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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15:28 PM, 10th December 2013, About 11 years ago

Reply to the comment left by "Les Leadbitter" at "10/12/2013 - 15:15":

Hi Les and welcome. How did you hear about this campaign as a matter of interest?
.

Mark Landlord

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15:48 PM, 10th December 2013, About 11 years ago

Just sent an email out to nearly 100 mortgage advisers, solicitors, insurance brokers, property event organisers, estate agents and lettings agents etc that are on our database in the NE of England

Well done to Richard Kent for pushing this

Ian Burton

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15:49 PM, 10th December 2013, About 11 years ago

Hi Folks

Must be up to fourpence by now so here's my fourpence.

Just got my reply from my MP (2nd letter) saying he's written again to Sajid Javid he says that I mention Andrew Tyrie MP and says "in his position as chairman of the Treasury Select Committee is not a member of the government" I am confused here does MP mean Member of Parliament except under certain circumstances? Anyway he very politely continues

"In light of this, I have written to MR Tyrie, to ask if he is aware of the problem.."

He encloses a copy of the letter he has written where he has written

"Mr Burton has written to me again,to draw a parallel between his situation, and alleged lending practices at the Royal Bank of Scotland, which have received the attention of the Commons' Treasury Committee. I would be grateful for your review of my constituent's e-mail,"

I think this at least means he's taking an interest hopefully a good point for us and applying more pressure.

Not only that but his spelling and punctuation are much better than mine!

So write to your MP's again perhaps?

Mark Smith Head of Chambers Cotswold Barristers

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15:59 PM, 10th December 2013, About 11 years ago

Reply to the comment left by "Ian Burton" at "10/12/2013 - 15:49":

What I think it means is that the Treasury Select Committee is a cross-party committee, which scrutinises public spending by government departments and bodies such as the FCA. It is not a 'government' (ie the coalition parties) committee but is run by the whole of the House.

ian

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18:34 PM, 10th December 2013, About 11 years ago

Well done Richard Kent,
Are you getting any feedback from the Brokers your contacting?
When I can get a friend to show me how to cut & paste ill do Folkestone, Dover, Canterbury, ashford in the SE.

The Seasoned Female Investor

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19:13 PM, 10th December 2013, About 11 years ago

Does anyone know or had dealings with the two chaps at "Progressive Property which was founded in 2006/7 by Rob Moore & Mark Homer" ?

They have generated a massive network and following with several hundreds of properties of their own and manage a large property portfolio for clients. I'm sure they would have a few tracker mortgages amongst them !!

They are based and operate in the Peterborough area, I have emailed them a couple of times, but as yet no response. They seem very well connected running seminars and workshops all over the UK, may be very beneficial to get them on board for networking and spreading the word.

Richard Kent

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19:27 PM, 10th December 2013, About 11 years ago

Reply to the comment left by "ian " at "10/12/2013 - 18:34":

Hi Ian,
I'm sure Mark Alexander will keep us updated as to how much our efforts have paid off 🙂

Let's wait and see.

I'm continuing my efforts this week and I hope other people will continue to post their emailing progress here too 🙂

Thanks to everyone for their efforts today! 🙂

Shining Wit

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19:46 PM, 10th December 2013, About 11 years ago

Some interesting numbers to be found:
http://www.westbrom.co.uk/your-society/financial-information

I found the directors remuneration information (particularly the Performance Related Pay) contained in the Directors Remuneration Report quite revealing.

If you compare the figures/trends over the five years you can see why they need to raise more funds.

Enjoy
SW

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20:24 PM, 10th December 2013, About 11 years ago

Reply to the comment left by "ian " at "10/12/2013 - 18:34":

I already did some of Ashford in the SE - but can't harm to do them again (and you may find and e mail different ones than I did anyways)

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20:58 PM, 10th December 2013, About 11 years ago

Reply to the comment left by "The Seasoned Female Investor" at "10/12/2013 - 19:13":

And there are is of course Judith Wilson who is supposed to be 'Britain's most successful Private Landlady' who was once reported to richer than the Queen!
She and her husband own HUGE amounts of property mainly in Ashford in Kent.
But even though they live in our village and only a few doors away from us I'm not sure I would recognise her if I passed her (although I have wondered lately if she MAY be the lady who walks a couple of dogs past our drive each morning based on the picture here: http://www.mirror.co.uk/news/uk-news/judith-wilson-britains-most-successful-2234721). If any of our other Kent landlord members actually know her or even have her contact details I'm thinking she must surely have mortgages which are (or would be) affected.

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