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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Member Since October 2013 - Comments: 23
12:15 PM, 3rd November 2013, About 12 years ago
Reply to the comment left by “Mark Alexander” at “03/11/2013 – 12:03“:
Title is ‘ landlords gang up on mutual’ , quite a positive article on page 95 but a terrible headline !
Member Since January 2011 - Comments: 12196 - Articles: 1396
12:23 PM, 3rd November 2013, About 12 years ago
Reply to the comment left by “David Vickers” at “03/11/2013 – 12:15“:
Thanks David, it seems the article has not made it onto The Mail Online yet so I have set up a Google Alert to notify me as soon as it appears.
.
Member Since October 2013 - Comments: 15
3:01 PM, 3rd November 2013, About 12 years ago
Reply to the comment left by “Concerned Landlord” at “03/11/2013 – 11:01“:
Also the terminology in offer of loan, ‘life’ and ‘until term end’ implies that the tracker rate is fixed and therefore section 5 in t &cs does not apply. With the addition of section C paragraph 7, page 14, there is a strong case for breach of contract.
Also Bank of Ireland volunteered to back track on tracker hike for all those customers whose contract contained ‘life’ or Lifetime’, according to FCA response to Treasury Select Committee. Perhaps because they thought it would not stand up in court if challenged ?
Member Since September 2013 - Comments: 43
3:14 PM, 3rd November 2013, About 12 years ago
Reply to the comment left by “Scotty Lifetracker” at “03/11/2013 – 15:01“:
My own feeling is that WB knows all of these contractual aspects very well – but, their primary job is to make money, so they have tried this out to see – after all even if they buy out the ones who are in the action group they’d still be making tons of money…Others will of course want to join in after they hear of a settlement and again the chances are that they’d settle with them too and what will be left would still be a tidy profit that they didn’t have if they hadn’t embarked on this rate rise…
All this will of course leave them with a tarnished reputation – but again which banker ever cared about such things as honour, reputation, integrity, etc. All they care is their end of year bonuses…
Member Since September 2013 - Comments: 18
4:01 PM, 3rd November 2013, About 12 years ago
As I understand it your speculation of – “after all even if they buy out the ones who are in the action group they’d still be making tons of money…..” is totally unfounded and inaccurate.
I draw your attention to Mark’s post 0f 28/10/2013 at 15:36 ;
“The only course of action for our group is to raise the funds to litigate minimum £100,000.”
“I will not settle on any basis”.
As I understand it the action group is totally committed to successful litigation in all circumstances.
Perhaps Justin will be able to give us an idea of potential costs should the WBBS choose to defend themselves in every way possible?
Member Since July 2013 - Comments: 264
6:56 PM, 3rd November 2013, About 12 years ago
Mark
Just noticed its now on mail on line, no comments left it was on an hour ago
Member Since January 2011 - Comments: 12196 - Articles: 1396
7:01 PM, 3rd November 2013, About 12 years ago
Please post a link as I’m out for the evening
Member Since July 2013 - Comments: 264
7:05 PM, 3rd November 2013, About 12 years ago
Mark
Don’t no how
I just goggled landlords against west Bromwich
Member Since January 2011 - Comments: 12196 - Articles: 1396
7:14 PM, 3rd November 2013, About 12 years ago
Found it http://www.thisismoney.co.uk/money/mortgageshome/article-2486295/Landlords-support-legal-action-West-Bromwich-mortgage-rate-hikes.html
Member Since October 2013 - Comments: 386
7:54 PM, 3rd November 2013, About 12 years ago
Just a question and apologies if it’s been touched on before. Wb are relying on clause 5 about changing the rate if conditions dictate etc etc. we all believe this clause is there to allow them to rightly amend their svr not the fixed premium on a tracker. Our arguement is that clause 5 was never referred to in the offer of loan etc etc.
Has anyone got a standard variable rate mortgage with west brom or can anyone get copies of this type of mortgage from back in 2006 to 2008 ? If so do the offer of loan letters and loan agreements refer to clause 5 in those. If so wouldn’t that indicate that clause 5 is there for svr mortgages and not these fixed rate trackers ?