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

Devon Landlords

Become a Member

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

Sign Up

23:10 PM, 4th February 2014, About 11 years ago

Great news Paul! And very well said Lawrence! 🙂

David Ellis

Become a Member

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

Sign Up

23:13 PM, 4th February 2014, About 11 years ago

Reply to the comment left by "Lawrence Squid" at "04/02/2014 - 23:07":

Lawrence your absolutely right it's a case of what suits them. Oh we are definitely signed up for legal action and have been from the beginning.

Jamie Finch

Become a Member

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

Sign Up

23:40 PM, 4th February 2014, About 11 years ago

Hi

I have 10 properties but only 1 with WB and I've subscribed to the legal action. However, it occurs to me to ask if anyone knows of a barrier to taking WB to the small claims court to claim each year or months worth of 'illegally' claimed extra charges. It's a very simple process and you get your court fees refunded if you win. If it were possible to do this, it seems to me to have a number of things going for it. WB would have to defend every action and by virtue of it being a small claims court action, could not claim any costs. It is relatively inexpensive for individuals to bring a case. WB could very easily be swamped having to defend many actions up and down the country.

There is probably some fundamental reason why this wouldn't work which no doubt someone will point out but it seems worth asking and even trying if it has half a chance!

I look forward to your comments

Thanks, Jamie Finch

Richard Adams

Become a Member

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

Sign Up

0:24 AM, 5th February 2014, About 11 years ago

Reply to the comment left by "Jamie Finch" at "04/02/2014 - 23:40":

I've wondered about this too. Whether it would muddy the waters for the big action I don't know but it seems a sweet idea on face of it. If somebody took them on and won almost as a test case a mini precedent would be set.

With a small claim though it has to be for a specific sum of money, The process can take at least 2 months before both parties sit in front of a District Judge for determination. By that time the amount will have been increasing on a monthly basis. And the system allows for the defendant to prevaricate and delay.

While a favourable judgement would get increased payments so far reimbursed, can a District Judge order that they cease doing likewise in future months?

Richard Kent

Become a Member

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

Sign Up

0:47 AM, 5th February 2014, About 11 years ago

Reply to the comment left by "Jamie Finch" at "04/02/2014 - 23:40":

I remember Mark Smith - Barrister at Law - on this forum saying how individuals would be "picked off" by West Bromwich heavyweight lawyers in a Small Claims Court.

I'm sure Mark will comment on this.

Andy Bell

Become a Member

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

Sign Up

1:22 AM, 5th February 2014, About 11 years ago

Reply to the comment left by "Paul Eastabrook" at "04/02/2014 - 21:15":

Great to hear your news Paul. It goes to show what a pickle they are in.

One down 6699 to go!

Become a Member

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

Sign Up

7:29 AM, 5th February 2014, About 11 years ago

Reply to the comment left by "David Ellis" at "04/02/2014 - 22:14":

we had the same reply from WB and our circumstances are very similar to yours DE - we too will now fight on.Did you too send a copy of their stoopid property portfolio form to Justin when you had completed it?

Saul Smart

Become a Member

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

Sign Up

7:41 AM, 5th February 2014, About 11 years ago

Reply to the comment left by "Richard Adams" at "05/02/2014 - 00:24":

I too have thought about the scenarios both you Richard and Jamie have spoken of and my thoughts have been:-

yes it would be a specific amount for action which we can easily calculate.

It may take a few months to come to court- but how long is our big action going to take?

I have been in court on more than one occasion where the amount is still further building whilst waiting and my figure is out of date. Although I cant change the figure at the time of the hearing I have taken a subsequent action to claim the differential once I have won the first- and of course been successful in winning the second claim.

I cannot see a district judge having the power to change the future charging but I refer you back to my previous paragraph so don't have an issue with that.

The problem I do see though is that although West Brom may not be able to claim legal expenses one of their lowly legal bods could probably wipe the floor with us self representers easily. One District Judge could easily view the situation differently to another as their precedent system does not seem to be as fixed as the courts with teeth- had this before. I am not a legal expert but many times in county court have shown me that their system is flawed.

Anybody with greater knowledge offer any assistance here?

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

7:52 AM, 5th February 2014, About 11 years ago

Reply to the comment left by "Jamie Finch" at "04/02/2014 - 23:40":

Hi Jamie

Taking WBBS to the Small Claims Courts for the over-payments to date was something which I considered early on and suggested to our legal team. I thought it would be a great strategy for us all, even if only to create mayhem at WBBS.

However, I was advised that the judiciary would probably group all of the claims to ease the pressures on the Court system and transfer them to the High Court. The problem with this is that we would then be commencing our legal action and be exposed to adverse costs orders before we are ready, e.g. no ATE insurance.
.

David Lawrenson

Become a Member

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

Sign Up

8:23 AM, 5th February 2014, About 11 years ago

I took out a small claims action against Scottish Life Assurance company 2 years ago.
I lost (on a technicality as judge ruled the claim out of time) but the Scottish Life decided to send three letters in advance and on the day of the court hearing, send a top solicitor to Croydon from Edinburgh, which would have been at a huge cost to them.

Due to adverse weather the day before they could not make it down from Scotland so had to hire an even more senior brief from Lincoln Inn Fields.

I did not feel intimidated at all, the other sides expensive brief seemed pretty clueless and the judge let me speak a lot.

The best thing was to think of the huge cost - in legal fees and internal admin - to the other side, which of course, could not come my way.

David Lawrenson
http://www.LettingFocus.com

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