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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Comments

Lucy McKenna

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10:43 AM, 6th February 2014, About 11 years ago

Reply to the comment left by "David Ellis" at "06/02/2014 - 09:52":

Isn't this contradictory to what they are claiming, weren't you supposed to be this sophisticated landlord when you took out your mortgage and able to understand everything they claim they were saying at the time.

Dean

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10:55 AM, 6th February 2014, About 11 years ago

Mark

Is there a target number of MPs to sign the EDM which leads it to being debated ?

I thought I read on here that 65 ( which I believe is 10% of MPs) signed one on either Libor or the rate swap and that got debated ?

Dean

Mike L

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10:56 AM, 6th February 2014, About 11 years ago

LS - my thoughts precisely. Surely it would be at the point when you entered the so called agreement not years later? It's all a red herring though, as whoever they target with this rise it's NOT LEGAL. Full stop!

Mark Alexander - Founder of Property118

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10:59 AM, 6th February 2014, About 11 years ago

Reply to the comment left by "Dean " at "06/02/2014 - 10:55":

Hi Dean

The number of signatories certainly helps but there is no magic number as such. Several MP's are not allowed to sign EDM's but can still call for debates. These tend to be the big hitters so we need these people on side as they seem to command more respect and get their own way a bit more often.

I spoke to the aide of David Morris last night and he is very confident that we will get our debate if we keep the pressure on, hence the article I published this morning with the PDF of the briefing notes for campaign members to send to their MP's.
.

Mark Alexander - Founder of Property118

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11:00 AM, 6th February 2014, About 11 years ago

Reply to the comment left by "LS " at "06/02/2014 - 10:43":

It is indeed contradictory and clearly makes them look very foolish. Good news for us of course 🙂
.

Mark Landlord

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11:22 AM, 6th February 2014, About 11 years ago

LS / Mike L

Exactly they not only seem the move the goalposts everyday but now they've starting moving the pitch too !

Dean

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11:24 AM, 6th February 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "06/02/2014 - 10:59":

Ok thanks Mark

I have emailed Mr Blunkett today.

Thanked him for what has as done so far and for signing the EDM plus requested he speak with David Morris and Jason McCartney and asked if he would vote on the 90 min debate and take part is applicable.

I also added a copy of the new article you put on this morning

I also found out the person I own some properties with has a different MP to me although we live close. So he is now contacting Angela Smith

I keep mentioning this but do not seem to have had a reply. Is there a chance that the MPs could call in the West Brom board to explain their actions to them ?

Dean

Mark Alexander - Founder of Property118

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11:29 AM, 6th February 2014, About 11 years ago

Reply to the comment left by "Dean " at "06/02/2014 - 11:24":

Hi Dean

I haven't answered this question yet because I don't know the answer.

My best guess is that the Treasury could call for such a meeting but I don't know whether this would be before a debate and hopefully an investigation which is the logical next step following a 90 minute debate.
.

Dean

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11:32 AM, 6th February 2014, About 11 years ago

ok thank you .

It is something I would like to see and get great pleasure from knowing they would be squirming if the right questions were asked

Dean

Mark Alexander - Founder of Property118

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11:35 AM, 6th February 2014, About 11 years ago

Reply to the comment left by "Dean " at "06/02/2014 - 11:32":

I would like to be the one asking the questions, as I'm sure you would. However, the chances of that happening, or indeed us being privy to what is said if such a meeting does occur are sadly very slim.
.

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