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
8:37 PM, 22nd February 2014, About 12 years ago
Reply to the comment left by “Appalled Landlord” at “22/02/2014 – 13:38“:
Yes I believe so, we can’t work out how/why they ended up in the spam/trash folders so we simply reinstated them and will be keeping a close eye on the issue.
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Member Since February 2014 - Comments: 2
9:05 PM, 23rd February 2014, About 12 years ago
Mark,
Seems to me that this isn’t new. I have a legacy GMAC (variable rate) mortgage that is now owned by Mortgage Express / Bradford & Bingley. When interest rates tumbled in 2008/09, the GMAC rate fell by 2.5% less than the market average, including almost identical Mortgage Express products. Is this relevant to what you’re doing?
Tim
Member Since January 2011 - Comments: 12193 - Articles: 1395
8:00 AM, 25th February 2014, About 12 years ago
EDM976 now signed by 47 MP’s – http://www.parliament.uk/edm/2013-14/976 🙂
.
Member Since September 2013 - Comments: 474
2:14 PM, 25th February 2014, About 12 years ago
I’m sad to report that my MP – Nadhim Zahawi – has belatedly declined to sign the EDM. He gives his reasons which are wrong. I will persist in trying to pursuade him.
Member Since November 2013 - Comments: 24
3:19 PM, 25th February 2014, About 12 years ago
I also have to report that my MP for Maldon & East Chelmsford, John Whittingdale OBE MP who has been e mailed several times regarding the EDM has failed to even reply other than the standard worded response.
Never mind election time will soon loom up, now wonder Nigel Farage from UKIP is doing so well!!!
Member Since September 2013 - Comments: 49
4:55 PM, 25th February 2014, About 12 years ago
We have received a reply today from the WBBS with regards if we were to sell one or both of our other properties would they reduce their interest rate on their mortgage they increased back in September 2013. When we took out our WBBS mortgage in April 2007 we only had one buy to let mortgage. In September 2013 when they decided to do this despicable act and increase our lifetime tracker mortgage we had 3 buy to let mortgages including the one with WBBS. The reply reads:-
Thank you for your letter and e-mail regarding if you were to sell one of your buy to let properties would we consider reducing the interest rate on your account. To provide clarification regarding this matter I would like to confirm the following.
The criteria we have used are landlords who are linked to three or more buy to let properties. This includes other mortgage providers as well as the West Bromwich Mortgage Company. Please note our decision has been made based on your portfolio status as of September 2013 and will not be affected by changes following this date.
Member Since October 2013 - Comments: 66
5:15 PM, 25th February 2014, About 12 years ago
Reply to the comment left by “David Ellis” at “25/02/2014 – 16:55“:
It is impossible to deal with the WB – they just make up the rules as they go along!
Member Since September 2013 - Comments: 333
5:21 PM, 25th February 2014, About 12 years ago
Reply to the comment left by “The Seasoned Female Investor” at “25/02/2014 – 15:19“:
Like you and Richard Adams,
The several encouraging emails I sent to MP Sarah Owen also fell on ‘deaf ears’
Member Since September 2013 - Comments: 333
6:04 PM, 25th February 2014, About 12 years ago
Reply to the comment left by “David Ellis” at “25/02/2014 – 16:55“:
David,
You should expect West Brom to be determined to demoralise you and anyone else who tries to undermine this decision.
As with all obstinate lenders, their decision has to be overthrown legally by way of a court case or by their submission before a court case is heard.
They are not going to give in without a fight and you should expect the same paltry reply to your letters.
The irony of this is that their weak replies should signal to you that they have a weak case.
As (Deceived by West Brom) says, they are making it up as they go along.
Member Since January 2011 - Comments: 12193 - Articles: 1395
6:06 PM, 25th February 2014, About 12 years ago
Reply to the comment left by “Richard Kent ” at “25/02/2014 – 18:04“:
I totally agree Richard, they have already proven they play dirty, I suspect they wont fight a clean fight either!
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