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