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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ian

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17:18 PM, 27th January 2014, About 11 years ago

Why not design a flier we all get 500 or as many you want printed of at our local printers & hand deliver them to house holds in each others areas ?

Mark Alexander - Founder of Property118

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17:25 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "MM London" at "27/01/2014 - 16:43":

Your £500 donation would be most welcome, please see >>> http://www.property118.com/much-appreciated/ 🙂
.

Norfolk n'Chance

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17:54 PM, 27th January 2014, About 11 years ago

There seems to be a lot of emphasis on the Times & Telegraph newspapers. I suspect only a very small percentage of landlords actually read the broadsheets. Any articles or advertising is likely to go unnoticed by the majority of the people you are trying to target.

Almost all of the other landlords I know no longer buy a newspaper.......they read the news online.

Mark Alexander - Founder of Property118

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18:03 PM, 27th January 2014, About 11 years ago

Please re-tweet the Tweets below to show the MP's who have supported EDM976 our gratification

I would have liked to include all MP's who have supported our campaign but some of them do not appear to be on Twitter.
.

Mark Alexander - Founder of Property118

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18:15 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "Norfolk n'Chance" at "27/01/2014 - 17:54":

I would go along with that and as Property118 is a Google News feed that's why we have done so well with the campaign so far.

Interestingly, my former business commissioned an independent marketing survey 6 years ago. One of the questions asked which newspapers landlords read. 2,000 landlords responded and 70% read the "red tops". Our conclusion was that this is because so many landlords are just ordinary working folk looking for a safe haven to park their life savings in preparation for their retirement. In comparison to other industries and professions, the construction industry was best represented by comparable percentages.

We need to target the red tops and the construction industry magazines.

Annette is aware, others are invited to help 🙂
.

Annette Stone

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18:20 PM, 27th January 2014, About 11 years ago

To Norfolk 'n Chance. What I have been aiming for with the National Press is to get this transformed from an issue regarding bank practise by banks towards a few horrible buy to let landlords and this was only going to come by beavering away at the major broadsheets. That job is largely done although hopefully they will continue to report this as a financial scandal that could extend to everyone with any sort of mortgage if it is not knocked on the head.

All kudos to the journalists who have realised the magnitude of this and are picking up on it.

I am now working on the red tops who tend to come into the story and start campaigns (particularly The Mail) once there is a bona fide scandal as there is here.

It always takes ages to get the Nationals interested as they get literally hundreds of stories each day but we are doing very well in my opinion and the involvement of the MPs makes this as much of a news story as anything else

Richard Kent

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18:21 PM, 27th January 2014, About 11 years ago

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

@MM London...

Are you really going to cough up £500 ?

You are so generous and really setting the standard here!

🙂

MM London

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19:16 PM, 27th January 2014, About 11 years ago

Reply to the comment left by "Richard Kent " at "27/01/2014 - 18:21":

Yes, if it directly pays for an advert which I believes highlights the issue to enough people. I'm losing hundreds of pounds a month because of what I believe (and we all believe) is an illegal action taken by the West Brom, and over the lifetime of the mortgages, this amount would run into the high thousands. I've already contributed the relevant amount to the legal fund, and would be happy to contribute more if I believe it is helping to create more awareness on a wider scale of what the West Brom have done...

Mark Alexander - Founder of Property118

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7:46 AM, 28th January 2014, About 11 years ago

Reply to the comment left by "MM London" at "27/01/2014 - 19:16":

Our guerilla tactics are likely to be more effective pound for pound, for example, my one visit to Westminster last week resulted in articles in The Telegraph, The Times and several industry newspapers. We are also hoping to have a question to to the Chancellor at the House of Commons later today.

Your £500 donation would go a long way towards the next meeting of this nature.

I am seeking to meet with the Chariman and CEO of a campaign group called Bully Banks and more MP's on my next visit. I'm also hoping to get a hearing with Andrew Tyrie and Sajid David.
.

Mark Alexander - Founder of Property118

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7:59 AM, 28th January 2014, About 11 years ago

EDM 976 update - http://www.parliament.uk/edm/2013-14/976

We now have 15 cross party signatories 🙂

More tweets of thanks to follow later today, please remember to re-tweet.

Also, David Morris should be asking a question for us to his right honourable the Chancellor today in the House of Commons. More to follow on that.
.

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