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: 342 - Articles: 1
11:02 AM, 18th January 2014, About 12 years ago
Reply to the comment left by “David Lawrenson” at “18/01/2014 – 10:39“:
“”It is worth saying that the lenders I speak to in my consultancy work who have always ran their businesses better and managed their products and underwriting sensibly,(and ethically) are actually very supportive of the class action.””
would they put their money where their mouth is and be witnesses in a court action David ?
Member Since October 2013 - Comments: 386
1:08 PM, 18th January 2014, About 12 years ago
Reply to the comment left by “David Lawrenson” at “18/01/2014 – 10:39“:
Hi David. Is there an on line link to this article do you know please.
Thanks. Dean
Member Since September 2013 - Comments: 232
1:22 PM, 18th January 2014, About 12 years ago
Hi Dean, in case David is not around, I think this is the article to which you refer.
http://www.investorschronicle.co.uk/2014/01/13/comment/property-matters/kick-in-the-teeth-for-buy-to-let-landlords-SlSya39gsyv9jgsXmU9fML/article.html
It is, in my view, a very good article.
Member Since October 2013 - Comments: 386
2:33 PM, 18th January 2014, About 12 years ago
Reply to the comment left by “Dee ” at “18/01/2014 – 13:22“:
Thank you.
Member Since July 2013 - Comments: 467 - Articles: 1
2:57 PM, 18th January 2014, About 12 years ago
Reply to the comment left by “All BankersAreBarstewards Smith” at “18/01/2014 – 11:02“:
No, they wouldn’t I’m afraid.
Member Since November 2013 - Comments: 11
10:07 AM, 19th January 2014, About 12 years ago
I know this has been touched on before but who or where did the figure of 7600 affected WBBS borrowers come from??. I think this figure is a lot lower due to the fact they have only cherry picked customers not on their doorstep!! something Mark Landlord mentioned earlier. I cant believe that if everyone who is (such a sophisticated investor) as we are led to believe they could not find Mark at 118.com.
Comments: 359
1:26 PM, 19th January 2014, About 12 years ago
6700 actually weren’t it?
Member Since January 2011 - Comments: 12193 - Articles: 1395
7:50 AM, 20th January 2014, About 12 years ago
Reply to the comment left by “Steve Cornish” at “19/01/2014 – 10:07“:
We believe it’s 6,700 accounts, not borrowers but we are not certain of this. The figure of 6,700 has been widely reported so the number of borrowers is likely to be significantly less.
.
Member Since October 2013 - Comments: 23
10:42 AM, 20th January 2014, About 12 years ago
Thank you Mark, for all your updates, we have emailed Tom Watson.
Member Since December 2013 - Comments: 2
12:03 PM, 20th January 2014, About 12 years ago
Reply to the comment left by “Mark Landlord” at “17/01/2014 – 14:35“:
interesting question raised by Mark Landlord……….personally, my property is in Scotland and I would be most interested to see the developments in gathering information regarding the ”avoid the locals” to reduce footfall point raised