West Brom Building Society up to it’s old tricks again!
Has anyone else heard about a group of small companies that are preparing a legal battle against West Brom for wrongly raising interest rates in the aftermath of the credit crunch? It would appear they cited “a market disruption clause” as the reason to lift rates that should have tracked the LIBOR rate. Their solicitors say they have councils opinion that this can be challenged on a number of grounds. 
It all sounds very similar to what they did to thousands of Buy to Let investors.
Regards
Onlslow Clough
EDITORS NOTE
Just in case you’ve not heard, the case management hearing for the case brought against West Bromwich Mortgage Company by Property118 members will be held in the Commercial Court, 7 Rolls Buildings, London EC4A 1NL on Friday 17th October 2014. Time TBC but likely to be 10am or 10:30am
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Member Since January 2011 - Comments: 12193 - Articles: 1395
3:08 PM, 29th September 2014, About 12 years ago
Hi Onslow
Yes I did spot something about this in The Sunday Times – see >>> http://www.thesundaytimes.co.uk/sto/business/Finance/article1464533.ece?shareToken=97282536849168f494109ff93edc7e85
I have posted a far more detailed response on the secure forum which is only available for paid up members of the representative action. I’ve done this because I don’t want to risk scuppering the other case.
.
Member Since September 2013 - Comments: 125 - Articles: 3
3:56 PM, 11th October 2014, About 12 years ago
I wish you all well on 17th Oct – I’m thrilled to hear of ‘your day in court’, even if this is just preliminaries. I’m guessing matters such as limits to costs that can be charged might be decided, so I’d be keen to hear of any snippets that can be publicised.
Well done, Ed