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 November 2013 - Comments: 82
2:19 PM, 14th November 2013, About 12 years ago
Reply to the comment left by “Matthew ” at “14/11/2013 – 14:04“:
Agreed.
It is interesting as to why they have done it as I think Im right in saying that the BOI didnt alter their rate one bit when they implemented their increases apart from the 1200 mortgages that it wasnt applied to
Member Since November 2013 - Comments: 82
2:26 PM, 14th November 2013, About 12 years ago
Reply to the comment left by “Dean Turner” at “14/11/2013 – 14:13“:
We defo need to continue as we are.
Even if they were only putting the rate up by 0.10% I wouldn’t accept it as its not the contract I signed into!
Member Since October 2013 - Comments: 66
3:05 PM, 14th November 2013, About 12 years ago
This is quite true – it is not the amount it is being changed by rather the principle that they should not be allowed to change it in the first place! If they are, then it will set a precedence which will allow them to change it at will in the future and we will all be on something more a tune to a Standard Variable Rate – something which I did not sign up for in the first place.
Comments: 22
3:12 PM, 14th November 2013, About 12 years ago
Whatever the reason for the change to 1.9%, and I can’t see it, there will certainly be an important one.
They haven’t just got out of a different side of the bed.
Member Since October 2013 - Comments: 386
3:17 PM, 14th November 2013, About 12 years ago
I reckon this is an attempt to be able to show in Court that they are looking at this on a commercial basis , and they will be constantly monitoring it.
Look Mr Judge we have already done this decrease , aren’t we the caring sharing Society. Then if they got their way it would be caring and sharing all our income !
Member Since September 2013 - Comments: 80
3:28 PM, 14th November 2013, About 12 years ago
Reply to the comment left by “Mark Alexander” at “14/11/2013 – 13:55“:
Hi Mark – apologies for the absence, I have been fighting a separate battle with Orange who were trying to charge me £90,000 for 5 days of overseas data roaming !
Back to the topic of West Brom and their ‘market conditions’ angle. Forgive me if this has been bought up in recent weeks, but the West Brom BS are part of the Government “Funding for Lending” scheme which means they can access cheaper than market rate funding ????
If this has already been raised, apologies, if not, then what is their reasoning for blaming market conditions.
Member Since October 2013 - Comments: 386
3:32 PM, 14th November 2013, About 12 years ago
Reply to the comment left by “stuart marshall” at “14/11/2013 – 15:28“:
Looks like you might need some cheaper than market rate funding yourself !!
Member Since July 2013 - Comments: 264
4:00 PM, 14th November 2013, About 12 years ago
Reply to the comment left by “Mark Alexander” at “14/11/2013 – 09:46“:
Interesting to see there’s going to be a court case, also be interesting to know how its being funded ?
Member Since October 2013 - Comments: 42
4:24 PM, 14th November 2013, About 12 years ago
Hi Mark,
I have my FOS forms ready to post and I thought you were going to tell us what to write?
Member Since January 2011 - Comments: 12193 - Articles: 1395
4:28 PM, 14th November 2013, About 12 years ago
Reply to the comment left by “Adrian Matthews” at “14/11/2013 – 16:24“:
Not me, we are waiting for Justin. I believe this will all be confirmed in his notification email to all members next week, together with the letter template to solicitors for members who used their own and an update on the legal opinions and strategies suggested by Counsel so far.
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