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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Mark Alexander - Founder of Property118

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7:34 AM, 21st February 2014, About 11 years ago

Reply to the comment left by "Kevin Thomson" at "20/02/2014 - 22:36":

That's fantastic Kevin, I'm onto it - well done! 🙂
.

Stewart

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10:25 AM, 21st February 2014, About 11 years ago

Hi Mark

I'm coming to the meeting next Thursday, but I have to travel down from Newcastle upon Tyne. My choice of trains home is limited. Can you tell me how long our meeting is likely to take? I see it starts at 3pm. Fortunately my station (Kings X) is just a few minutes walk away but I need to book a ticket home in advance.

Thank you

Stewart

Shining Wit

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14:20 PM, 21st February 2014, About 11 years ago

Just received a reply to my email to my MP, Michael Gove, acknowledging receipt of the briefing notes and confirming that, as a member of Government he is unable to sign EDM's - he also finds it more effective to take up issues raised by constituents directly with the minister who has responsibility for the relevant area.. He has said he is writing to the Chancellor....

In the light of other similar responses, I thought it might be worthwhile highlighting that we are NOT complaining about 'Normal Business Practice' - ie changes SVR interest rates. Hopefully the email below achieves this:

Dear Michael,

Thank-you for your letter dated 18th February, in response to my email(s) below.

I am grateful that you have taken the time to contact the Rt. Hon. George Osborne MP, Chancellor of the Exchequer, on my behalf with regard to this matter.

It may be helpful to emphasize that the main grievance is with West Brom (and other lenders) who are attempting to blur the distinction between 'Tracker' and 'Standard Variable Rate' mortgages.
We accept that lenders have the right to change the rates on their SVR products.
We also also understand and accept that the Tracker rates will move in line with the BoE BBR..

The issue is when the 'tracker' rate changes despite the underlying index (BoE BBR) remaining unchanged.

I hope that this clarification will focus attention onto the real grievance.

Thank-you for your continuing support.

Yours sincerely

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17:31 PM, 21st February 2014, About 11 years ago

weird - have today been receiving notifications of postings from the end of January - and they do indeed link to old postings rather than anything left today (after 5 failed attempts to get here I followed the link on the right of latest comment left under Popular Discussion. What's goin on?????

Mark Alexander - Founder of Property118

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18:10 PM, 21st February 2014, About 11 years ago

Reply to the comment left by "Denise D" at "21/02/2014 - 17:31":

Hi Denise

There were a few comments which for some reason had been marked as spam but were not so we approved them and that triggered the notification emails. Nothing to worry about 🙂
.

Nicholas Barksby

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20:33 PM, 21st February 2014, About 11 years ago

Mark can someone pls contact me about secure form ana has asked you ive emailed you

Mark Alexander - Founder of Property118

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20:43 PM, 21st February 2014, About 11 years ago

Reply to the comment left by "Nicholas Barksby" at "21/02/2014 - 20:33":

Hi Nicholas

I have just sent you an email, please confirm receipt.
.

Nicholas Barksby

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21:51 PM, 21st February 2014, About 11 years ago

Hi mark still no email i will send you an email incase the email address is wrong

Mark Alexander - Founder of Property118

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22:02 PM, 21st February 2014, About 11 years ago

Reply to the comment left by "Nicholas Barksby" at "21/02/2014 - 21:51":

Received and replied, 2nd with the link.
.

Appalled Landlord

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13:38 PM, 22nd February 2014, About 11 years ago

Hi Mark

Would I have been able to see these comments in January?

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