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: 474
9:05 PM, 10th December 2013, About 12 years ago
Reply to the comment left by “The Seasoned Female Investor” at “10/12/2013 – 19:13“:
Yes I know of them but not well or personally enough for them to remember me. Therefore if I e mail them. which I’ll try, I fear same nil response you got. Maybe being unkind, but they are out to make money so a non earner like our cause may not appeal? Hope i’m proved wrong.
Member Since July 2013 - Comments: 264
9:20 PM, 10th December 2013, About 12 years ago
Reply to the comment left by “Denise D” at “10/12/2013 – 20:58“:
Hi email add for Furgus & Judith Wilson is [email protected], I did email weeks back.
Member Since September 2013 - Comments: 333
7:41 AM, 11th December 2013, About 12 years ago
Can I suggest to everyone involved in the emailing yesterday to pause for a few days until Mark has updated us about the effect it’s had.
I though everyone might want a break 🙂
We can then agree to commence emailing again on say Friday?
Member Since January 2011 - Comments: 12193 - Articles: 1393
9:22 AM, 11th December 2013, About 12 years ago
Reply to the comment left by “Richard Kent ” at “11/12/2013 – 07:41“:
Hi Richard
I agree that a pause is in order.
It will always be difficult for me to gauge the response as new people visit the website every day and I never know where they come from. It doesn’t have to be that way for you guys though. How about adding some bait to the hook. All mortgage advisers are looking for new clients. What’s to stop you doing a beauty parade of all the mortgage advisers in your area? You might find a good one but you aren’t compelled to use any of them.
We have a new leaflet which we are hoping to launch today so maybe we can include reference that in future emails to mortgage advisers too?
Do you think the following text would inspire more mortgage advisers to sit up and take notice and respond you the emails being sent? We can hit two motives with one sentence here, the motives being fear of loss and opportunity of gain. 6,700 potential clients is a mouth watering prospect for any mortgage adviser. Unhappy clients, losing business and complaints is their greatest fear!
Hi
I found your details via Yell.com, I’m not a client of yours … YET.
My mortgage advisers sold me a tracker mortgage with the West Brom Mortgage Company a few years ago. This month the West Brom have put the interest rate up, even though the tracker is for life!
Needless to say I may be looking for another mortgage adviser at some point, could you help with this?
I am not alone either, there are another 6,700 of us and we have formed a campaign group via an internet forum called Property118.com
We have produced a leaflet to explain to other landlords that we have raised over £100,000 to take the West Brom to Court. Please see >>> LINK TO BE INSERTED HERE
What do you think?
I look forward to hearing from you.
Regards
……
Member Since September 2013 - Comments: 333
10:48 AM, 11th December 2013, About 12 years ago
Reply to the comment left by “Mark Alexander” at “11/12/2013 – 09:22“:
Mark,
Yes, I thought the pause coincided nicely for us to brainstorm and consider our next move.
I’m open to all options including changing the format of the email.
I will email you later for an exchange of views ok?
Member Since January 2011 - Comments: 12193 - Articles: 1393
10:56 AM, 11th December 2013, About 12 years ago
Reply to the comment left by “Richard Kent ” at “11/12/2013 – 10:48“:
I look forward to it.
.
Member Since October 2013 - Comments: 49
11:16 AM, 11th December 2013, About 12 years ago
MISSING INFORMATION FROM SARS REQUEST
If you would like the information held by WBBS relating to the mortgages you hold WBBS have now agreed to release this information following discussions with their Group Risk Director. Not sure how long it will take them as I am told that the data is not in an easily readable format. But you may want to put in another request to ensure receipt. If only to keep them busy!!
Member Since October 2013 - Comments: 386
11:33 AM, 11th December 2013, About 12 years ago
Reply to the comment left by “Mark Alexander” at “11/12/2013 – 10:56“:
Mark
What is the situation with the FOS please?
I appreciate the intention is now to serve some form of Court papers at the end of January 2014.However, it seems we have between 350-500 represented mortgages.
If all of these sent in separate complaints to the FOS ,
1. It would really annoy the FOS just before Christmas, which serves them right for doing nothing about this and the BoI
2. It would potentially cost WB between £175000 and £250000. That would take some explaining at the next AGM especially if WB had to back track
Neither of the above would have any bearing on our case.
Member Since January 2011 - Comments: 12193 - Articles: 1393
12:15 PM, 11th December 2013, About 12 years ago
Reply to the comment left by “Dean ” at “11/12/2013 – 11:33“:
I will discuss this again with Justin. My recollection though is that their latest response was that they would be referring all such complaints to the FCA and we already know what their response is.
.
Member Since October 2013 - Comments: 386
12:39 PM, 11th December 2013, About 12 years ago
Reply to the comment left by “Mark Alexander” at “11/12/2013 – 12:15“:
Ok. So wouldn’t they charge WB £500 per complaint on that basis ?
It seems we are being sent in circles.
WB direct us to FOS
FOS to FCA
FCA say FA
Makes you wonder if there hasn’t already been an agreement between WB the FCA and FOS on the basis that if they don’t do this they go under ?