West Bromwich Building Society Tracker Margins Legal Action

14 MP's so far is a good start. There MUST be more names so please everyone else send in names of your MP even if he/she has only been mildly sympathetic. You don't need to contact him/her again, just cough the name.

A debate has already been requested and like has been stated the Parliamentary timetable will dictate when it happens. The more names supporting it the better the chance of it happening.

The debate happening, if it does, won't actually change anything but it will be absolutely terrific publicity for what we are doing.

Onslow, it would be very helpful if your MP Jason could report back to you after he has approached the other MP's to say if any of them refused to support him. We can make further publicity out of this negative aspect so even this "cloud" will have a silver lining.

Reply to the comment left by "Onslow Clough" at "14/01/2014 - 17:51":

Hi Onslow
Can you please include Jim Shannon MP for Strangford who has been sympathetic and is always very proactive in assisting his constituents.
Well done with all your work

West Brom have now reviewed the SAR where I requested how they found out I had 6 mortgages.
"Following recent clarification from the Information Commissioners Office the company has revisited the position in relation to the credit reference agency used to determine the number of mortgages you had elsewhere. This information was not added to your file on your initial request"
It doesn't identify what Credit Reference Agency they went to.

I had another letter last which was in reply to Justins template telling West Brom that this was my first ever BTL in which they have said it matters not its how many you have now, is there any further advice on this.

Reply to the comment left by "Richard Adams" at "14/01/2014 - 20:06":

Hi Richard

I disagree, I think a parliamentary debate about the actions of West Brom could change everything, not only the PR angle to attract more members but also the adverse affects on West Brom. If they are still reading this thread they must be getting very worried now. I wonder whether they will do a u-turn? I also wonder whether they can afford to do a u-turn and that may well be their only reason for not backing down on this fight. They must surely know they are sitting on a ticking bomb by now.
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Reply to the comment left by "Onslow Clough" at "14/01/2014 - 19:11":

Ok thanks onslow. For those of us whose MPs are listed should we be informing them and if so what should we be telling them ? Thanks. Dean

Reply to the comment left by "Richard Adams" at "14/01/2014 - 20:06":

Nigel Adams, MP for Selby & Ainsty, is sympathetic, please add to the list.

Reply to the comment left by "Mark Alexander" at "14/01/2014 - 21:25":

OK Mark I hope you're right in what you say. But a parliamentary debate will do us good whatever whether you're right or wrong. It is a great development either way.

We can post the Hansard report here and elsewhere afterwards. Also it would be the time, day after, for letters to editors of National Press. All good stuff.

Reply to the comment left by "Dean " at "14/01/2014 - 22:20":

You don't need to do anything Dean. Onslow's MP will gather the MP supporters we give him to sign up for the debate etc. .

I think it is absolutely vital that MP's should be lobbied by us before this debate gets underway. Simply passing their name to Onslow for him to pass to his MP is nowhere near enough in my opinion.

It's all very well them having a parlimentary debate but surely the point is that we want them to have a good understanding of what we are fighting for.

I prepared a summary list of 10 points last weekend which I will reapeat below. At the very least please send this to all interested MP's and if at all possible talk to them on the telephone or better still meet with them. If they are personally involved they will do a better job, that just human nature.

I think we should ALL attempt to have a meeting with our MP’s.

The key messages we need to get across to them are as follows:-

1) West Brom are treating their Tracker Rate mortgages as if they are Standard Variable Rate mortgages. Some MP’s may not know the difference. It is important that we educate them. West Brom offered three types of mortgages, i.e Standard Variable Rate, Tracker and Fixed Rate. We all paid a premium in terms of a fee to have a fixed rate which reverted to a tracker rate mortgage. The tracker rate was a margin over the Bank of England base rate for the remaining term of the loan. West Brom are increasing the margin over the base rate.

2) We are concerned that if West Brom are allowed to get away with this other lenders will follow suit.

3) There are around 2.5 million tracker rate mortgages in the UK

4) Bank of Ireland have done something very similar, not just on mortgages affecting landlords but also homeowners

5) We are concerned that many households will be affected, not just landlords but also their tenants and homeowners too if more lenders follow suit

6) Andrew Tyrie made a stand when the Bank of Ireland made it’s move in March 2013. The FCA gave assurances this was a one off but failed to even take independent advice on the legality of the position and chose to do nothing other than to refer the opinion of a barrister representing hundreds of affected borrowers to Bank of Ireland which sought to appoint a QC to provide a very woolly response. It was a total whitewash! Within weeks of the FCA deciding not to take further action West Brom announced their increases.

7) This is NOT merely a commercial decision, it is a case of a Building Society abusing its financial might to trample on a sector of the market to which it became over exposed due to the negligence of its Directors and at the expense of its members.

8) Funds have been raised to take the matter to the Courts but this is very much a David and Goliath battle in terms of financial muscle.

9) Many affected borrowers have not joined the legal action due to the intimidation tactics of the West Brom, i.e. veiled threats to call in mortgages within 28 days. Note that due to the affected mortgages having been taken out at the peak of the property market, many of the affected borrowers are mortgage prisoners due to negative equity, hence selling the property or refinancing is not a viable option.
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Agreed Mark and have written to mine to top up his debating knowledge !