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

Text Size

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


Share This Article


Comments

Squid

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

22:41 PM, 29th January 2014, About 11 years ago

The West Brom (WBMC) are likely to financially ruin me.
Even though I have NEVER once failed to meet my contractual obligations to them.
I would urge any BTL landlords to contribute to this cause and hopefully protect themselves from similar victimisation in the future.
Their downfall will be next if this is not stopped.
Join Now please.

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

7:53 AM, 30th January 2014, About 11 years ago

Reply to the comment left by "Dee " at "29/01/2014 - 22:19":

Hello Dee

If you ever watch Parliament on TV you will see that MP's have debates about all sorts of things in The House of Commons. These debates often lead to legislation or public enquiries and investigations. If we want our government to do something about this scandal that would be a good move. Such a debate will typically last 90 minutes, hence the name, 90 minute debate.

An Early Day Motion is essentially a public memo to all MP's of an issue which one or more other MP's would like to be officially acknowledged by their peers. They are also a way to tell other MP's about important issues, a bit like when your children bring the school newsletter home. There are around 15 EDM's submitted every day so some MP's and the public think they are a waste of time as many of the issues are never officially acknowledged. However, they do get picked up by the wider media and often reported on as we have seen. They are, therefore, a means to an end. Very useful for raising awareness and a very useful lobbying tool for groups to talk to their MP's about and to identify which of them might support a 90 minute debate which is the next logical step in most cases. Therefore, we are lobbying our MP's to sign the EDM and to call for a 90 minite debate. The more MP's that do this, the more likely it is to happen. That's why we ALL need to keep the pressure on.
.
.

Mark Landlord

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

8:45 AM, 30th January 2014, About 11 years ago

My MP Stephen Hepburn has signed the EDM & it's up to 25 signatures in total.
http://www.parliament.uk/edm/2013-14/976

Lucy McKenna

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

8:50 AM, 30th January 2014, About 11 years ago

Reply to the comment left by "Mark Landlord" at "30/01/2014 - 08:45":

I think there are more to come too as I know Frank Dobson has signed but he is not showing yet.

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:04 AM, 30th January 2014, About 11 years ago

This is fantastic, keep on lobbying folks.

We need that 90 monute debate.

I also want to be called to brief the treasury, Sajid David in particular for reasons which will be obvious to those of you who, like me, have received a letter from him! Even better if we can get Andrew Tyrie along to the same meeting.

When communicating with your MP's, please ask them how we can make this happen. Let them give you the solutions (wink, wink) 🙂
.

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:04 AM, 30th January 2014, About 11 years ago

How many signatories would a 'good' EDM attract? Do we know?

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:06 AM, 30th January 2014, About 11 years ago

Would the MP for West Bromwich sign do we think? Has he/she been asked?

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:16 AM, 30th January 2014, About 11 years ago

Reply to the comment left by "Denise D" at "30/01/2014 - 09:04":

The one for IRHP's got 65. This attracted a debate and FCA intervention. IRHP is the Interest Rate Swaps scandal, IRHP stands for Interest Rate Hedging Products.

The campaign organisers at "Bully Banks", which is the organisation behind this, have made contact to request a meeting. I am hoping to tie this in with my next visit to Parliament 🙂

Link to Bully Banks website - http://bully-banks.co.uk/site/
.

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:36 AM, 30th January 2014, About 11 years ago

Reply to the comment left by "Denise D" at "30/01/2014 - 09:06":

His name is Tom Watson, he's quite prolific.

I believe a few members are in his constituency and have contacted him. He's also been in touch with David Morris MP and wanted to attend the meeting I had recently at The Houses of Parliament but sadly got waylaid.

We need him on board if at all possible, it will be in his interest to be on board too 🙂
.

Lucy McKenna

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

9:38 AM, 30th January 2014, About 11 years ago

Reply to the comment left by "Denise D" at "30/01/2014 - 09:06":

Hi Dee, I think if we can get a 100,000 signature petition it is automatic!!! How many signatures each would that be?
I am just going to re write to my MP Geoffrey Clifton Brown,

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More