West Bromwich Building Society Tracker Margins Legal Action

by Mark Alexander

18:38 PM, 30th September 2013
About 8 years ago

West Bromwich Building Society Tracker Margins Legal Action

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West Bromwich Building Society Tracker Margins Legal Action

West Bromwich Tracker Rate Mortgages Legal Action Group

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.


Tracker Rate Class Actions Updates

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.

Landlords take legal action against West Brom Mortgage Company

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

West Bromwich Mortgage Company Tracker Margins Legal Action



7:08 AM, 1st March 2014
About 7 years ago

Sorry to be a dullard but i hear talk of a template from Justin for a follow up FOS complaint letter ( i sent my first ones as directed ) but cannot seem to find any record of having received anything from him about this .
Can somebody please point me at it or re print here possibly ?

Mark Alexander

11:01 AM, 1st March 2014
About 7 years ago

Reply to the comment left by "chrisbusy " at "01/03/2014 - 07:08":

Hi Chris

This is available by contacting ana@lawdepartment.co.uk


12:24 PM, 1st March 2014
About 7 years ago

Reply to the comment left by "Mark Alexander" at "01/03/2014 - 11:01":

It was agreed at the meeting that Justin would email the template out to the entire group again.

At least I certainly hope that I understood this correctly as I too could use a copy of the FoS template.

Marshie Cyrus

17:44 PM, 2nd March 2014
About 7 years ago

I've been intending to watch the movie Erin Brockovich about a class action since Mark mentioned it months ago. Just spotted it's on tonight at 9pm on channel 5 🙂

All BankersAreBarstewards Smith

17:45 PM, 2nd March 2014
About 7 years ago

Reply to the comment left by "Marshall " at "02/03/2014 - 17:44":

I don't think Mark would look much like Julia Roberts even if he did wear a skirt !!!!!

Mark Alexander

18:07 PM, 3rd March 2014
About 7 years ago

Enough of the talk, it's time to take action.

Continued here >>> http://www.property118.com/property118-members-vs-west-bromwich-mortgage-company/64086/

Neil Patterson

19:58 PM, 17th February 2016
About 5 years ago

Article from the FT adviser >> http://www.ftadviser.com/2016/02/17/opinion/tony-hazell/stomach-churning-u-turn-by-the-equity-release-council-vc27m7w7XrVh0wu4zfYi9J/article.html

"Time can be a great healer when it comes to obscuring memories of financial disasters.

So let us have a short history lesson and remember why such guarantees were put in place in the first place.

It followed a series of scandals, some of which saw pensioners being sold loans attached to investment products which were supposed to repay the interest.

The most infamous of these were the West Bromwich Building Society home income plans.

In 1998 West Bromwich lost a High Court battle brought by 190 customers and was ordered to pay compensation averaging £13,000 to £14,000 per client.

We can only imagine how many people might be caught in a similar scandal in today’s much larger market.

Equity release is a worthwhile product. But it is also very complex and being sold to, potentially, very vulnerable people."

Mark Alexander

6:59 AM, 8th April 2016
About 5 years ago

The appeal date is confirmed, please see the linked article below ...

Mark Alexander

14:47 PM, 24th July 2016
About 5 years ago

Here's one for Facebook users ...

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