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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Shining Wit

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18:09 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "06/02/2014 - 16:54":

My MP isn't able to sign EDM's but I thought the following might help....
(Thanks to Mark for preparing a suitable 'template' for me to work on)
I will post any replies received.

Dear Michael Gove,

Further to ... and your reply dated 16th December, regarding the attempt by West Bromwich Building Society to re-interpret the definition of a 'Tracker Mortgage', I would like to draw your attention to EDM976.

You may recall that rather than merely 'shadowing' the base rate, West Brom would now like to be able to change the differential between the base rate and the rate that they charge their 'Consumers' - by any amount that suits them, at any time that suits them, and as often as they like.
This interpretation does seem to somewhat blur the distinction between 'Tracker' and 'Variable Rate' Mortgage products...

You may be aware that several MP's have signed EDM976 regarding the Conduct of Mortgage Lenders, specifically the Bank of Ireland and the West Brom Building Society and are pressing for a 90 minute debate on the topic.

I understand that your role as a Government Minister means that you are unable to sign the EDM, but I would be grateful for whatever support you can give to the campaign. With this in mind I have taken the liberty of attaching a PDF document produced by the campaign organisers to provide you with further insight into the appalling behaviour of these mortgage lenders.

Thank you for your support to date.

Yours sincerely

Richard Kent

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18:13 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "06/02/2014 - 18:02":

Well,

You ask a fair question but let me reverse the question.

Why should it be even that?

I ask that question for the following reasons;

1. You have already publicly humiliated West Brom
2. You have put in place a political campaign (EDM)
3. You have devised a legal strategy

In other words what more do you need?

Why do you feel you need more?

What will more achieve?

Mark Alexander - Founder of Property118

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18:51 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "Richard Kent " at "06/02/2014 - 18:13":

1. You have already publicly humiliated West Brom
RESPONSE - West Brom have humiliated themselves, hundreds of people and the general media have helped to publicise this.

2. You have put in place a political campaign (EDM)
RESPONSE - at the request of ministers and members of the campaign group I have briefed ministers and in turn David Morris MP proposed the EDM which is now supported by 39 cross party MP's

3. You have devised a legal strategy
RESPONSE - a legal strategy has been devised by solicitors, a top London banking barrister and a specialist banking QC on behalf of affected borrowers.

In other words what more do you need?
RESPONSE - the legal team representing the campaign group wish to present as full a picture of the West Brom's activities as possible.

Why do you feel you need more?
RESPONSE - see my response above

What will more achieve?
RESPONSE - only time will tell.
.

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19:07 PM, 6th February 2014, About 11 years ago

can someone link me to the PDF so I can e mail Hugh Robertson (again poor bloke)
and... I seem to be getting every message on the forum twice again. If I unsubscribe will that wipe both sets out do you think or will it resolve it?

Richard Kent

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19:10 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "06/02/2014 - 18:51":

I raise the questions so that other members can consider your answers.

This is not me trying to enter into a personal debate with you.

When I say "You" I mean you as a group.

Getting more MP's to sign up to the EDM. Yes, I agree with that part as you know.

Mark Alexander - Founder of Property118

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19:17 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "Denise D" at "06/02/2014 - 19:07":

Link to PDF >>> https://www.property118.com/wp-content/uploads/2014/02/Tracker-Rate-Campaign-Briefing-Notes-for-MPs.pdf

Unsubscribe from both versions of the notification email you received for this comment. Next time you post a comment you will be subscribed again only once so no need to do anything else so long as you leave a comment.
.

Mark Alexander - Founder of Property118

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19:18 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "Richard Kent " at "06/02/2014 - 19:10":

Hi Richard

What do you disagree with and why?
.

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19:24 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "06/02/2014 - 19:17":

Thanks for the link to the pdf - so that's another e mail fired off to Hugh Robertson - who ALWAYS replies by letter thanking me AGAIN for keeping him up-to-date on the issue (but his letters are getting shorter and shorter and do now often refer to our 'many communicaitons' on this subject.)

AnneJ

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19:29 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "LS " at "06/02/2014 - 17:46":

Thanks L for the offer, I have now emailed them all and will send the briefing notes to any other MPs who add their name to the EDM.

Anne

Mark Alexander - Founder of Property118

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19:30 PM, 6th February 2014, About 11 years ago

Reply to the comment left by "Anne Jackson" at "06/02/2014 - 19:29":

Thank you Anne, much appreciated 🙂
.

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