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 Landlord

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14:35 PM, 17th January 2014, About 11 years ago

Mark - just emailed Tom Watson MP.

Another quick question on something that I've thought about a few times -

I have always wondered if anyone from the local area to the WBBS were affected by the 1.9% increase or whether they have left people with local addresses off the list.

That way they havent got people on their doostep making a fuss as its seems that most of us are in other areas of the country ??

Mark Alexander - Founder of Property118

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15:15 PM, 17th January 2014, About 11 years ago

Reply to the comment left by "Mark Landlord" at "17/01/2014 - 14:35":

Interesting question, sorry but I don't know where we all are either. All I have that you don't is email addresses.
.

Onslow Clough

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16:46 PM, 17th January 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "17/01/2014 - 07:33":

Mark, I have forwarded all the details to Jason regarding your meeting next week.

David Lawrenson

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17:36 PM, 17th January 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "17/01/2014 - 10:16":

Hi Mark,
Sam Dale is a decent chap and I'm sure if you contacted him, we will correct this for you online.

Kind regards
David Lawrenson
http://www.LettingFocus.com
Private Rent Advice

Mark Landlord

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17:48 PM, 17th January 2014, About 11 years ago

Just had a 'Read Receipt' back from the email I sent Tom Watson MP early today - hopefully it's him who has read it & not just his office.

Anyone else had a response ?

Badger

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19:04 PM, 17th January 2014, About 11 years ago

Emailed my MP - Angie Bray.

A bit short notice, but hopefully she will have a free slot.

Devon Landlords

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19:19 PM, 17th January 2014, About 11 years ago

Reply to the comment left by "All BankersAreBarstewards Smith" at "17/01/2014 - 11:56":

Hi ABABS Smith,
David Heath is our local MP and we have written twice to him already. He has shown no interest at all on both occasions, we assume because of his impending retirement. We are writing to him again this weekend so maybe if he gets two letters he will consider pulling his finger out one last time?!

Devon Landlords

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19:29 PM, 17th January 2014, About 11 years ago

Hi Mark, we have emailed Mr Watson.......

All BankersAreBarstewards Smith

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20:16 PM, 17th January 2014, About 11 years ago

Reply to the comment left by "Peter & Di Cole" at "17/01/2014 - 19:19":

It was only today that i got a reply to my letter (on another matter) which i wrote 2 months ago - i think yu are right - he is winding down his comittment as he is not standing again...

i have asked his secretary to treat my email today as urgent

David Lawrenson

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10:39 AM, 18th January 2014, About 11 years ago

The piece by Jonas Crosland in the Investors Chronicle is now on the news stands ((Jan 17 to Jan 23rd edition) "Buy to Let Bombshell - How building societies are moving the goalposts on buy to let mortgages"

As supportive a piece as you will see, I think, and in a very august publication. (Mr. Crosland has had to put the WBBS case, he does not work for LettingFocus or 118!)

Especially good to see the piece also has the link to the page in which WBBS said the rates were guaranteed to track base rate.

It is worth saying that the lenders I speak to in my consultancy work who have always ran their businesses better and managed their products and underwriting sensibly,(and ethically) are actually very supportive of the class action.

David Lawrenson
http://www.LettingFocus.com
Private Rented Sector Advice

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