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

Text Size

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


Share This Article


Comments

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

13:27 PM, 22nd October 2013, About 11 years ago

Reply to the comment left by "Ken Rose" at "22/10/2013 - 11:40":

Hi Ken, please see the To Do list at the top of the summary article linked below.
.

Incensed Landlord

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

13:38 PM, 22nd October 2013, About 11 years ago

This recurring topic of whether or not Justin has received posted documents and cheques is something my wife and I were also getting concerned about.

We know, however, that he has received our 3 cheques, as they have been cashed/cleared, but we've not had any confirmation of this from Justin. We think it's both professional and a requirement to at least have the courtesy to both confirm receipt of cheques, but also to confirm exactly what you are paying for, as in legal services etc.

we realise that their offices are inundated with post right now, but he must have known and expected this, and pre-written standard replies in readiness? I hope, even if belatedly, that he does indeed do this, as otherwise it doesn't feel much like we are indeed being represented in the way we're paying and had hoped for.

Has ANYONE had any correspondence over and above e-mails from Justin?

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

14:03 PM, 22nd October 2013, About 11 years ago

Come on people, give Justin a break please.

He said in his update last Friday (http://www.property118.com/west-brom-building-society-to-increase-btl-tracker-margins-by-2/43657/comment-page-75/#comment-30430) "We will acknowledge receipt of your payment – but please bear with us."
.

Incensed Landlord

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

14:41 PM, 22nd October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "22/10/2013 - 14:03":

Hi Mark, I must have missed that update. Like you guys, we've got a lot on our plates at present. What with rushing our daughter in and out of hospital, not to mention doctor visits and phone calls, plus business-related work on top, we're snowed under. Apologies if you feel I was hassling him, and in turn you. That wasn't my intention. Obviously some others haven't seen or heard about this either, for whatever reason.

We're all in this together, and trying our level best to support - obviously - so a bit of understanding both ways is called for, don't you agree?

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

14:57 PM, 22nd October 2013, About 11 years ago

Reply to the comment left by "Incensed Landlord" at "22/10/2013 - 14:41":

Yes absolutely, I spoke to Justin very briefly this morning and I think he's a bit overwhelmed at how fast the packages have all come in. It hasn't helped that his secretary was off last week but he is getting on top of things. I hope to speak to him again later this evening but when we spoke this morning he did mention that he's had a very big mail bag for the last two days so that's all very promising 🙂
.

Kevin Jeffery

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

15:15 PM, 22nd October 2013, About 11 years ago

Hi Mark

Something new I think 😉 .... Does the ruling regarding energy companies using hidden clauses in their contract to overcome fixed pricing (whereby they increased the prices anyway), affect us in any way? Their ruling body ruled against them but I dont have any more detail at the moment and only heard the end of it on the radio news....

Dean

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

15:18 PM, 22nd October 2013, About 11 years ago

I think if your cheque as been cashed you shouldn't worry too much.

Its a good sign Justin isn't getting back immediately otherwise it would indicate that all this work is not producing the numbers we need.

Im working on not expecting any real decision from WB until February next year.

Obviously if your cheque has not been cashed then you will need to ensure your details have either been lost or are in the process. But I would guess there is still plenty of time before things really start to move.

If you have registered and Justin does not have your cheque and documents I would guess you will receive some sort of contact to make sure you are aware of a closing date ?

We don't want to get too hung up on lack of contact from Justin. The fund does not need to be depleted by his time answering individual emails and calls. If we get weekly updates and if Mark keeps us informed of any useful developments in the meantime I think that should be sufficient.

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

15:18 PM, 22nd October 2013, About 11 years ago

Reply to the comment left by "Kevin Jeffery" at "22/10/2013 - 15:15":

Hi Kevin

When you have more details please let me know and I will mention it to Justin when I next speak to him.

As I'm sure you will appreciate, a ruling from an unrelated regulatory/professional body in an alternative and possibly even a consumer based market sector is very different to commercial case law but it may have some relevance, hence I will raise it.
.

Mark Alexander - Founder of Property118

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

15:38 PM, 22nd October 2013, About 11 years ago

Reply to the comment left by "Dean Turner" at "22/10/2013 - 15:18":

Thank you for your supporting comments Dean and I completely agree with you, especially regarding your suggested time scales which are realistic in my opinion.

It is likely to be the middle/end of November before Justin receives Counsels opinion and there will no doubt be a bit of back and forth correspondence between Justin and Counsel after that.

The next stage will be to obtain a quote for legal fees insurance based on Counsels opinion. I would envisage that taking a couple of weeks.

The next stage will be a Press Conference during which we will know how much money we have in the kitty. I'm hoping that will happen to coincide with the Dec 1st date but only time will tell.

If we have enough money in the kitty at that time, or we are close, then we will be in a position to give notice to all who have registered but may or may not have paid up. At that point it may be necessary to say to people that if they haven't signed up by a certain date it will be too late.

I'm hoping that our claims will be served on West Brom just in time to ruin their Xmas.

Early into the New Year Justin will then be in a position to invite West Brom to have a confidential discussion, the outcome of which will either be broadcast widely or shared only with named claimants subject to a non-disclosure agreement. Obviously that will depend upon the outcome of the discussion.

If we end up in Court then Feb is a possible start date but this could drag on for a few years if decisions get appealed and we have to be realistic about that.

Our goal at this stage should be to raise as much interest and funding as possible between now and the when Counsels opinion is back as this will afford us an opportunity to share the fantastic news that we are ready and raring to press on with litigation when we get to the Press Conference stage.
.

Kevin Jeffery

Become a Member

If you login or become a member you can view this members profile, comments, posts and send them messages!

Sign Up

16:20 PM, 22nd October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "22/10/2013 - 15:18":

Hi Mark

Best that I could find on this at the moment is http://news.sky.com/story/1157888/energy-regulator-moves-to-protect-fixed-rates

The way I heard it it was not dissimilar to our situation i.e. The energy company used a small print loop hole within their contract to increase a fixed rate

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Automated Assistant Read More