West Bromwich Tracker Rate Mortgages Legal Action Group

Nearly 1,000 people have registered an interest in the Class Action groups challenging the legality of the increases to tracker mortgage interest rate margins proposed/implemented by West Bromwich and Bank of Ireland. Many of the people who have registered are not affected at this time but are sufficiently concerned about the potential knock on effects to the attitudes of other lenders to make a donation to the Class Action Marketing Fund. We must spread the word to ensure that we win these cases in order to to discourage other mortgage lenders from following suit. 

Funds raised towards the legal fighting fund are being held in a solicitors client account which complies fully with The Law Society rules and is protected by client money protection insurance and the solicitors compensation fund until they are billed.  The objective is to raise sufficient money to be in a position to fund group action court cases and associated legal expenses insurance. No court cases will begin until such time as sufficient funds are raised to protect and limit the liabilities of all participants to the amount of funds pledged up front. If Court cases are not required or are not affordable then any surplus funds held on account will be returned pro-rata to the members of each group.

The reasons we started this campaign are very simple:-

1) We believe the actions of West Brom are immoral

2) We believe the actions of West Brom are unlawful, i.e. they have no legal grounds to increase their tracker rate margins

3) We have no wish to subsidise other areas of the West Bromwich Building Society business model

4) We are fearful of other lenders following suit if West Brom are allowed to get away with this

On these grounds we have raised more than enough money to cover the initial legal work and the costs of obtaining Counsels opinion. In fact, even after taking these costs which amount to £15,000 out of the funds raised to date we are 25% towards our minimum target fund raising to commence litigation.

We will NOT settle on any basis.

In our opinion we are more likely to raise the required funds on this basis.

We have a moral duty to do what is right for those who support the values upon which this campaign was started. Our promise to all who support these values is that we will not sell out on you at any price. We will continue to fight this injustice and we will fight any other lender who tries to follow suit.

Are you with us?

To Do List

• Complete the Class Action Expression of Interest Form – Link here You will then receive emails advising you what to do next.
• Please make a donation to the marketing fund to help spread the word – link here
• If your are directly affected then complain to your mortgage lender and copy in the Financial Ombudsman Service using this letter template

Latest media coverage in which our campaigns are named/linked

BBC Website

BBC TV News Channel “Your Money” (10 minutes and 18 seconds into the programme)

The Telegraph

iDoStuff

Guild of Residential Landlords

What Sam Saw Today – part One

What Sam Saw Today – part Two

House Selling Advice

Chesterfield Post

Also see our forums …

West Bromwich Building Society

Bank of Ireland

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