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 September 2013 - Comments: 7
9:41 AM, 29th November 2013, About 12 years ago
The number of readers on this site has greatly increased in the last week or so.
Member Since July 2013 - Comments: 467 - Articles: 1
9:53 AM, 29th November 2013, About 12 years ago
Reply to the comment left by “Mark Alexander” at “29/11/2013 – 09:38“:
Thanks Mark,
And thanks for the others comments too.
I have also today written to Director General of the Building Societies Association asking if he thought that the WBBS action also reflects badly on the whole building society movement.
I will update you on any response I get from both Mr. Tyrie and Mr. Coles though I do not expect BSA to admit any impact on them, although I would be surprised if they were not concerned about the out-turn that events are taken, especially given that three out of four of the lenders who have performed similar actions to WBBS are building societies (WBBS, Skipton, Manchester).
[email protected]
David Lawrenson
http://www.LettingFocus.com
Member Since November 2013 - Comments: 252 - Articles: 10
10:44 AM, 29th November 2013, About 12 years ago
Reply to the comment left by “David Lawrenson” at “29/11/2013 – 09:53“:
BSA will wash their hands of this for the reason that the mortgage is not with a BS but with the associated mortgage company, which I suspect was set up to avoid the rule that the loan book has to be 50% member funded. The separation allows WBML to have greater access to the secondary mortgage market, both buying and selling.
Comments: 359
10:54 AM, 29th November 2013, About 12 years ago
have sent our 2 paying additional under protest e mails today – thanks for the heads up and proforma Mark
Member Since October 2013 - Comments: 386
11:02 AM, 29th November 2013, About 12 years ago
Reply to the comment left by “Mark Smith (Barrister-At-Law)” at “29/11/2013 – 10:44“:
Hi Mark
Did you see my reply about the Paragon Libor mortgage
Thanks
Dean
Member Since November 2013 - Comments: 252 - Articles: 10
11:09 AM, 29th November 2013, About 12 years ago
Reply to the comment left by “Dean ” at “29/11/2013 – 11:02“:
Hello Dean,
Paragon is not one of the lenders who have been involved in manipulation of LIBOR
so this is not a route you can go down.
If anyone has LIBOR mortgages with RBS group or Barclays these should be examined if the property is in neg equity.
Member Since September 2013 - Comments: 30
11:24 AM, 29th November 2013, About 12 years ago
Reply to the comment left by “Denise Doms” at “29/11/2013 – 10:54“:
Hi Denise,
Would you mind me asking who you sent those emails to and what their address is? I’d like to do the same and I want them to hit the spot right first time!
Thanks to Mark Smith for the wording.
A
Comments: 359
11:28 AM, 29th November 2013, About 12 years ago
Reply to the comment left by “Alison Buckland” at “29/11/2013 – 11:24“:
I went to the West Brom webpage and then to contact us and completed and submitted their form there. I have not had an acknowledgment of their receipt yet other than a standard reply saying one of their team will contact me – but I also cut and paste what I wrote into a word doc to save as of course once you hit submit your message goes off into the ether leaving no trace of its existence in your out box. It would be even better had I known how to do a screen shot and maybe others might consider doing that as their own ‘proof of posting’
Member Since September 2013 - Comments: 30
11:38 AM, 29th November 2013, About 12 years ago
Reply to the comment left by “Denise Doms” at “29/11/2013 – 11:28“:
Many thanks Denise, I will do the same now.
Member Since October 2013 - Comments: 386
11:47 AM, 29th November 2013, About 12 years ago
Reply to the comment left by “Denise Doms” at “29/11/2013 – 11:28“:
Just doing my letter to West Brom and following up on why they have not replied to my questions in my letters to them of the 23rd October, 25th October, 12th November and 20th November.
While going through these I noticed that the reply I got from Holly O Sullivan on the 21st October telling me that they had looked into my complaint and that they know its not what I wanted to hear etc etc etc but they can not up hold my complaint and that’s the last they will say on the matter and now I have to go to the FOS.
Well Holly did a great investigation . So much so that the mortgage account numbers where not mine. This indepth investigation she did referred to someone else. How can she cut and paste their reply to me. I raised the point that my wife and I only have two buy to let mortgages in our joint names plus one residential so we do not even fall into their criteria . I have asked them to show me anymore which I know they can not. They wont even reply . Just fobbed me off with someone elses reply .
So West Brom reader, look out for my letter , have a word with Holly and ask her to do a proper reply . You should have it by Monday .