West Bromwich Building Society Tracker Margins Legal Action

Reply to the comment left by "Shining Wit" at "05/12/2013 - 18:21":

A truly inspiring and very gracious post, thank you 🙂

Justin has some VERY good news to share with borrowers who only had one or two properties at the time of taking their West Brom mortgage. I believe he will be writing to anybody this applies to who is a paid up member of the campaign next week.
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Reply to the comment left by "Mark Alexander" at "05/12/2013 - 18:58":

Hi mark, not sure how I and others would be categorised? I bought my first buy-let property with west brom in 2007, then a 2nd and finally a third all with WBBS. I'm wondering what the good news is and if someone like me would qualify? Never had a rental property prior to first WBBS mortgage .

You will probably get the rate hike on the first mortgage and possibly the second reversed well before the Court case

Reply to the comment left by "Mark Alexander" at "05/12/2013 - 19:36":

Do they still need to be in the Class Action in this case ?

Reply to the comment left by "Mark Alexander" at "05/12/2013 - 19:36":

@Mark A

Interesting.........

Mark, is this recent progress based on West Bromwich's of 3 buy to let property definition?

Is it that some decisions based on less than 3 could be reversed?

Or can you not say too much at the moment?

http://insight.wesleyan.co.uk/climbing-the-property-ladder-wft/?%3Fce=denise.doms@gmail.com&cfn={~Forname~}&cln=Doms

halfway down the article is investment advice from the Wesleyan which gives their definition and explanations of different mortgage types - no mention of being able to hike the rate on a tracker mortgage on a whim!

Hallo everyone. It's two weeks since I contributed here but I have been working behind the scenes. For all those new contributors I am not directly involved in this campaign as I am not a wbbs borrower but I have been helping Mark since the beginning of the campaign and I have contributed money to help.

“Dean, the press list was amazing. I have been working on a list for the London and national dailies and Sunday papers and magazines like Estates Gazette, and I will deal with these. I was able to let Mark know today that a personal contact has today provided me with database of all property, financial and banking journalists working on these papers and I will deal with the issuing of press releases to these guys. I have telephone nos. as well in case I need to follow up on things. This database was shared with me on a personal basis so I cannot share it but this area of the press is in hand.

We do need quite a few people who are prepared to cover the local papers and media and if people could identify to Mark which area of local papers/media/trade associations/property weeklies they are covering by the beginning of next week he will be able to know that Property 118 has covered as much of the country as possible. One gentleman has indicated that he will deal with Scotland and I think we need three other people to cover the areas South of London and the coast, London to Manchester and Manchester to Scotland.

It does not matter if we do not reach everyone. We will reach enough people to increase awareness and hopefully the press will pick the story up and take it forward. Please do not expect too much from the Nationals and Sundays. Banks and building societies are major advertisers and this may affect the coverage we get but I will keep going with them.

Once Mark has the list of who is sending what out then he will let them have the relevant press releases by e mail and ask them to get them distributed by email immediately.

If you do take on some of the press work this is not going to be onerous. Obviously you will need to make yourself a database and I think that Dean's list form wikipedia will be very helpful.

The email that you should send to each journalist with the Press Statement should say :

"Reference West Bromwich Building Society".

Please find attached a press release from Mark Alexander, founder of the Property 118 internet forum which is spearheading a campaign to reverse the decision of West Bromwich Building Society in respect raising interest rates on tracker rate mortgages which were intended to track the bank base rate. The Building Society appear to believe they can treat these mortgages as Standard Variable Rate mortgages and a representative action is being prepared for a case to be heard in Court early next year to prove otherwise.

Several members of the press have already expressed an interest in the campaign and have written about it and I am sure your readers will be interested to see the progress as outlined in the Press Release attached.

If you do report on the issue may I please ask you to let me know so that we can include any article in our press file.

This email is sent on behalf of Mark Alexander and Property 118. All press enquiries and requests for interviews should be sent to Mark Alexander at mark@property118.com – tel 07834 754223"

Thank you for your assistance

Yours sincerely

When you find out that they have written something please refer to it here end a short thank you note and confirm that you will keep them up to date on progress.

If everyone lets me know if something is in the Press I will keep a cuttings book as a momento for Mark!!!

may i make a suggestion:- the paragraph

"a campaign to reverse the decision of West Bromwich Building Society in respect raising interest rates on tracker rate mortgages which were intended to track the bank base rate. The Building Society appear to believe they can treat these mortgages as Standard Variable Rate mortgages and a representative action is being prepared for a case to be heard in Court early next year to prove otherwise"

is understood by all of us - but would it necessarily be understand by a local provincial newspaper non-financial journo reading many press releases ?

For me, figures usually put into context the crux of an argument, and if you were to tell me that my building society had decided to increase my monthly payments by 1.9% when i had accepted their mortgage on the clear understanding that my interest rate would never go up unless Bank of England Base Rate increased.... and BOE base rate has not been increased......... then i would "get" the iniquity of WB's action much more easily. If an example of the amount of loan, and the previous monthly repayment, and the new monthly repayment were to follow.... that might make it almost impossible for anyone to NOT understand.

just a thought

Reply to the comment left by "Mark Alexander" at "05/12/2013 - 17:42":

If they want to save the reputation of the WB Building Society, the people who instigated this debacle need to do a U-turn, and quickly.

Every day that passes, scores or hundreds of new people learn that the management of the WB cannot be trusted.

Every day the brand gets more tarnished. Like Ratners, only slower.

However, when the above press campaign gets underway, the new people will be numbered in their thousands.

Reply to the comment left by "Appalled Landlord" at "05/12/2013 - 21:33":

but from WB's savers point of view... what WB management is doing is admirable....... and yo can bet that WB have couched it in those terms to its members.... is anyone here a saver who has had any literature from WB re rates ?