Courts / Cork / Report
Couple's action over vulture fund's 'unfair' interest rate may have implications for thousands of mortgage holders
Summary
In a High Court case that could affect many mortgage holders, Darren Hennessy and Emer Barrett have sued Pepper Finance Corporation Ireland DAC, a so‑called vulture fund that acquired their mortgage from Permanent TSB (PTSB). The couple claim Pepper is charging them an 8.5% interest rate, compared with just over 4.3% they would pay if the loans remained with PTSB. They argue that Pepper's variable rate increases are unjustified, driven solely by profit motives, and that the fund has breached EU consumer contract regulations and the 2013 Central Bank Supervision and Enforcement Act. The plaintiffs seek a declaration that the current rate is unlawful and out of proportion to any legitimate rate, orders to compel Pepper to charge the corresponding PTSB rate, and damages for alleged breaches. The case was adjourned by Mr Justice Mark Sanfey to a later date this month.
Who, what, where, when and why
What: Report matter: Couple's action over vulture fund's 'unfair' interest rate may have implications for thousands of mortgage holders. Procedural stage: charge_or_pretrial
When:
- 2023-11-07 Publication
Why: The plaintiffs said they have brought this motion because the longer the case takes to conclude, the greater their losses will accrue. CNI source report
Case subjects
Applicant
Outcome: The judge, after expressing his desire that the parties liaise with each to help move the action along, adjourned the case to a date later this month.
Applicant
Outcome: The judge, after expressing his desire that the parties liaise with each to help move the action along, adjourned the case to a date later this month.
Places mentioned
- High Court
- UK Supreme Court
- Deanrock Estate
- Cork
Topics
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