The couple are seeking orders compelling Pepper to charge them the interest rate PTSB would be charging them
In their High Court case, the couple claim Pepper must abide by the terms of the loan agreements they entered into with PTSBA married couple has brought High Court proceedings claiming the financial fund that acquired their mortgage from a bank is now charging them an “unfair” 8.5 per cent interest rate.
They claim Pepper, which is described in legal papers as a “vulture fund”, is charging them an unfair 8.5 per cent interest rate, when they would be paying just over 4.3 per cent if their loans had remained with PTSB.Can I claim rent tax credit on house whose owner is under Fair Deal nursing home care?
These loans, which were sold by PTSB in 2019, had fixed interest rates for periods before a variable rate kicked in. The couple represented by John Kennedy SC, Peter McKenna and solicitor Eugene Carley, are seeking various orders and declarations from the court. They also want the court to declare that Pepper charging them an interest rate on their mortgage that is higher than the corresponding rate being charged by PTSB is unlawful and in breach of European Union regulations on consumer contracts.
However, he said, there was some urgency to the application as the increase in the interest rates, which amounts to them having to pay an extra €7,400 per year, was causing them difficulties.They claim that by exercising their discretion to increase the interest rates Pepper has failed in its duty, known the ‘Braganza duty’ to the couple.