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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Richard Adams

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13:21 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "27/01/2014 - 12:04":

Not trying to avoid a bit of work Mark but I can't help feeling that to get more MP's on board for signing right now David & Jason might get a better, and quicker, response from a direct eyeball to eye ball request to all those MP's whose names we have supplied?

Our pleas to our MP's are always tinged with personal grievance while David particularly would seem well able to recruit them on the bigger picture angle.

Mark Alexander - Founder of Property118

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13:36 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "Richard Adams" at "27/01/2014 - 13:21":

To an extent I agree, however, that would be a very long list and we can't expect him to lobby [people just because we've fired across just one email to them. However, if they've supported EDM976 he at least knows they have a genuine interest in the case and would be more likely to apply for a 90 minute debate on that basis.
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Richard Adams

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13:43 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "27/01/2014 - 13:36":

Fair comment so we ought to chase our MP's as well but since they are supposedly pretty much on line with the case already a brief encounter in the lobby, bar, tea room etc might help swing their support.

Further bleating from us could at worst cheese some MP's off.

Two pronged attack will be best.

Mark Alexander - Founder of Property118

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13:53 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "Richard Adams" at "27/01/2014 - 13:43":

Agreed but we must remember that David Morris and Jason McCartney will be lobbying for several other worthy causes too. We need to show them who is really interested, not just give them a list of 100 MP's and hope they will remember everybody on our list and raise our issue just because they stand next to somebody who appears on our list whilst they are in the queue at the cafeteria 🙂
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Lisa S

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13:54 PM, 27th January 2014, About 11 years ago

I have received a reply from my MP, Christopher Chope which says,

"As you may know, I rarely sign EDMs because on policy issues I prefer to write direct to the Minister responsible. This I have done on your behalf so that the Minister is specifically aware of your concerns on this matter."

Mark Alexander - Founder of Property118

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14:01 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "Lisa Stux" at "27/01/2014 - 13:54":

Hi Lisa

This is great news.

Please ask your MP to liaise with David morris or his aide about applying for a 90 minute debate.

EDM976 is a device to raise awareness, it is one of many weapons in our armoury and sits very much in the "small arms" section. To continue the analogy, a 90 minute debate would be the equivalent of air support for the ground troops, a motion to conduct an investigation would be a full armoured assult. Hopefully the nuclear option of the Courts and the appeal processes will not be required as the pressure continues to intensify against West Brom. We are armed and ready though 🙂
.

MM London

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14:57 PM, 27th January 2014, About 11 years ago

To further build awareness regarding this issue, would it not be worth considering paying for a full page advert in a newspaper such as The Times / Telegraph, highlighting our points (see link for example advert: http://www.telegraph.co.uk/news/politics/10041852/Disillusioned-voter-buys-full-page-newspaper-advert.html). I realise it's expensive but we have the funds in place and the advert could give a link for people who wish to make donations into the legal fund. The advert could display a screenshot of the West Brom tracker page which stated (before recently being removed) that 'tracker rates mortgages give you the certainty of knowing that the rate you pay will move in line with Bank Base Rates' (https://www.property118.com/wp-content/uploads/2013/09/West-Brom-Screen-Shot-21.png), with our main points / argument listed below, and stating that we take West Brom to court if necessary. I realise many people reading the advert will think 'well, it serves Buy-to-Let investors right', but if the case is made that if the West Brom are allowed to get away with this, it's quite possible banks will attempt to do the same to non Buy-to-Let residential tracker mortgages, then I think most people will be hugely concerned. It wouldn't take a lot of donations to make an advert worthwhile - both in terms of financially and in building awareness very rapidly.

Mark Alexander - Founder of Property118

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16:18 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "MM London" at "27/01/2014 - 14:57":

I have no idea how much a full page advert in The Times would cost but I recently priced up a full page in the Metro at £20,000. The London Evening Standard was a similar price. I suspect The Times would be more!

If I thought all of the 2.5 million potentially affected borrowers with Tracker Rate mortgages would donate £1 then I might do it, same goes for TV advertising in between Coronation Street if the all chipped in a tenner.

However, the reality is that we have raised just over £100,000 so far and we may need to raise another four times that amount if we end up battling this case all the way to the Supreme Courts.

Therefore, we need to use Gorilla tactics and a full page advertisement in The Times doesn't fit this brief and is highly unlikely to pay for itself.

sorry 🙁
.

MM London

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16:43 PM, 27th January 2014, About 11 years ago

Fair enough, although according to their rate card, a full-page advert in The Times would usually cost £16,645. We'd only need 33 people to donate £500.00 each to make it worthwhile (I'd be happy to donate such a sum) and it would generate a lot of coverage (not just by people that read the actual advert, but by other news organisations picking up on the fact that we have enough support to place such an ad). Anyway, you're the expert but just thought I'd suggest it 🙂

All BankersAreBarstewards Smith

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17:01 PM, 27th January 2014, About 11 years ago

HOW MANY OTHER "PROPERTY" FORUMS are there ? Maybe people could start a thread about BOI & WB on their favourite forum (well second fave to 118 of course !!) if there is an old thread maybe now is the time to re-activate it... this is free publicity and will show on google if we all do something like this.....

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