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
2:51 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “David Lawrenson” at “24/09/2013 – 14:36“:
I have been in touch with Mortgage Strategy, in fact I was still in email communication with their deputy editor at 11:20 pm last night!
I’m really pleased with centaur Communications who are the owners of Mortgage strategy and several other highly credible publications. They are very supportive of our work on this. Please see the related article linked below.
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Member Since September 2013 - Comments: 11
3:04 PM, 24th September 2013, About 13 years ago
Hi Mark
I filled the form for the Class Action on Sunday after I contacted you about the letter I received from the West Bromwich (First Comment on this Forum) can you tell me what happens now? as I have not received any response from anyone, maybe it would be advisable to let people know what the future procedure will be for those who are interested in joining the Class Action
I have been effected by the BOI increases & now WBBS , that is to much to take, so can you let us all know
I will be setting this cost against my properties as a valid expense, as I have cancel led a painting job that was to start yesterday & using the £150.00 plus vat to the Class Action Group,
Regards
Gavin
Member Since September 2013 - Comments: 3
3:08 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Peter Cole” at “23/09/2013 – 16:32“:
I agree we need to set up a class action protest group
Member Since January 2011 - Comments: 12193 - Articles: 1395
3:09 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Gavin Ewan” at “24/09/2013 – 15:04“:
Hi Gavin
Your questions are all answered in this new article >>> https://www.property118.com/help-us-to-protect-your-tracker-margins/43709/
Please re-register.
Member Since September 2013 - Comments: 11
3:21 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Mark Alexander” at “24/09/2013 – 15:09“:
Thanks Mark
I have re-registered
Gavin
Member Since September 2013 - Comments: 1
4:04 PM, 24th September 2013, About 13 years ago
I am sure which.co.uk would be interested in this action and could publicise it as well, via their magazine and website.
I am a which member and I am sure plenty of members are affected.
If Mark Alexander lets me know when this group is fully established, as such, then I will write to them.
I just called WBBS and they could not confirm if my mortgage will be affected or not. It is the only property with which I have a BTL mortgage and the fellow said nothing has been generated, but let’s face it, for those of us with Trackers still unaffected it is a question of when, not if, they change so we should take on WBBS now.
Member Since January 2011 - Comments: 12193 - Articles: 1395
4:14 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Rupert Mayhew” at “24/09/2013 – 16:04“:
Thank you for your support Rupert. I am already in communication with Marie Kemplay at Which Money but they have yet to commit to supporting us. If you feel you can add any further influence please do write to Marie at your earliest convenience.
.
Member Since September 2013 - Comments: 11
4:39 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “R Mayhew” at “24/09/2013 – 16:04“:
It only applies to multiple BTL Mortgages
Not just with WBBS, any Lender , as they have done a credit check on us to find out how many BTL’s we have, so if I only had 1 I wouldn’t of received this letter
Gavin
Member Since January 2011 - Comments: 12193 - Articles: 1395
5:23 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Gavin Ewan” at “24/09/2013 – 16:39“:
Hi Gavin
I’m not sure that is correct, I have one mortgage with West Brom and several elsewhere but I’ve not received the letter, YET!!!
.
Member Since September 2013 - Comments: 11
5:49 PM, 24th September 2013, About 13 years ago
Reply to the comment left by “Mark Alexander” at “24/09/2013 – 17:23“:
Hi Mark
I asked the question when I phoned WBBS yesterday, as they mentioned to me that I am a multiple Btl landlord , If I had only one btl I wouldn’t have received this letter ?
The reply was yes,then went on to say, we will be dealing with them at a later date depending on what the reaction to these increases would be with the multiple btl’s