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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Fed Up Landlord

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19:15 PM, 30th October 2013, About 11 years ago

Game on then.

David Up North

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20:27 PM, 30th October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "30/10/2013 - 18:37":

That's pretty much what I would expect, as they aren't going to be helpful and probably unable to answer Justin's questions without incriminating them selves. They also will want to stand firm and sound resolute. However none of this really matters to us, it's not what they say, but what the courts say that matters. So lets wait and see hat counsel say and in the meantime lets try and raise as much money as possible for the fight as this is probably what it will boil down to. I hope that all the landlords that haven't put their money in will do so upon a positive opinion.

Mike L

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21:06 PM, 30th October 2013, About 11 years ago

I have at long last received my papers from WB. If I wasn't already convinced that they deserve a good hiding in court (which I am 100%), I'd be even more so now!!! Copy of all documents and cheque on the way to Justin. If I had any money invested in WBBS right now I'd be asking myself some very serious questions about how wise that was. This is no way to run a business and the publicity can only get worse for them.

Mark Alexander - Founder of Property118

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22:57 PM, 30th October 2013, About 11 years ago

For those of you who have expressed a need to reduce mortgage payments without refinancing or selling please take a look at the link below.
.

Steve Gracey

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10:14 AM, 31st October 2013, About 11 years ago

I'm a Landlord and not yet effected by BOI / WBBS shenanigans but I've just paid my contribution. In my humble opinion all landlords need to contribute and nip this in the bud, before it spreads to other lenders.

Here's an idea that's not been mentioned (I think): How about everyone invokes the Direct Debit guarantee on their first increased payment. I did this before on a mortgage rate rise and it was surprisingly easy and effective. I did it all through my bank on their contact us page, scanned a copy of a page proving why I believed the Direct Debit taken was wrong, literally 5 minutes work. My bank immediately reversed out the disputed DD and charged it back to the lender, and the next payment and the next one until the lender eventually contacted me and we resolved the issue. And I believe the onus is then on the WBBS to convince the bank that the amount is fair and not being disputed if they want to get the original amount paid.

Just think of all the hassle WBBS get when they get every mortgage payment charged back to them :-)))

Richard Adams

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10:29 AM, 31st October 2013, About 11 years ago

Reply to the comment left by "Steve Gracey" at "31/10/2013 - 10:14":

Thanks for joining us Steve and putting your hand in your pocket.

What a neat idea re the DD guarantee!! There are many experts in this forum whose comments I eagerly await on this innovative suggestion. It might just spike the actions WBBS would take if we just did not pay in the first place. As for hassling WBBS - absolutely marvellous.

Mark Alexander - Founder of Property118

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11:27 AM, 31st October 2013, About 11 years ago

Check out this article about West Brom's glossy new office published in the Wolverhampton Express and Star Newspaper >>> http://www.expressandstar.com/business/midlands-business/2013/10/31/new-west-brom-building-society-hq-looks-to-the-future/

I have registered for an account with the newspaper so that I can leave an appropriate comment. I would encourage others to do the same.
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Dean

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11:54 AM, 31st October 2013, About 11 years ago

Reply to the comment left by "Mark Alexander" at "31/10/2013 - 11:27":

Criminal

But at least we know what we are paying for !!

I have registered too

Alexander Law

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13:19 PM, 31st October 2013, About 11 years ago

Reply to the comment left by "Dean Turner" at "31/10/2013 - 11:54":

Me too - and I've left a comment!

Will be very interesting to see if the paper dares to publish our comments!

Mark Alexander - Founder of Property118

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13:22 PM, 31st October 2013, About 11 years ago

Reply to the comment left by "Alexander Law" at "31/10/2013 - 13:19":

Nice one!

I've not received my sign up link yet so I still can't comment. I see there are quite a few damning comments about WBBS trackers already in the comments below the article but none of them mention the Property118 campaign. Over to others to fix this 🙂
.

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