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
4:18 PM, 14th February 2014, About 12 years ago
Reply to the comment left by “Appalled Landlord” at “14/02/2014 – 16:04“:
Yes, it is the other thread on the SECURE FORUM which has all the juicy stuff on it.
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Member Since August 2013 - Comments: 126
5:30 PM, 14th February 2014, About 12 years ago
Reply to the comment left by “Nicola Everden” at “14/02/2014 – 13:41“:
Rhetorical question, how do you intend to repay the debt. That’s the real issue at stake. Other lenders have been issuing similar letters for the best part of 2 years now. Surprising how agitated people become in answering a straightforward question as it’s really their problem. As I said earlier the response you give covers the lenders backside.
Member Since August 2013 - Comments: 428
7:01 PM, 14th February 2014, About 12 years ago
In normal circumstances people would take the question as a reminder that they need to have a strategy in place to repay their loan but the conduct of lenders has generated such a climate of fear and cynicism that all communications from lenders are suspected of having an ulterior motive.
Member Since August 2013 - Comments: 126
7:07 PM, 14th February 2014, About 12 years ago
Reply to the comment left by “Seething Landlord” at “14/02/2014 – 19:01“:
Those that shout the loudest are normally the least prepared.
Comments: 55
9:33 AM, 15th February 2014, About 12 years ago
My MP, Rehman Chishti has today written to me to say that he will not be signing his name to the EDM. He says that the FCA has already acted where it can on this matter and is continuing to monitor the actions of mortgage lenders as the legal framework allows. He has suggested that those affected should contact the Money Advice Service.
Member Since January 2011 - Comments: 12193 - Articles: 1395
9:41 AM, 15th February 2014, About 12 years ago
Reply to the comment left by “Nicola Everden” at “15/02/2014 – 09:33“:
Hi Nicola
The FCA have NOT acted properly on this matter and your MP needs to be made aware of this. Has he read the PDF briefing notes we prepared for MP’s?
I strongly recommend that you ask to meet him if at all possible. Does he really want to be seen to be dismissing this when the problem has the potential to escalate to a point where it affects 2.5 million middle class voters?
PDF briefing notes for MP’s here >>> https://www.property118.com/wp-content/uploads/2014/02/NEW-Tracker-Rate-Campaign-%E2%80%93-Briefing-Notes-for-MP%E2%80%99s.pdf
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Member Since November 2013 - Comments: 218
11:20 AM, 15th February 2014, About 12 years ago
Just a quick update from my MP Jason McCartney. He and David Morris MP have so far been unsuccessful in the ballot for a debate in parliament. He does say that they will both keep applying for the debate until one of them is successful.
He has also asked other interested MP’s to apply for the debate as well to speed up the process.
Member Since January 2011 - Comments: 12193 - Articles: 1395
11:33 AM, 15th February 2014, About 12 years ago
Reply to the comment left by “Onslow Clough” at “15/02/2014 – 11:20“:
Hi Onslow
Has he considered asking all 44 MP’s who signed the EDM to apply for a debate simultaneously?
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Member Since November 2013 - Comments: 218
10:11 PM, 15th February 2014, About 12 years ago
Reply to the comment left by “Mark Alexander” at “15/02/2014 – 11:33“:
I will put that to him..
Member Since September 2013 - Comments: 28
9:23 PM, 16th February 2014, About 12 years ago
Mark or anyone
I am a paid up member of the WB action and have accessed the secure forum once when I set up my password etc but not since and now cannot find my way back there – please can someone point in the right direction!! Thanks