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
10:47 AM, 28th January 2014, About 12 years ago
Reply to the comment left by “Dee ” at “28/01/2014 – 10:42“:
Jason McCartney 🙂
.
Member Since September 2013 - Comments: 232
10:52 AM, 28th January 2014, About 12 years ago
Reply to the comment left by “Mark Alexander” at “28/01/2014 – 10:47“:
Thanks Mark, emails just going.
Member Since October 2013 - Comments: 23
11:05 AM, 28th January 2014, About 12 years ago
We have had a reply from the office of Chi Onwurah MP for Newcastle Central, to say that as she is a member of the front bench she is unable to sign up to EDM’s, we are encouraged though by this further comment:
“However as this is a significant issue Chi will write to take this up directly with the Minister. As soon as she gets a reply we will contact you again”.
Member Since January 2011 - Comments: 12193 - Articles: 1395
11:11 AM, 28th January 2014, About 12 years ago
Reply to the comment left by “Anne Jackson” at “28/01/2014 – 11:05“:
The Minister is Sajid David. If you get a standard “fob off” reply, which his office have obviously created a template for, don’t be too disappointed. His standard response to date has been to say that the Treasury don’t get involved in commercial decisions.
If you get such a letter it just means that I haven’t managed to meet him and
bend his earbrief him fully on the issues yet 🙂.
Member Since September 2013 - Comments: 374
1:58 PM, 28th January 2014, About 12 years ago
Meeting booked on Friday afternoon with my MP (Angie Bray) to discuss the matter in more detail.
Will report back on Friday evening.
Member Since November 2013 - Comments: 82
2:12 PM, 28th January 2014, About 12 years ago
Called my MP Stephen Hepburn’s office today and spoke to his aide who said that a letter was in the post to me tonight saying that Stephen had signed the EDM and that his name would appear on there in the next few days.
Also took the opportunity to mention speaking with David Morris MP & Jason McCartney MP if he wanted to be involved in call for a debate.
Member Since January 2011 - Comments: 12193 - Articles: 1395
2:40 PM, 28th January 2014, About 12 years ago
“Towergate to provide IFA services in West Brom building society branches”
see >>> http://www.ifaonline.co.uk/ifaonline/news/2325427/towergate-to-provide-ifa-services-in-west-brom-building-society-branches
I have posted a tongue in cheek comment, please feel free to vent your own frustrations on the IFA Online website too!
.
Member Since January 2011 - Comments: 12193 - Articles: 1395
3:50 PM, 28th January 2014, About 12 years ago
Thanks again to Onslow Clough for providing this updated list of the MP’s you have contacted. He’s now added their constituencies and telephone numbers so that you can call them and chase them up to sign EDM976 and also to ask them to liaise with David Morris MP about applying for a 90 minute debate.
Following up is the key to success.
The key points to get across to MP’s are:
Mortgage lenders are breaching tracker rate mortgage contracts by unilaterally increasing the margin they charge over the Bank of England base rate in order to increase their profit margins and deliberately targeting borrowers where consumer protection law is ambiguous.
There are believed to be 2.5 million tracker rate mortgages, i.e. mortgages which track the Bank of England base rate at a fixed margin for a defined period
147,000 readers are following a campaign to expose this scam via the Property118 internet forum as concern that other mortgage lenders will follow suit is increasing
Examples of deliberate misuse of ambiguous consumer protection laws include ….
Member Since September 2013 - Comments: 333
3:59 PM, 28th January 2014, About 12 years ago
Reply to the comment left by “Mark Alexander” at “28/01/2014 – 14:40“:
Great Post!
Very funny 🙂
Member Since January 2014 - Comments: 9
4:09 PM, 28th January 2014, About 12 years ago
We can also leave comments in regards to similar articles here:
http://www.ftadviser.com/2014/01/28/ifa-industry/companies-and-people/towergate-steps-into-axa-s-advice-shoes-at-west-brom-ApoaCC5kEYyLItcHzrrq8K/article.html
http://www.moneymarketing.co.uk/news-and-analysis/advisers/towergate-to-provide-in-branch-advice-for-west-brom-bs/2005867.article