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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Richard Adams

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13:07 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "10/10/2013 - 12:55":

From the list working down I'll take care of Devon to Cornwall (and all in between of course) leaving only 2 maybe 3 more chunks for other volunteers. Won't take long.

Have a good break and happy wedding anniversary.

Mark Alexander - Founder of Property118

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13:22 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Richard Adams" at "10/10/2013 - 13:07":

Thank you Richard, that's very much appreciated 🙂
.

Concerned Landlord

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13:32 PM, 10th October 2013, About 11 years ago

I've now received WB's standard reply together with the Standard Conditions of Offer (SCO) booklet in which they have highlighted sections 5, 5.1 and 5.2.

What they have not highlighted though is the very first paragraph of SCO:

'These Standard Conditions of Offer apply to every Offer of Loan made by us except to the extent that they are varied by any express provision contained in your Offer of Loan Letter or in the Special Conditions of Offer.'

One would be forgiven to think that a 'Life tracker mortgage based on BBR and a fixed premium' is an express provision contained in the Offer of Loan?!

Mark Landlord

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13:43 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "10/10/2013 - 12:55":

Great idea Mark ! I have just spoken to the Gateshead Private Landlords and explained the situation we find ourselves in !

Will forward them the email too.

Was just thinking it might be an idea that people pick the Landlord Association close to where they live and give them a call.

Mark Landlord

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14:29 PM, 10th October 2013, About 11 years ago

Lady who runs the Gateshead Private Landlords has just emailed back to say she is putting the article/template from Mark on their website over the next couple of days

Mark Alexander - Founder of Property118

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14:31 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Mark Landlord" at "10/10/2013 - 14:29":

Can she be persuaded to email all members?
.

Richard Adams

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14:39 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Mark Landlord" at "10/10/2013 - 13:43":

Hi Mark (Landlord)

I said I'll contact Devon, Southern, South West, West Country, Scottish, Residential, Cornwall which I will do, period. I don't live in any of these areas - not that it matters - but don't want to spend my time calling etc to find our members have called them because they happen to live there. Waste of time to duplicate effort. Please nobody else get involved on my "patch".

Mark Landlord

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14:41 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "10/10/2013 - 14:31":

Just emailed her back to ask - will let you know what she says

Mark Landlord

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14:53 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Richard Adams" at "10/10/2013 - 14:39":

Ok Richard understood

Richard Adams

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16:20 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "10/10/2013 - 13:22":

Have called all the Associations I said I would, A couple I need to call back tomorrow. Those I did speak with are broadly very supportive and will e mail their members or in one case include in a regular newsletter when I myself have e mailed them with Mark's template. The Residential Landlords Association are unsurprisingly already on to it and more fully aware than the regional mobs.

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