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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Colin Childs

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16:07 PM, 26th October 2013, About 11 years ago

Reply to the comment left by "Dan Smith" at "26/10/2013 - 15:39":

WBBS is a mutual organisation not a bank. So maximising profit is not their primary objective.

Dan Smith

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16:26 PM, 26th October 2013, About 11 years ago

Reply to the comment left by "Colin Childs" at "26/10/2013 - 16:07":

Indeed WBBS is a mutual society that, as I understand it, is about to build itself a new, multi-million pound HQ - for the benefit of the members?

My BoE base rate tracker mortgages are with the West Bromwich Mortgage Company Limited not the WBBS.

Is the breaking of my BoE Base Rate Tracker

Dan Smith

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16:34 PM, 26th October 2013, About 11 years ago

Reply to the comment left by "Dan Smith" at "26/10/2013 - 16:26":

Sorry Hit the wrong button. To continue...

Is the breaking of my BoE Base Rate Tracker mortgage contract anything more than demanding money with menaces? "We can ask you to repay your mortgage in full within 28 days etc etc..."

If the Directors really cared about the members they could have taken a 90% pay cut to reflect their gross incompetence as Directors offering unsustainable deals. Did they take a pay cut? Well I don't know but let me get carried away and speculate that the answer is a resounding no.

Colin Childs

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17:08 PM, 26th October 2013, About 11 years ago

Reply to the comment left by "Dan Smith" at "26/10/2013 - 16:34":

Having sat on both sides on the fence over the years. I focus on the key facts and not base anything on assumption or presumption. Too easy to convince one self of ones own arguments. Your heading off on tangents that are far away from the legal points that matter.

Dan Smith

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17:26 PM, 26th October 2013, About 11 years ago

Reply to the comment left by "Colin Childs" at "26/10/2013 - 17:08":

Agreed Colin and I appreciate your comments.

The basic facts are that West Brom xyz will cost me a minimum of £108K more over the next 15 years than I had agreed to when entering into my contracts with them.

It is my speculation that they will impose further increases - I personally believe they will do so.. It is not speculation that they have done the unthinkable and turned a "Tracker" mortgage into a "we can charge whatever we like whenever we like" mortgage. We are all victims of this action.

Had any their brochures/marketing material mentioned the totally random rates of interest they could charge I believe nobody would have signed up to such a deal.

Therefore we must all - as contributors - stand together and fight for our own benefit and not for the parasitical bystanders.

ian

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20:32 PM, 26th October 2013, About 11 years ago

Private Landlord Directory.com Has a newsflash section which is a free service that keeps members up to date with the latest news that may affect you as a Landlord. This may be another avenue to reach out to more Landlords ?

Richard Adams

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21:46 PM, 26th October 2013, About 11 years ago

Reply to the comment left by "Colin Childs" at "26/10/2013 - 17:08":

Colin, you don't sound very upbeat about our campaign. Don't you agree that our legal case is a strong one?

Colin Childs

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23:37 PM, 26th October 2013, About 11 years ago

Reply to the comment left by "Richard Adams" at "26/10/2013 - 21:46":

Richard, I don't get emotional and over excited. Spent too many years in my day job for that. As I said in an earlier post, there's only one place to resolve this matter, in court. Conspiracy theories merely cloud the real issues. As without full facts one sided observations carry no substance.

Richard Adams

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0:45 AM, 27th October 2013, About 11 years ago

Reply to the comment left by "Colin Childs" at "26/10/2013 - 23:37":

Nothing wrong with being cool headed. Best maybe. But Colin having paid up and sent your docs to Justin presumably, are you quietly confident of success? Otherwise you would not have done so? That is having considered the real legal issues of course.
No harm in possibly irrelevant observations in this forum as we have counsel's opinion coming shortly who will ignore all but relevant posts.

David Lawrenson

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17:08 PM, 27th October 2013, About 11 years ago

We sent out our quarterly newsletter on Thursday to the 2,200 landlords who have subscribed to join our mailing list plus another 1,000 assorted journalists, MPs, councillors mortgage lenders, brokers and letting agents who are also subscribed on our list too.

In it we referred to the BOI and WBBS rate hikes and directed all readers affected and those with other tracker mortgages to join the Property 118 led campaign.

We hope that has helped.

From our success with getting Nationwide to allow landlords to let to benefit tenants, we do think you must not neglect to target all board members of WBBS personally. We u/stand that was key in the case of the Nationwide.

We also highlighted why the whole WBBS and BOI move was a bad move by lenders in a recent piece in the Mortgage Finance Gazette, which is the publication read by the actual lenders themselves. Article is available on line. Search David Lawrenson and Mortgage Finance Gazette to find it.

As a consultant who sometimes advises lenders I have said to those we know that the WBBS and BOI moves are wrong policies and are really morally indefensible, given the way these mortgages were marketed and sold.

Final point - I do not think the landlords assocn of which I am a member has done anywhere near enough to highlight this matter as an issue - and I will try to contact them next week.

Kind regards
David Lawrenson
http://www.LettinFocus.com
PRS Consultancy

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