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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13:29 PM, 23rd January 2014, About 11 years ago

Reply to the comment left by "Paul Eastabrook" at "23/01/2014 - 12:05":

Thanks Paul, I think this is the link we should all be following to check whether our MP's have acted >>> http://www.parliament.uk/edm/2013-14/976
.

Dean

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14:04 PM, 23rd January 2014, About 11 years ago

Reply to the comment left by "Norfolk n'Chance" at "23/01/2014 - 13:27":

He should go about trying to change the system positively . It wont happen just because he refuses to sign something .

Make sure you don't vote for him next time

George Top

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14:10 PM, 23rd January 2014, About 11 years ago

The North West Landlords Association have just sent the following email out:-

Dear Landlord

Please click on the link below for the update on The Bank of Ireland and West Bromwich BS Campaigns.

http://www.property118.com/tracker-rate-campaign-goes-to-parliament/62913/?utm_source=messagehorizon&utm_medium=email&utm_campaign=TrackerMPs

The Bank of Ireland and West Bromwich BS Campaigns are moving up a notch.

The more Landlords who contact their MPs the more MP support we can hope to get, and the more chance of a debate.

Many thanks

Nicola
Administrator NWLA

Mark Alexander - Founder of Property118

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14:48 PM, 23rd January 2014, About 11 years ago

Reply to the comment left by "Helen Landlord" at "23/01/2014 - 14:10":

That is fantastic news!

Please pass on my thanks on behalf of the entire campaign group 🙂
.

Richard Kent

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15:53 PM, 23rd January 2014, About 11 years ago

Reply to the comment left by "Norfolk n'Chance" at "23/01/2014 - 13:27":

I take your point! - But I'll remain optimistic for everyone affected 🙂

Paul Eastabrook

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15:56 PM, 23rd January 2014, About 11 years ago

Reply to the comment left by "Norfolk n'Chance" at "23/01/2014 - 13:27":

I think his comments about EDMs rarely being debated in the House are quite correct. However, EDMs are generally acknowledged as being very effective ways of bringing key issues to the attention of the media and other interested parties, both within and outwith Parliament. They also demonstrate the level of support by parliamentarians who may wish to be associated with a particular cause.

For the purpose of drawing attention to a specific campaign such as ours, an EDM is a very powerful tool.

Richard Adams

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16:07 PM, 23rd January 2014, About 11 years ago

Reply to the comment left by "Norfolk n'Chance" at "23/01/2014 - 13:27":

John Baron has fronted and tirelessly led another issue over last two years on a cause of which I am a supporter also. He knows what he is talking about re the effectiveness of EDM's so his point is a fair one. The cause in question was trying to get the Gov to change course on aspects of the 2010 Defence Review.

Certainly Ministers don't listen when their policy is challenged. John got two debates and the first achieved a 90 in favour and 3 odd against making changes. Nothing happened.

With our EDM when it happens (hope it will although not certain as like John says so many are applied for and can't all happen, yet in our favour is that our issue is a serious and proper one while some are most definitely not) the outcome won't make any immediate difference. It cannot overturn what WB are seeking to do. They can choose to ignore it.

The truly big deal about our EDM is the publicity angle which is massive. Good publicity for us and lousy publicity for WB. Might they just stop and think as a result? Maybe.

Might the Treasury, B of E, FCA etc take notice? Maybe but don't count on it. Will it help us in court afterwards? I think so.

John Baron will, I am willing to bet, when writing to Ministers be more assiduous than any other MP has been so far.

So we should respect his point of view. I would also suggest that if he can he will partake in the EDM debate despite not being a signatory - as all MP's can do - and if you watch the debate you will see what a powerful advocate he can be.

With respect to Dean no MP can change the system and force Ministers to take notice so to say voting for John should be withheld is wide of the mark. If all MP's were like him the H of C would be a better place by far. Terrific principled man.

Mark Alexander - Founder of Property118

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16:52 PM, 23rd January 2014, About 11 years ago

Oops - sorry, posted on the wrong thread!

Bob Nunn

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16:53 PM, 23rd January 2014, About 11 years ago

FCA orders Kensington to change " UNFAIR" mortgage terms by Tessa Norman
http://www.mortgagestrategy.co.uk

FCA doing a good job, well done.

Mark Alexander - Founder of Property118

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16:55 PM, 23rd January 2014, About 11 years ago

Just got off the phone with Andrew Walker, aide to David Morris MP. He is going to become a Property118 member and comment on EDM's on this forum. Some great discussion about the PR value of EDM's so far by the way. Hopefully Andre will also mention his strategy to get a 90 minute debate on this important issue as the EDM route is only one of his strategies to achieve this.

Watch this space and please be kind to him whatever your political persuasion, we need cross party support on this. David Morris and Andre are conservative, the other two signatures to the EDM are Lib Dems, we need more of them and more from the Labour Party on our side. 100 supporters to the EDM would be ideal.
.

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