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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Alison Buckland

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16:30 PM, 10th October 2013, About 11 years ago

I'm feeling very buoyed up by reading the comments from so many others here. When I first got my letter from West Brom I felt very much on my own and, to tell the truth, slightly victimised. I would not call myself a professional landlord - I have four properties in total and only one with West Brom. I'm getting my paperwork together for Justin as we speak. Out of interest Mark, how many people have signed up now? Thanks for all your hard work and keep fighting everyone!

Ed Atkinson

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17:25 PM, 10th October 2013, About 11 years ago

Regarding contacting Landlords Association ... There has been a similar discussion on the Forum here:

http://www.property118.com/contra-proferentem-mortgage-conditions/44061/comment-page-3/#comments

In that discussion Mark suggested I edit the text of the suggested email from a Landlords Association to its members. I'd thought the original text not quite right for a third party association. Below is my edited version.

Tomorrow I will seek out some associations that no one else has phoned and list them here.

Dear Member

Was it your understanding that interest rates on lifetime tracker mortgages or reversion tracker rates can only vary when the base rate moves?

There are now plenty of angry borrowers out there, 6,700 in clients of the West Bromwich Building Society and a further 12,200 clients of Bank of Ireland are already affected. These lenders have decided to increase their profit margin by increasing the interest rates regardless of the fact that the Bank of England base rate has not changed. They are relying on ambiguous small print in their contracts, which is in conflict with their promotional materials and offer letters.

It appears a strong possibility that other lenders may follow suit and many now feel that this unethical practice should be stopped before other lenders make their decisions.

We are writing to you to let you know that a Class Action group has formed via the Property118 online forum to fight back. The Class Action team are confident that the law is on their side, in particular due to established legal precedent that ambiguous or self-contradicting contracts must be interpreted in a way that benefits the customer (termed “contra proferentem”).

The Class Action is receiving support from many But-to-Let landlords in addition to affected customers of the West Bromwich Building Society and the Bank of Ireland.

For more information please visit http://property118.com

Greg Jackson

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17:25 PM, 10th October 2013, About 11 years ago

You couldn't make this up!

I have just read the following article in the Finacial Reporter. Simply unbelieveable. Does anybody have any idea where these people are getting the money from to fund these market leading rates?......o'h yes it's from us!
If any of you had any doubts about the injustice we are being subjected to then after reading this you will sign up to the class action.

West Brom reduces 2-year fixed rates by up to 0.50%
Thursday, October 10, 2013
Published by AMY LODDINGTONMortgages | 0 Comments

The West Brom is cutting the cost of borrowing over two years following a review of its fixed rate mortgage range.

Existing rates available directly from the building society and fixed until 30 November 2015 have been reduced by up to 0.50%.

These include a two year fixed rate at 1.89% with a maximum loan to value ratio of 75%, a £99 booking fee and a £900 completion fee.

This particular product has been awarded a 5 Star rating by Moneyfacts.

Sylvia Waycot, editor of Moneyfacts.co.uk, commented:

“The West Brom 2 Year Fixed Rate at 1.89% is a market leading product, worthy of 5 stars, our highest award.”

For existing borrowers looking to remortgage, the West Brom has lowered its two year fixed rate to 2.39% (up to 75% LTV). There is a £99 booking fee, plus this mortgage has the added incentives of no completion fee, a free first standard valuation and fees assisted legals.

Two year fixed rate mortgage products available through the West Brom’s selected intermediary partners have also been improved as part of the review.

James Wright, the West Brom’s divisional director for marketing and e-commerce, said:

“These changes improve our mortgage rates for customers looking to fix their repayments for two years. As well as competitive rates that help keep monthly repayments low, we are also offering customers incentives on certain deals that reduce the overall cost of borrowing.”

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17:48 PM, 10th October 2013, About 11 years ago

emailed Watchdog yesterday - they probably didn't even bother to read as they've not bothered to reply

Richard Adams

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18:03 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Ed Atkinson" at "10/10/2013 - 17:25":

Ed.

Mark's template e mail has already been sent by me to the Associations I agreed to approach. I don't think using his rather than yours will do any harm though. It is only a suggested template for them to use after all. I got the impression they might well use their own words anyway from my telephone conversations with them.

Dean

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18:26 PM, 10th October 2013, About 11 years ago

Reply to the comment left by "Denise Doms" at "10/10/2013 - 17:48":

You never know. Does anyone know if they usually reply ?

Email them again Denise. I'm going up email them every Thursday until the series finishes or they put a peice on the program.

Can others email too please.

Thanks.

ian

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19:12 PM, 10th October 2013, About 11 years ago

Reply to the comment left by " " at "10/10/2013 - 18:26":

Dean
I emailed them years ago about Time Computers, they did respond saying if they get a large number of complaints they may follow it up.

Dean

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20:13 PM, 10th October 2013, About 11 years ago

Cheers Ian. That's it then. We need everyone to start emailing them. More than once if we can.

Kevin Jeffery

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

Reply to the comment left by “Nicola Everden” at “07/10/2013 – 19:51“:

Thank you Nicola for the template letter to send to local MP. Copy now sent.....

Will The Gasman

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10:39 AM, 11th October 2013, About 11 years ago

Just received my generic letter back from WB, regarding my complaint and request for paperwork.

I have mentioned it before, but I'm still worried, that they can demand full repayment of the loan with one month's notice. Within the terms booklet it does say that they can.

I hope the barrister is looking into this clause as well as the increase in interest rates.

If they can ask for full repayment, as soon as they know who is taking them to court, could they not just invoke the repayment clause ?

In my letter from them regarding repayment, it states " We felt this was more disruptive to the customers affected and therefore felt that an increased rate would be preferable"

I know when I brought this up a week ago, there were a few comments saying that the courts would not let them do this, but is that based on opinion or fact ?

Still worried !!!!

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