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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13:55 PM, 17th October 2013, About 11 years ago

Right, I've emailed everyone I can, I've written to my MP, tweeted and told everyone I can (even my hairdresser who was horrified as she's a landlord too), paperwork and money is with Justin. All done for the moment.

Just time for a little bit of fun:
Here's a jargon buster for the two sentences in West Brom's reply to my complaint which have bugged me the most:

The terms and conditions... make it clear (!) that...the rate of interest... can be varied at any time for a number of reasons including:

*To reflect market conditions generally

Meaning– We've just reported pre-tax losses of £9.4m. Like everyone in this downturn it's made us feel a bit down. We tried having a makeover to cheer ourselves up in 2010, it cost £5m but that didn't fix the problem, so:

*To make sure our business is carried out prudently, efficiently and competitively

Meaning – We built ourselves a new HQ! A snip at £10m! Now......where to find a spare £24.4m?...errrr....ummmm......Got it!

Keep plugging away everyone!

Andy Bell

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15:04 PM, 17th October 2013, About 11 years ago

BBA NOW!!!!! http://annualconference.bba.org.uk/programme

Twitter #bbaconf

All of them in one room.

Mark Alexander - Founder of Property118

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15:08 PM, 17th October 2013, About 11 years ago

Reply to the comment left by "Andy Bell" at "17/10/2013 - 15:04":

Well spotted Andy - please RT Tweeps 🙂


.

Andy Bell

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15:28 PM, 17th October 2013, About 11 years ago

Not sure how this works but lots of retweets should keep them visable (top of the list) to everyone on twitter at the conference.

doesn't embed the same but tweet away on both or add your own #bbaconf

David Lawrenson

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18:18 PM, 17th October 2013, About 11 years ago

West Brom now have a market leading ISA rate.
Though I'm desperate for a home for my money I will not be investing in it.

Our quick analysis of the mortgages we have seen shows Bank of China and MEx seem to have no get out clauses.

BM and C&G do have one, but their main mortgage contract and KFI (the one customers sign), does not refer to the general conditions where the get out clause is placed.

Woolwich also have a get out clause too but its not clear if it is referred to in the main mortgage document.

David Lawrenson
LettingFocus.com
Private Rented Sector Consulting

chris williamson

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18:30 PM, 17th October 2013, About 11 years ago

Just got all the paperwork from West Brom and the standard reply letter. Will now be sending on along with 720 pounds for the fund. Keep up the good work all.

Ed Atkinson

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20:01 PM, 17th October 2013, About 11 years ago

I’ve been thinking more on the Trust in Banks Funeral stunt.

I reckon it might be best to go for the House of Commons lawn because :

* A lot of landlords live in London & SE

* Those needing to travel may well have something else useful or fun to do in central London, making the travel less painful (with apologies to the good folk of West Bromwich)

* It will be easier for the TV people to cover it and for an MP such as the Select Committee Chair to attend, and our heroine Telegraph journalist etc

* I think Justin works in London and if we want him around to give a TV interview it will be cheaper on the Fund

* The stunt will be easier with open space and with grass underfoot

It will be quick as Mark says, but there is no reason we can’t do it a couple of times to help the TV crew get suitable material in the can. This is a cynical stunt to get on TV and they only need a minute of footage I guess. Along with a bit of pall-bearing as the lead in it will last a good few minutes. Hopefully there is a W Brom branch within range, we could start there.

We would need to have a sheet to hand out to explain what we are up to, so that the stunt does not need to be padded out with long explanations. I’d guess the TV will want only a few seconds of the vicar’s eulogy.

We could add to the fun by buying ourselves some of those cardboard famous people face masks.

After the stunt we can have an arrangement to meet in a local large café or somewhere.

To move this forward we need to decide on a few options as to the date and location and then set up a SurveyMonkey link to enable us to check that we’ll have sufficient numbers and to finalise the day, time, location. If it’s confirmed, then we can get to work on the details, perhaps using a new Property118 thread.

So Mark, can you confirm the location options are London & W Bromwich and suggest a few dates to select from? Maybe options where the Funeral stunt is not the only choice – I don’t want to hijack the demo, just help to make it successful.

Alexander Law

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20:12 PM, 17th October 2013, About 11 years ago

Have e-mailed the press release to the Dundee Courier and the Aberdeen Press and Journal:

Hi there,

My wife and I are small private landlords in the Tayside area. We provide warm, clean, safe and affordable homes to families, couples and singles.
Recently our mortgage provider, West Bromwich have increased our tracker mortgage rates by 2% (from December 1st), even though the Bank rate has remained unchanged. It was never explained to us that hidden in their terms and conditions was a clause saying they could do this, and we signed toxic loan documents like lambs to the slaughter.This will cause us, and many others great hardship.

Here is a press release from our action group, Property 118, which will provide you with further information, and we would be extremely grateful if you could publish an article on this matter to bring it to the attention of a wider audience.

http://www.property118.com/press-release-tracker-rate-mortgages/

With very many thanks,
Alexander Law

Addicted to fighting the WBBS

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22:30 PM, 17th October 2013, About 11 years ago

Reply to the comment left by "Andy Bell" at "17/10/2013 - 15:04":

Hi Andy

The following is the link to who WBBS are part of the association of as they are a building society, not a bank.

ww.bsa.org.uk/

I sent a letter to CEO of WBBS last week asking for his resignation if the UK courts view his business decision unlawful to try and hike rates. I rang today asking to be put through to him (Jonathan Westhoff) and asked what the purpose of my call was, I replied "his resignation" and was put straight through to his PA.

Suggest someone sends a letter to the Chairman of the ww.bsa.org.uk/ highlighting the behaviour of WBBS.

Stuart

ian

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22:38 PM, 17th October 2013, About 11 years ago

Reply to the comment left by "Ed Atkinson" at "17/10/2013 - 20:01":

Instead of the hasle of a coffin, lugging it around London & taking it to the café afterwards it also has to be light so it may blow away needs to be waterproof to etc.

So why not come as the Grim Reaper ? LOL

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