Proposed debt sale to Pepper Finance Corporation (Ireland) DAC 2021
Notice to Account holders
Important Notice from 12th July 2021
Danske Bank A/S trading as Danske Bank (“Danske”) has entered into an agreement to transfer a portfolio of certain debt exposures, including, but not limited to, certain personal loans, business loans and terminated overdrafts, credit card exposures and Judgments to Pepper Finance Corporation (Ireland) DAC (“Pepper”).
It is currently intended the transfer of ownership of the Account(s) included in the debt portfolio will take place in October 2021 (the “Transfer Date”).
Danske has written to all customers whose Account(s) is/are included in the debt portfolio which is being transferred. If you are concerned that your Account(s) is/are included in the debt portfolio being transferred and you have not received a letter, or, if you have received a letter and have any queries, please contact Danske on 01 4842733 (or +353 1 4842733 if outside the Republic of Ireland) from Monday to Friday 9am to 5pm.
Alternatively, customers can write to Danske at Danske Bank, Non –Core Operations, 3rd Floor, 3 Harbourmaster Place, IFSC, Dublin 1.
Customer should note:
- Day to day management of your Account(s) remains with Danske, who will continue to manage your Account(s) until the Transfer Date;
- There is no change to customers’ obligations as a result of the proposed transfer to Pepper. All obligations remain due and owing to Danske until the Transfer Date. After the Transfer Date, all obligations will be owing to Pepper.
Questions & Answers
Why is / are my account(s) being sold when my repayments are up to date?
Danske has been winding down its Personal and Business Banking operations in Ireland on a phased basis since October 2013. This proposed sale is part of that ongoing process.
Was I supposed to receive a letter? I have not received one.
All customers impacted by the proposed sale were written to during the week ending 9th July 2021 and the letter was sent to the address that we have on file for each customer. If you believe your Account(s) may be included in the proposed sale and you did not receive a letter, please make contact with Danske, on the above phone number as soon as possible. If your Account(s) is/are included in the proposed sale and you did not receive a notification letter (for example because you have a new address) please verify your up to date contact details with Danske and you will be issued with an additional copy of the notification letter.
When does this change take effect?
It is expected that the proposed sale will complete and legal ownership of the Account(s) will transfer in October 2021. Danske will write to all impacted customers again to confirm when the proposed sale has completed.
Not all of my accounts have been listed on my notification letter?
If you believe your Account(s) may be included in the proposed sale and you did not receive a letter referencing all your Account(s), please make contact with Danske, on the above phone number as soon as possible.
Can I redeem my account(s) before the sales process finishes?
If you are in a position to do so, you may repay your Account(s) in full at any time prior to the proposed transfer of the legal ownership of your Account(s) to Pepper, which transfer is expected to take place in October 2021.
Impact on Repayments
Do I need to make any change to my direct debit repayment?
If you have already set up a direct debit, you do not need to take any action at this point. You will be notified in advance of any changes to the arrangements for your Account repayments.
Will my interest rate change in the future when the new Purchaser takes over my account(s)?
The interest rate applicable to your Account(s) is set out in your facility letter/agreement with Danske. Pepper will be bound by the terms and conditions of the existing facility letter/agreement.
If I am in arrears with my account(s), what will happen when the new Purchaser takes control of my account(s)?
Pepper is an entity regulated by the Central Bank of Ireland and will continue to service your Account(s) under the relevant regulatory codes. Up until the Transfer Date (which is expected to occur in October 2021), Danske will continue to work with customers who are in financial difficulty in line with our existing policies.
If you are experiencing financial difficulties or expect to be unable to meet your obligations in relation to your Account(s) Danske can arrange for an adviser to contact you.
What will happen with my personal data?
As part of the proposed sale, relevant details relating to your Account(s) held by Danske which are necessary to manage your Account(s) will be transferred to Pepper. Your data will continue to be processed in accordance with the General Data Protection Regulation (GDPR) and applicable Data Protection legislation. Your personal rights will not be affected. Danske will continue to maintain relevant records about your Account(s) in accordance with its legal and regulatory obligations.
Who is Pepper Finance Corporation (Ireland) DAC?
Pepper Finance Corporation (Ireland) DAC will be the new legal owner of the Accounts from the Transfer Date and all obligations in respect of your Account(s) will be owing to them from that date.
Pepper Finance Corporation (Ireland) DAC is regulated by the Central Bank of Ireland.