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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Mark Alexander - Founder of Property118

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15:41 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "Paul Eastabrook" at "19/11/2013 - 14:15":

I've just got my 1.9% letter too.
.

Addicted to fighting the WBBS

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15:41 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "19/11/2013 - 15:34":

Hi Mark, I was not necessarily referring to anyone who had 'organised' their BTL Lifetime 'directly' with WBBS, rather through their wholly owned mortgage brokers called The Mortgage Force.

As I mentioned, the existing management team bought out WBBS for an undisclosed fee in 2011 (when WBBS were going through their 'back to basics' strategy), however as confirmed by the existing MD of Mortgage Force in Oct 2013, Mr Kevin Duffy, WBBS still have an interest - http://www.mortgageintroducer.com/mortgages/247965/5/Industry_in_depth/Mortgageforce_losses:_Strong_recovery_ahead.htm

ALSO, it was not necessarily a conspiracy theory because it would be proved equally as Beneficial to our cause if we could actually find affected WBBS Lifetime Trackers who DID indeed take their mortgage through Mortgage Force.

Richard Adams

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15:48 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "19/11/2013 - 15:40":

Are borrowers bound/obliged to make payments via DD? If I prefer to pay by cheque, bank transfer or with a wheelbarrow full of copper delivered to their office (for which I would demand a receipt!) then surely that is my prerogative?

Mark Landlord

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16:05 PM, 19th November 2013, About 11 years ago

Arrived back home to a letter from my MP which enclosed a letter that he had received directly from Sajid Javid MP at the Treasury.

Bascially, it goes over the same stance of commercial decisions for lenders etc and that the Government does not seek to intervene in these decisions.

Yet again completely missing the point and the basis of the complaint !!

It also mentions the October 2004 regulation explaining the distinction between owner occupiers and us landlords.

Then referrring us to the Money Advice Service which was set up to promote understanding of the financial system. Give me strength !!

So yet again I will be writing a letter to my MP saying that my complaint is the breaking of a mortgage contract!

Do we think a hundred or so letters from each one of us in the class action directly to Sajid Javid MP might help to explain EXACTLY what it is that we are complaining about !!

Dean

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16:15 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "Mark Landlord" at "19/11/2013 - 16:05":

These are the people we ask to run our country and they cant even be bothered to read the letter properly before replying .

No wonder ever other institution is the same .

We have to realise that we are the only ones through the Courts that can change this.

Our efforts need to be simply focused on getting more people to the site and getting them signed up

Mark Alexander - Founder of Property118

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16:36 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "stuart marshall" at "19/11/2013 - 15:41":

Hi Stuart

That's how I understood it, sorry if my response was worded badly. The scenario you have outlined is no different is people who went directly to west Brom aren't affected either. basically the same point as you were making.
.

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16:53 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "Mark Landlord" at "19/11/2013 - 12:58":

Do you feel able to share your letter so that the rest of us can customise/personalise it as necessary and send one in too please?

Richard Adams

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17:28 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "Mark Landlord" at "19/11/2013 - 16:05":

Good idea, here is copy of my letter to Sajid Javid,

You have doubtless received many letters by now from MP’s whose constituents are amongst the above affected people. I too am one of them.

Since many of us are in constant touch with each other I know that your responses so far have been basically to brush the matter aside which is extremely disappointing.

Maybe your officials who are handling this at the Treasury have not grasped the significance of what is going on here? Following the credit crunch the reputation of banks and financial institutions hit rock bottom. Their greed and bonuses were called into question. Your government gave assurances upon entering office that this situation would be addressed.

What the WBBS have done is precisely what everybody hoped we had all seen the back of post recession. They as lenders entered into contracts with borrowers that they are now seeking to break. This is the issue that you simply must acknowledge by stopping them in their tracks before other unscrupulous lenders do the same which they will without action on your part.

As this is a contractual matter brushing us aside as non owner occupiers is irrelevant. You have legal expertise at the Treasury. Please ask them to examine this state of affairs. If trust in banks, building societies etc is to be restored as it should be so people can borrow, invest, and have overdrafts with 100% confidence that the terms upon which they entered into the arrangements are honoured, as they should be, then you must agree to take some action.

WBBS are relying on small print in an obscure booklet as legal justification for their action. As you will surely know this is a trick that will not wash. Important salient points in any contract like this cannot be hidden away but must be highlighted in the loan offer at least.

Please do not seek to avoid your responsibility.

Mark Landlord

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17:49 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "Dean Turner" at "19/11/2013 - 16:15":

Agreed - look forward to getting this into court and then hopefully someone will actually listen to our complaint

Mark Landlord

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17:51 PM, 19th November 2013, About 11 years ago

Reply to the comment left by "Denise Doms" at "19/11/2013 - 16:53":

See Richard Adams letter as posted in the forum after your comment.
Seems perfect to me

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