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: 232
1:50 PM, 25th January 2014, About 12 years ago
Thank you Peter and Di, out in wilds of Snowdonia with my family and so getting to town for a paper/paper was going to be almost impossible.
Member Since November 2013 - Comments: 342 - Articles: 1
1:57 PM, 25th January 2014, About 12 years ago
Reply to the comment left by “Peter & Di Cole” at “25/01/2014 – 13:45“:
Short and sweet – but i guess every little helps… especially in such a prestigious publication as the Times.
Member Since September 2013 - Comments: 96
1:59 PM, 25th January 2014, About 12 years ago
Reply to the comment left by “Dee ” at “25/01/2014 – 13:50“:
Enjoy Snowdonia Dee!
Apologies the article came out twice on here – I made a spelling mistake on the first one and couldn’t work out how to delete it – the second one has the correct spelling (only one word – “pressure”)
Member Since June 2013 - Comments: 186
6:28 PM, 25th January 2014, About 12 years ago
Hallo everyone. The piece in The Times was short but very significant. David Budworth is deputy editor of the “money” section which is a very widely read section on personal finance. This helps with the crossover of this whole issue from a banking or finance issue in the public perception and in extending the press coverage in specialist forums such as Investors Chronicle into a broader personal money and mortgage issue. This is really important in terms of both reaching a wider audience and bringing more people into the legal action and informing the wider public that if wbbs could get away with this there is no stopping any mortgage from being affected. Having both Times and Telegraph realise this is amazing progress and I am now working on The Mail. All thanks to David Budworth.
Whilst the campaign to bring MPs on board is really underway can I ask if anyone knows anyone who is a member of the House of Lords. The can also request debates. If anyone does know anyone it could be very useful if they could contact them and let them know about this.
Member Since September 2013 - Comments: 333
7:00 PM, 25th January 2014, About 12 years ago
Reply to the comment left by “Annette Stone” at “25/01/2014 – 18:28“:
Annette,
I remember some months ago you were waiting for the “Crossover”
Great news for you and everyone. 🙂
Member Since June 2013 - Comments: 186
8:29 PM, 25th January 2014, About 12 years ago
Thanks Richard. For everyone it might help to explain that the article in The Times was next to an article by another journalist talking about the tax benefits of being a landlord and how “any mention of landlords online provokes screeds of angry comments”. It goes on to talk about landlord’s generous tax perks . It does not talk about the benefits and news for the PRS.
This sort of attitude is what makes WBBS and BOL believe that no fuss will be raised if only buy to let landlords are targeted. I am working on a variety of angles to try and counter this perception and bring the argument into the mainstream one of “no mortgage is safe” and all ideas are welcome.
Member Since November 2013 - Comments: 342 - Articles: 1
9:20 PM, 25th January 2014, About 12 years ago
Maybe ask your neighbours what sort of mortgage they have, ask about their interest rates and when their product converts (coverted) to SVR and work out what they could be repaying if their lender does the same as WB and BOI
Member Since October 2013 - Comments: 66
11:57 AM, 27th January 2014, About 12 years ago
I am pleased to say that my meeting with Annette Brooke MP for Mid Dorset & North Poole went particularly well 🙂
With a background in economics, Annette identified the problem immediately and the potential wider ramifications. Not only will she sign the EDM but she will also take various additional steps to help further our cause.
Member Since January 2011 - Comments: 12195 - Articles: 1396
12:01 PM, 27th January 2014, About 12 years ago
Reply to the comment left by “Deceived by West Brom ” at “27/01/2014 – 11:57“:
Did Annette elaborate on what those extra steps might be?
.
Member Since January 2011 - Comments: 12195 - Articles: 1396
12:04 PM, 27th January 2014, About 12 years ago
EDM 976 – http://www.parliament.uk/edm/2013-14/976
We now have 8 signatories and cross party support.
Many of you contacted your MP’s last week, now is the time to follow up this contact if they have not signed up.
I will be working with David Morris, Jason McCartney and their aides to follow up those who have signed by asking them all to subit a request for a 90 minute debate.
We MUST keep the pressure on.
.