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 January 2011 - Comments: 12193 - Articles: 1395
6:47 PM, 24th January 2014, About 12 years ago
Reply to the comment left by “Ian Burton” at “24/01/2014 – 15:37“:
I would agree Ian, your consumer protection rights are at the point of purchase. Therefore, in the suggestion I made you would be entitled to consumer protection via regulators if your income from other activities was to exceed rental profits at the point of entering into a contract. Sadly, that’s not what the law says because there is currently no law defining when a landlord can’t have consumer protection from regulators.
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Member Since October 2013 - Comments: 134 - Articles: 1
9:55 PM, 24th January 2014, About 12 years ago
Reply to the comment left by “Mark Alexander” at “24/01/2014 – 09:28“:
It’s interesting to note that we have a DUP member signed up to the EDM.
Member Since September 2013 - Comments: 474
10:54 PM, 24th January 2014, About 12 years ago
Reply to the comment left by “Mark Alexander” at “24/01/2014 – 11:32“:
Mark is absolutely spot on. Any MP who does not wish to sign the EDM and gives reasons like David Heath (& John Baron earlier) has done should be respected, thanked and just asked to do what they can in support in other ways. Like Mark suggests ask what means they have in mind. It all helps.
The response of these two really should not be met with “they are not bothered”.
Our issue is of massive importance to us but there are plenty of other interest groups trying to get EDM’s through their MP’s all the time.
David Heath hits on the publicity angle of our EDM initiative which I reckon will be a huge, but only one, weapon in our arsenal. It forms part of the skirmishing prior to the main battle in court which is where we shall ultimately win. Nowhere else.
Member Since November 2013 - Comments: 218
11:49 PM, 24th January 2014, About 12 years ago
Reply to the comment left by “Richard Adams” at “24/01/2014 – 22:54“:
I agree with you Richard, not signing up for the EDM is certainly not a sign they are not bothered. As many of you may know my MP Jason McCartney who has been a driving force in getting this issue highlighted in Westminster and is one of our strongest supporters has declined to sign up to the EDM but has explained that not only does he not believe they have any legislative value but that many MPs are actually calling for their abolition. This could explain the lukewarm response. However he is currently working with David Morris and several other MP’s to secure a debate in Parliament on our behalf.
In light of what would appear to be a general antipathy towards EDM’s with MP’s, I would suggest that it would be better if we concentrated our efforts in encouraging our MP’s to liaise with Jason McCartney and David Morris in securing a debate.
Member Since January 2011 - Comments: 12193 - Articles: 1395
11:54 PM, 24th January 2014, About 12 years ago
Reply to the comment left by “Onslow Clough” at “24/01/2014 – 23:49“:
Why not both?
We should certainly be lobbying and supporting the MP’s who have signed.
I’m away this weekend but next week I plan to find that on Twitter and tweet them a thank yo message along with a link to an article recognising those MP’s who support us. I will also be asking them to comment on that article and to offer their suggestions on how to progress this campaign 🙂
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Member Since November 2013 - Comments: 218
12:05 AM, 25th January 2014, About 12 years ago
Reply to the comment left by “Mark Alexander” at “24/01/2014 – 23:54“:
Absolutely, support both, and as you predicted getting support for the EDM has got the media buzzing and that has to be good. From a practical point of view i think pushing support for a debate will be of greater benefit.
Member Since January 2014 - Comments: 26 - Articles: 2
12:37 AM, 25th January 2014, About 12 years ago
It’s made the Telegraph
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10592397/MP-calls-for-debate-on-mortgage-rate-hikes.html
Brilliant
Member Since September 2013 - Comments: 96
9:31 AM, 25th January 2014, About 12 years ago
Perhaps we were a little hasty yesterday in saying that our MP David Heath was “not bothered” in respect to his not signing the EDM. It was really the fact that he did this in addition to his lack of showing any interest to previous e:mails that Peter had sent him over the last few weeks that made us come to that conclusion. We certainly don’t want to appear like we are “dis-ing” the man out of hand and perhaps he may even be helpful with the campaign in the future. We will be careful about what we write in future! 🙂
Member Since September 2013 - Comments: 333
10:12 AM, 25th January 2014, About 12 years ago
Reply to the comment left by “Lawrence Squid” at “25/01/2014 – 00:37“:
@Lawrence Squid,
Not meaning to steal your thunder 🙂
Lawrence, that link has been posted by Mark Alexander 24/01/2014 at 09:40
It was in the Telegraph a few days ago.
Member Since September 2013 - Comments: 232
10:22 AM, 25th January 2014, About 12 years ago
Can anyone find an article in The Times today? I can’t yet