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
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.
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
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Comments: 359
6:19 PM, 31st October 2013, About 12 years ago
Reply to the comment left by “Mark Alexander” at “31/10/2013 – 11:27“:
The absolute gits!! Has anyone got a template for a letter to this paper?
Denise
Member Since October 2013 - Comments: 386
6:19 PM, 31st October 2013, About 12 years ago
Reply to the comment left by “Neil Patterson” at “31/10/2013 – 16:32“:
Neil. If she hasn’t contacted you tomoro maybe post her email address and name on here and we can all email her to politely ask her to give you a call.
Member Since October 2013 - Comments: 8
7:21 PM, 31st October 2013, About 12 years ago
I received this email from my MP today. I will let them use my name and details, can’t say I am comfortable with it, but in for a penny etc!!!
Thank you for your email and accompanying letter. George is happy to take up your particular case with the building society but before we can send a letter or make enquiries would you be comfortable with George using your name or address details in any correspondence.
Kind regards
Thomas Woolhouse
Case Worker to George Eustice MP
Comments: 55
7:23 PM, 31st October 2013, About 12 years ago
Reply to the comment left by “Julia Daniels” at “31/10/2013 – 19:21“:
Julia – I had to do the same for my MP who has offered to write to the CEO of WB but I really don’t have a problem with being named if it helps the campaign.
Member Since October 2013 - Comments: 134 - Articles: 1
8:52 PM, 31st October 2013, About 12 years ago
I’ve only just discovered this site and thread tonight, so apologies if I haven’t yet had time to read all 101 pages and may be going over old ground.
I have not had much success to date. The West Bromwich Mortgage Company (WBMC) did not deal adequately with my concerns re their interpretation of the offer latter and terms and conditions, but still gave me their FINAL response earlier this month. This included the threat of pulling the plug on me at any time it wished, such as if it lost the legal argument.
The FCA told me that it would not be able to act, and neither would the Financial Ombudsman Service, as the BTL mortgage is unregulated. Fortunately the FOS took a more sympathetic view and it is currently following up my dispute.
The Consumers’ Association rang me today and said that its lawyers had said that WBMC was within its rights under the terms of the mortgage agreement. I disputed this as WBMC’s attempt to exploit a loophole rather than to act in accordance with the contract. When I pressed Which? further, it informed me that BoI and WBMC were not acting in isolation, as both Halifax and Santander were raising the cap on their own capped products.
I have been toying with notifying the Data Protection Commissioner about possible misuse of credit reference agency data, but wouldn’t expect that to impact on WBMC’s decision to breach its contract.
Thanks! I feel better now, getting that lot off my chest yet again, to anyone who will listen.
Paul Eastabrook
Member Since October 2013 - Comments: 386
9:06 PM, 31st October 2013, About 12 years ago
Reply to the comment left by “Paul Eastabrook” at “31/10/2013 – 20:52“:
Welcome to the site. It’ll take you a couple of days to read through and catch up. But basically read through marks introduction at the top of each page.
How did you find the site ?
We have been trying to reach as many landlords as possible.
If you know anymore please get them involved too.
Member Since January 2011 - Comments: 12193 - Articles: 1395
9:10 PM, 31st October 2013, About 12 years ago
Reply to the comment left by “Paul Eastabrook” at “31/10/2013 – 20:52“:
Hello Paul and let me be the first to welcome you to Property118.
May I ask you where you first heard about us and how you found us please?
If you do manage to wade your way through the 1,000+ comments to date you will find that all the issues you have raised have already been debated at length.
Do not allow WBMC to bully you. The veiled threat in their standard final letter template, which we have all received, was debated on pages 22 and 26 of this forum. It matters not what you said in your complaint letter, their responses do not vary.
Link to page 22 >>> https://www.property118.com/west-bromwich-building-society-mortgage-company-increase-tracker-margins-legal-action/43657/comment-page-22
Link to page 26 >>> https://www.property118.com/west-bromwich-building-society-mortgage-company-increase-tracker-margins-legal-action/43657/comment-page-26
I trust you have read the introductory article at the top of this forum thread and followed the links in the To Do list as well as completing the Class action Expression of Interest Form?
.
Member Since October 2013 - Comments: 134 - Articles: 1
9:11 PM, 31st October 2013, About 12 years ago
I’d been searching for a while, and even tried contacting the Daily Telegraph journalist via LinkedIn about her article in September where she names two affected individuals. Unfortunately that didn’t work. Then tonight I saw the BBC Business News online article concerning Michelle Elewaar’s experience and kept following links until I got here.
I don’t feel quite so alone anymore.
Member Since October 2013 - Comments: 386
9:14 PM, 31st October 2013, About 12 years ago
Good. We are hoping there are a lot more like you out there. Its just getting the word out there. Anything you can do to help this would be appreciated.
Member Since September 2013 - Comments: 42
9:22 PM, 31st October 2013, About 12 years ago
Hi Paul, Welcome:-) You are super proactive so well done you.
It’s amazing that you haven’t found us earlier – just shows that their must be other landlords out there that are certainly not happy, and trying to do whatever they can to fight the rate rises in isolation. Lets hope they all manage to find us, as sharing the problem and finding solutions together is helpful for everyone on this site.