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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The Seasoned Female Investor

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19:14 PM, 27th February 2014, About 11 years ago

Reply to the comment left by "Colin Childs" at "26/02/2014 - 22:30":

You forgot the Female part.

I am a 'Seasoned Female Investor'

As to exit routes...... West Bromwich action with a totally un-foreseen hike in the tracker rate has just accelerated my careful plans.

I had retracted the large sum of funding from the property in question (my former family home) at a very attractive rate in anticipation to start my final project. These funds then sat in my account with the rest of our savings ready for the next venture to begin.

My husband and I secured a very large area of land here in Essex at a very economical price and finally obtained planning permission to build our final home. We have then spent 5 years building a very large modern home in a beautiful rural setting with lakes and paddocks to look out to. An investment which is now finished, from our initial investment of £500k...... is now worth double

The economic turn down enabled me to secure a very large profit each month from my property at the excellent rate WB had given me, all of which has been ploughed into my new home. History will tell me I should have raised more funds from WB at the time from my whole portfolio, never mind.

'Investing is like surfing,' you are correct, I'm riding the crest of the waves !!!

It's all down to timing, stay on the top .......while the others mock you and drown.

So.....time to sell the former home, Why ????

Remember the letter we all got, WB can call the loan in at any time.....so I'm jumping off now....because if this is not challenged through litigation, they just might be that spiteful.

You have got know when to jump....all down to timing

So ....isn't that nice

Mark Alexander - Founder of Property118

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19:18 PM, 27th February 2014, About 11 years ago

MEETING UPDATE

Discussion primarily about costs and adverse cost orders.

Unanimous decision to proposed strategy from attendees who represent 84 affected mortgages.

All members have two weeks to confirm new basis of instructions.

Details to be circulated by Tuesday 4th March at the latest.

On a train home now so I will not be posting again until tomorrow.
.

Alexander Law

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20:21 PM, 27th February 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "27/02/2014 - 19:18":

Well played to all who attended!

Richard Kent

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21:32 PM, 27th February 2014, About 11 years ago

Reply to the comment left by "Mark Alexander" at "27/02/2014 - 19:18":

Mark,

When will you be in a position to post some news on the open forum as to what you expect to happen next?

Or could it be you have to play your cards close to your chest until after any legal action?

The Seasoned Female Investor

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21:37 PM, 27th February 2014, About 11 years ago

Reply to the comment left by "Richard Kent " at "27/02/2014 - 08:48":

Richard,

Never judge the book by it's cover !!!!!!!

Why on earth would I put my real name on this unsecured website with WB threats to call in mortgages as and when through no default. Safe guarding my identity just in case WB got spiteful if the case never got of the ground.

Married for over 40 years with 3 grown children ( all qualified surveyors) and 7 grandchildren, husband came up the name ...I'm seasoned ..(nearly 60.) ...female...and an investor.

If you are on the secure site....my real name is on there..

Has that painted a clear picture......feminist indeed

I post on here to boost the female comments... which we are in the minority

Richard Watters

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7:21 AM, 28th February 2014, About 11 years ago

Very positive meeting yesterday! Obviously the detail is confidential.

However, anyone still sitting on the sidelines should join up now because:

Logically, West Brom will offer those in the class action a deal once they see it is going to litigation They can't afford to lose in court as that will cost them £17m a year. So "buying off" the troublemakers (only about 5% of the 6,700 affected) makes perfect sense for them as this will only cost them c. £1m a year.

Will we agree to be paid off rather than take it all the way? Well, talking to some other members in the pub afterwards, I think the answer is likely to be Yes.

Would you rather pay £240 to be in, or pay West Brom £35,000 (the typical amount of the increase on the average WB mortgage with 15 years to run)?

Ian Burton

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7:56 AM, 28th February 2014, About 11 years ago

I second this entirely Richard

It was an excellent meeting and I urge anyone who has not registered with the secure forum but who has paid please do so at least that way you can see the light dawning at the end of the tunnel.

I was pleased to meet the legals who inspired me with a lot of confidence. I was also pleased at the projected (though obviously preliminary) timescales.

So join in see the enthusiasm see the sparks!

Seething Landlord

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9:10 AM, 28th February 2014, About 11 years ago

Here we go again. I and others have supported the marketing fund based on the assurance that "We will NOT settle on any basis. 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."

I hope that this commitment has not changed.

Lisa S

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9:22 AM, 28th February 2014, About 11 years ago

Reply to the comment left by "Seething Landlord" at "28/02/2014 - 09:10":

Hear Hear!
I too supported the marketing fund in the hope that this WILL go to court, not only to beat WBBS but also to stop other Lenders raising their Tracker Rates in the future. Settling out of Court will not achieve this.

What WBBS has done is morally and legally wrong. The only way to stop other future Tracker increases is to take it all the way.

Richard Kent

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9:24 AM, 28th February 2014, About 11 years ago

Reply to the comment left by "Seething Landlord" at "28/02/2014 - 09:10":

I think you have made a very good point.

There is a small core of helpers in addition to those on the sidelines who have committed time or money or both to this campaign to see it play out on a wider scale and some of which are not WBBS borrowers at all.

I didn't think this campaign was about a small number of borrowers giving in at the last hurdle.

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