West Bromwich Building Society Tracker Margins Legal Action

Reply to the comment left by "Infuriated Landlady" at "29/10/2013 - 20:21":

I was tempted to do the same (paying current amount via standing order) but I'm in the position where I need a clean credit rating. They would have carte blanche to trash that and have possibly have grounds to invoke the threat of calling in the loan. I'll not give them the satisfaction of being able to cause me further detriment and I'll look forward to day they have to pay me back. Grudingly, I'll be leaving my DD in place.

Some may be in a different position and look forward to a early day in court when WB try to enforce the additional amount.

Need following all the comments and think we all need to pull together and support mark in his efforts. I have had a reply from Liam fox MP who is referring the matter to Andrew Tyrie chairman of the treasury select committee. In the meantime everyone needs to spread to word and gather more applications for the class action to build our war chest .

Reply to the comment left by "Andy Bell" at "29/10/2013 - 20:57":

Because I'm skint and would rather pay the £290 odd extra I shall be due to pay WBBS per month towards the class action fund if necessary plus survive day to day meanwhile instead of letting WBBS have it, I have virtually decided to cancel my DD and insert SO at existing rate.

I know WB will trash my credit rating and go for repayment of entire mortgage. I care not.

Please would any of you mortgage experts say if there is any other detrimental consequence that will follow my action? Dean I think it was warned WBBS could immediately make me a variable rate payer rather than tracker. I don't see how but PLEASE are there any other pitfalls I should be aware of?

Reply to the comment left by "Richard Adams" at "29/10/2013 - 21:18":

richard, i mentioned this in a post a couple of weeks back, but when i suggested i might pay only the pre increase amount to the west brom customer relations manager, he told me that they would be able to take the rent directly from the tenants. not sure how that would work, presumably they would need some kind of court order. might be worth investigating further if thats your chosen course of action. i take my hat of to you if you go ahead and wish you the best of luck. i'm going to leave the dd and hopefully celebrate the victory in court with an i told you so message when we win!!!

They can appoint LPA receivers to collect the rent as soon as you are two months in arrears. LPA receivers can also serve notice on tenants and sell the property without a Court order. WBBS can then appoint debt collectors who will obtain money orders and charging orders on other properties including your home. They can also obtain orders to freeze your bank accounts.
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Reply to the comment left by "shaun campling" at "29/10/2013 - 22:05":

Thanks Shaun. I'll look into that aspect before committing. Got 5 weeks to deliberate. I recall Mark spelling out way back that a court order is necessary to get mortgage repaid and the process could take months especially as I could prevaricate and spin it out. Presumably the same to get payment direct from tenant and I can already think of ways to frustrate them on that front by which time we might have won or be close to winning?
I won't let myself be influenced into getting into a sideshow scrap out of pique, tempting though it is as I would,love to do it. My sole reason for seriously contemplating going the SO route at existing rate are as stated. I'm skint!

Reply to the comment left by "Mark Alexander" at "29/10/2013 - 22:23":

Thank you Mark. A pity none of this was mentioned when the subject raised by members other than me of continuing to pay at existing rate arose.
That changes my outlook and dictates the course of action I shall probably need to follow, namely sell the property, with deep regret. It's a nice one and well let but being skint I have no option. So be it. I'm double stuffed by WBBS therefore as capital value was beginning to show signs of rising. Bye bye pension!

Reply to the comment left by "Richard Adams" at "29/10/2013 - 22:55":

Yes Richard. Also a pity that so much of what was mentioned has now been forgotten.I refer to Mark's post of 03/10/13 07:49

"As we know institutions often settle legal cases on the basis of non-disclosure"

and

"I would prefer to fight it all the way but if I was one of just a few hundred borrowers who had paid up for the Class Action and such an offer was put on the table then I would take it wouldn't you?"

Having read this post I sent off my £480 cheque. It would seem that now the Terms & Conditions of our Class Action have changed so radically ( just as my WB Tracker did) I'll have about as much chance of getting this back as avoiding an iniquitous mortgage rate increase. Such a shame.

@Dan Smith -

If you would like to withdraw your instructions to Justin on the basis that I have mislead you please write to him requesting a refund - justin@lawdepartment.co.uk and copy me in mark@property118.com.

IF Justin is unable to refund your money for some legal reason I am unaware of then I will do so myself. This offer applies to anybody right up to the point Counsels opinion is complete.

I take your criticism square on the chin and I apologise for misleading you. At the time I wrote those posts I did so in anger based on discussions about free-loaders. I have since re-assessed my original values and I am going with what I believe is the right thing to do. I hope you will also re-think and back my decision.

@Richard Adams -

I have thought this through further since that discussion, particularly in light of the experiences which some borrowers of Mortgage Express have written to me about recently. I did say at the time I would not recommend a strategy of not paying as it is high risk. I also gave an example of a person who could afford to take such a risk on the basis that he is in a position to repay his West Brom mortgage at any time.

Whatever happens, if we win you should be able to claim damages against West Brom. It may, however, be more difficult to claim damages based on loss of opportunity, i.e. if you sell your property. If we were 100% guaranteed to win our case then I would recommend we all follow your strategy as it would bring matters with West Brom to a much swifter conclusion. However, there are no guarantees in life save for death and taxes.

If you do follow your strategy of paying the agreed rate only and West Brom do use their full powers against you it would cost them a lot of money to make recompense to you. However, their risk is a battle scar if they lose, your risk is potential financial oblivion is the Class Action fails. In my own mind, the biggest risk of failure is not our legal position, it's whether we will raise enough money to fight the case. However, I am growing ever more confident that we will raise the required funds.

To All -

What we must remember is that if WBBS get away with a 2% increase what is to stop them increasing their margin by another 2%? Clearly they are under pressure to reduce their exposure to their BTL mortgage book and what better way to see us all off?

Are WBBS the only lender which is under pressure to reduce their exposure to their BTL mortgage book?
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Reply to the comment left by "Mark Alexander" at "30/10/2013 - 07:51":

Mark, I am sorry for muddying the waters. For the record I remain 100% committed to the ethos of the class action, to which I have subscribed. I really want to see WBBS defeated, we all get compensated AND other lenders utterly and finally deterred from trying it on. A great victory of which we should all feel proud afterwards and many borrowers with other lenders will owe us a debt of gratitude.
My personal situation is my own dilemna and nobody else should be sidelined into worrying about that. All should press on recruiting support etc etc. I am knocking on in age and frankly need this whole thing just now like a hole in the head. My wife is joint a/c holder with me and is suffering stress related illness on other accounts. I am shielding her from the WBBS brouhaha entirely. I sadly reiterate that I am skint. and part of my thinking re withholding full payment from WBBS was/is to provide extra funds for the action if required. That is how committed I am to it. I won't be able to find the money elsewhere.
So it is my problem and is for me to resolve weighing up the risks involved. That I shall do. No need to decide for 5 weeks or so. Maybe I might pay at increased rate in December etc and if Counsel's opinion is bullish jump ship on paying WBBS later on? There are options.