West Bromwich Building Society Tracker Margins Legal Action

West Bromwich Building Society Tracker Margins Legal Action

18:38 PM, 30th September 2013, About 11 years ago 3869

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West Bromwich Tracker Rate Mortgages Legal Action Group

West Bromwich Building Society Tracker Margins Legal Action

Are you affected by the West Brom Tracker Rate Hike?

If your mortgage account number begins with the number 8 you are highly likely to be one of the unlucky 41% of the mortgage customers of the West Bromwich building Society with a West Bromwich Mortgage Company account affected by the 1.9% increase in your tracker margin rate. However, if you arranged your mortgage directly with West Bromwich Building Society (i.e. not via a broker) or before 2006 the chances are that your account number will begin with the number 9 and you are not affected – YET!!! West Brom will give no assurances that mortgages with account numbers beginning with the number 9 will not be affected at some point in the future.

OUR INTENDED CLASS ACTION LITIGATION OVERVIEW

Tracker Rate Class Actions Updates

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

Mark Smith (Barrister-At-Law) said …

“Representative actions, where one person starts a case representing many others, who all want the answer to a legal question from a court such as ‘is this contract enforceable against me?’ but are not seeking damages. All those who sign up to the action will get the benefit of the win, but they do not have to start their own cases, as they are ‘represented’ by the lead claimant.

The only people who will definitely benefit from success in the case are those who have signed up. There will be no free rides. Any others will have to fight their own corners individually, either alone or with legal help (which will inevitably cost significantly more than the group case).”

We will NOT settle on any basis.

Landlords take legal action against West Brom Mortgage Company

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?

This discussion thread is now closed – we’re off to Court!

To link to the new discussion please CLICK HERE

West Bromwich Mortgage Company Tracker Margins Legal Action


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Alexander Law

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16:20 PM, 2nd November 2013, About 11 years ago

Reply to the comment left by "Colin Childs" at "02/11/2013 - 15:16":

Fair point, I will moderate my comments in future. I just wanted to stress the potential impact of the WB actions if they get away with their rate rises.

Paul Eastabrook

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19:16 PM, 2nd November 2013, About 11 years ago

Reply to the comment left by "Colin Childs" at "02/11/2013 - 15:16":

I must admit, speaking personally, I don't feel that I have benefited from low interest rates in any way. I have just finished paying 5.99% fixed for the last 5 years and paid a hefty arrangement fee for the privilege. I'd been on 1.99% + Base Rate for about 3 months when WBMC hit me with its decision. Perhaps I should have taken a leaf out of WB's book and reduced my fixed rate repayments on the basis that market conditions had changed to my own detriment. Still, onwards and upwards.

Dean

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20:17 PM, 2nd November 2013, About 11 years ago

Reply to the comment left by "Paul Eastabrook" at "02/11/2013 - 19:16":

Paul. I think you will find a lot of people in the same boat. Five year fixed that were paid for with large fees that only came onto the fixed rate tracker this year. Then wb have the cheek to say they have held off increasing the rates as long as possible they are lying cheats. They have waited until they have squeezed the maximum from us all then taken legal advice. Apparently this is external legal advice. In other words not independent. But just asked someone to see if there is any way around the contracts we have signed. So they have tried to apply the term that gives them the ability to amend the svr to the fixed premium on a tracker.

The FCAare a waste of time. Our only chance here is to see it all the way through the courts.

We just all need to keep trying our best to get more support on here between now and getting councel opinion. If we can get 350 to 400 sign ups we have a real chance of being able to at least get a proper independent legal ruling.

Wb directors and all these bodies set up to oversee this kind of thing should be embarrassed. They are robbing a living. No one wants to take responsibility The officials at wb are a total disgrace to what as become a laughable profession.

Paul Eastabrook

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21:13 PM, 2nd November 2013, About 11 years ago

Reply to the comment left by "Dean Turner" at "02/11/2013 - 20:17":

Dean, I couldn't agree more. I was also very surprised by the reaction of the Consumers' Association lawyers saying that WB was within its rights as the word "fixed" had not been used in its terms and conditions. This is even though neither had the word "variable" been used other than in the overall sense to define the total rate being applied.

I think the term "embarrass" as you and I have both used previously is critical to what we can do, until such time as the legal processes kick in. I need to chase the Ethical Consumer research team for a response to my, as yet unpublished, posting. I will be contacting the ICO on Monday too, in addition to Experian and my broker, Experian.

Richard Adams

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21:40 PM, 2nd November 2013, About 11 years ago

Reply to the comment left by "Colin Childs" at "02/11/2013 - 15:16":

Maybe the remark of Alexander's you fastened upon is a bit OTT. I'm sorry it made you cringe. Personally though the impending rate rise does have ruinous implications for me. Certainly if my other lenders follow suit then I'm finished. I doubt I am the only one in this position?

So it doesn't do any harm to touch on this aspect to draw new supporters to our cause contrary to what you say. Had interest rates not been low in recent years I would have been finished already.

Yes the contract issue is the basis of the class action and wailing in court about personal hardship will cut no ice. However if we only mention our disagreement with WBBS over the contract interpretation without getting slightly emotional, it could give the impression we are just a cold bunch of folk with a legal axe to grind who are well enough heeled to take the rate rise on the chin in the unlikely event of our losing the legal battle.

I have joined the class action not only because it is 100% right but also to save my skin. I sink or swim depending on the outcome.

Andy Bell

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2:23 AM, 3rd November 2013, About 11 years ago

Welcome aboard all new members, your experience of how you found us is really valuable to the campaign.

**** Please leave a comment, let us know the "searches you made" or path(s) you took to find us******

#For the larger campaign, it will help!!!

*need for printable PDF noted and will sort when I get back from seaside.
( just a few days away with another hat on, re-building a pile of stones in to a holiday cottage)

I'll try to find out about how links go on the systems CAB use.

Annette Stone

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10:39 AM, 3rd November 2013, About 11 years ago

See page 95 of Mail on Sunday referring to the action and mentioning Justin but not Prooerty 118 . Slowly but surely we are getting the message out.

Concerned Landlord

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11:01 AM, 3rd November 2013, About 11 years ago

We are all of course anxiously awaiting the council's opinion on the matter, I would however like to underline few points:

Firstly and most importantly in my view is that WB are playing it below the belt - a BBR tracker rate is exactly what it says on the tin and everyone in the industry or otherwise knows that to be the case - the perception and intention at the point of sale is everything.

Secondly, even if we accept their small letter contractual argument, the following points taken directly from their contract puts WB on a very shaky ground indeed:

Section B of Standard Conditions of Offer, paragraph 1 page 6:

"These Standard Conditions of Offer apply to every Offer of Loans made by us except to the extent that they are varied by any express provision contained in your Offer of Loan Letter or in the Special Conditions of Offer."

Note that Special Conditions of Offer is a section that is part of the Offer of Loan Letter.

Section C, WBMC Mortgage conditions 2006, paragraph 7, page 14:

" These Mortgage Conditions incorporate any terms contained in the Offer of Loan. If there are any inconsistencies between the terms in the Mortgage Conditions and those contained in the Offer of Loan then the terms contained in the Offer of Loan will prevail.

QED

Mark Alexander - Founder of Property118

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11:32 AM, 3rd November 2013, About 11 years ago

Express & Star Article

Great News folks, the express & Star Newspaper have finally buckled under our pressure, despite refusing to publish some of our comments on their previous article about the West Brom's swanky new offices.

I have written a very long comment under the new article so I hope it gets posted.

Please have a read and post a supportive comment about our group here at Property118 - see >>> http://www.expressandstar.com/news/2013/11/03/legal-action-vowed-by-west-brom-customers/
.

Mark Alexander - Founder of Property118

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12:03 PM, 3rd November 2013, About 11 years ago

Reply to the comment left by "Annette Stone" at "03/11/2013 - 10:39":

What's the article title Annette?. I will find it via their Google News feed and link to it here so that we can all post comments to draw people back to our campaign. It's a shame they didn't name us but it's better than nothing and gives us another platform to build on. We need to act quickly though as it will be old news tomorrow and people will not be reading the comments so much.
.

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