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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Mike L

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19:54 PM, 3rd October 2013, About 11 years ago

Just to add my support to this group and many thanks to Mark for his efforts so far. The way I see it is that if we don't push on with a class action legal challenge then the payments will definitely go up and will STAY up. In that light £240 really isn't very much to pay to try to stop that from happening, especially if you have more than one BTL. I'll be sending my cheque through and hoping that many others will do too. The bigger the kitty the more power we will have.

shaun campling

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19:54 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "03/10/2013 - 19:21":

hi mark
im not sure if you anserwed someone else's question in my name, im more than happy to pay what it takes

Addicted to fighting the WBBS

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19:56 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "shaun campling" at "03/10/2013 - 19:06":

Shaun - i am little shocked at the response you mentioned about the customer service team offering their understanding of the T&C's to redeem your loan within a months notice.... Mark has commented on the context of this is pages 22 - 24 of this thread.

I am shocked in the sense that they feel the need to even mention this to you and secondly that a customer service exec even knew about this clause, which to me, sounds like the "rate hike project team" have briefed customer services that when they get an irate customer on the phone, this response my calm them down.

To me, this sounds very threatening and if you read the posts by Mark, the viability of calling in the loan is put in common sense terms.

As a suggestion, i would suggest you ask WBBS to send you a copy of this call as i think this is "over threatening" behaviour from a well scripted C/S team.

I am seeing all the news about pay day lenders on TV tonight and am inclined to think WBBS are behaving in a way that is treating their own customers with complete contempt.

From your experience - imagine how a newspaper could construct a headline - "accept the rate hike or we will call the mortgage in within 1 month"......

I requested copies of my phone calls with WBBS on Tuesday and they arrived on CD (recorded delivery) this am.

WBBS Customer Services Team have been briefed very well about the "Rate Hike Project" from the powers to be.

Mark Alexander - Founder of Property118

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20:00 PM, 3rd October 2013, About 11 years ago

Hi Shaun

Yes, that is correct.
.

shaun campling

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20:13 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "stuart marshall" at "03/10/2013 - 19:56":

stuart
the comment about the1 month notice from wbbs was clearly intended to take the wind from my ranting sails. my response was " dont you dare threaten me," he denied it was a of a veiled threat. i shall request a copy of the conversation, suggestions of how to use it will be gratefully received.

M Jones

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20:20 PM, 3rd October 2013, About 11 years ago

Just a point to keep in mind and not wishing to appear conspiratorial but, it would surprise me if WBrom were not following this forum, indeed I would go as far as to say, it is possible a representative may play an active role.

Dave Crazy 1

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20:46 PM, 3rd October 2013, About 11 years ago

Execllent work all round Mark thank you for your efforts, I too am preparing my paperwork to send off to justin at the weekend by the look of the thread there are many others doing the same but we can't be complacement and everyone must join in to have the best chance of winning the case.

One small point, I spoke to my mortgage broker (Bristol mortgage centre ) today for advice and they had received several similar calls but we're not aware of the potential class action from this forum . I advised them all future calls should be referred here for support advice and momentum for the legal proceedings.

Steve Gracey

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21:00 PM, 3rd October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "03/10/2013 - 19:21":

I am not effected by this as I don't have any mortgages with West brom. However I am concerned that this underhand practice needs to be stopped before other lenders follow suit.

So if I were to join any class action I would be unable to share in any compensation from West Brom as I haven't incurred any damages. Maybe people like myself would be more willing to contribute to the fighting fund, but for a lesser amount. After all we stand to win nothing where as others stand to win thousands.

On another point has anyone contacted Landlords Associations such as NLA for help with funding this?

Good luck

Annette Stone

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21:02 PM, 3rd October 2013, About 11 years ago

I am beginning to think there is a bit of a conspiracy against the small landlord going on. In the last couple of days we have had this happen, then Mr Pickles came up with a scheme that most landlords could not live with; not least because of the contravention of all normal mortgage rules this would entail. Tonight I caught the tail end of a tv programming all about the tenants and the possible rent raises as a result of the shortage of available housing

I think that as many people as possible who are directed involved in the west brom stuff should contact their MPs and try and get them involved in the important role that the small landlord iin the PRS and the illegality of what is going on. Some questions asked in the House might put pressure on the mortgage lenders governing body to step in.

I can almost imagine a scenario in which many small landlords were forced out of the market and the instructional investors/pension funds created long, continental style tenancies with all sorts of licensing fees and regulation. This would, of course, mean the Government would have a nice big department to oversee all this, thereby creating jobs and looking like the good guys all round when in fact they should be supporting the small landlord as a vital part of the PRS.

I wonder if the Government's new 5 per cent deposit scheme will have a rate hike built into the small print. Not unthinkable as the funds are coming from regular lenders as I understand it

David Ellis

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21:17 PM, 3rd October 2013, About 11 years ago

Mark count us in as joining in the Group Action V WBBS and we will be sending Justin a copy of all our paperwork and paying our £240 for Action Points 1-4. I think then Mark we need to know how many have signed up and paid their £240. That way we can more accurately calculate our worst liability scenario when then deciding to take Group Court Action V WBBS

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