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
Comments
Have Your Say
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Login with
Previous Article
Has Capita thrown in the towel on Tenancy Deposit Protection?Next Article
Win A FREE Ticket to the NALS Conference
Member Since June 2013 - Comments: 186
4:52 PM, 9th October 2013, About 13 years ago
A d@@@ with a wide audience in THE TIMES so please do let them have one of your masterpieces.
I am married to an accountant with 40 years experience and eventually you run out of ideas
of where to move the income.
Landlords are sitting ducks as the whole West
Brom and BOI saga has shown. Time we started quacking!!!!
Member Since September 2013 - Comments: 24
5:39 PM, 9th October 2013, About 13 years ago
Reply to the comment left by “ ” at “09/10/2013 – 11:52“:
Journo told me
Member Since September 2013 - Comments: 24
5:41 PM, 9th October 2013, About 13 years ago
Reply to the comment left by “Seething Landlord” at “09/10/2013 – 13:04“:
Sorry not sure I am clear – are you advocating we go for them on ASA as well?
Member Since September 2013 - Comments: 4
6:04 PM, 9th October 2013, About 13 years ago
I have received 3 letters from West Brom today (confusing and contradictory and missing one of the enclosures!) and have spent about half an hour talking to the person assigned to my case.
Interestingly she referred to a generic terms and conditions booklet that was (supposedly) sent out when I initially applied for a mortgage (a copy of which was included in one of today’s letters). This had a clause stating the interest rate could be adjusted…(as we now know)..
This booklet apparently would have been sent to every single person who applied for a mortgage with WB in 2006 (regardless of what type of mortgage was being applied for) – suggesting that any type of mortgage taken out in that year could be in danger of an increase in the interest rate. It is just, at this moment in time, they have chosen to target people with BTL mortgages with 3 or more properties – but if they get away with it with us will they extend the increase – maybe they felt we were the easiest target, least likely to complain???
Member Since February 2011 - Comments: 3454 - Articles: 286
6:42 PM, 9th October 2013, About 13 years ago
I have scoured the ICO web site and can find no provision for additional fees on Joint accounts.
If I am wrong and they can charge £20 then under ICO rules they have to inform you immediately of any additional fee and not wait 40 days.
Member Since August 2013 - Comments: 428
7:17 PM, 9th October 2013, About 13 years ago
Sam, I think it would probably be best to seek advice from the legal team as to whether it would help the case to raise a complaint with the ASA.
Member Since January 2011 - Comments: 12209 - Articles: 1410
7:31 PM, 9th October 2013, About 13 years ago
Reply to the comment left by “Stewart Jackson” at “09/10/2013 – 13:30“:
As hard as it may be to say this, I do not agree with the advise shared by some readers to switch payments to standing order in December. I recommend we all maintain our direct payments if we can do so. Failing to make the requested payment will result in West Brom reporting arrears to the credit reference agencies. When they do this it will be difficult to get a new mobile phone contract, let alone a mortgage or loan. I will certainly not be putting my credit score at risk. I will, however, fight West Brom in every other way possible.
.
Member Since September 2013 - Comments: 474
7:57 PM, 9th October 2013, About 13 years ago
Reply to the comment left by “Mark Alexander” at “09/10/2013 – 19:31“:
You are probably right on balance Mark but if we ALL did it – and it would need to be all – having sent a covering letter saying “we are not seeking not tp pay etc etc but pending resolution of our legal action we are maintaining payment at what we believe is correct rate. In extremely unlikely event of not winning the case we shall of course pay all owing then”. Or words to similar effect. If they then tried to trash our credit ratings it would be pure spite AND their hoped for extra cashflow would not be forthcoming.
I was more concerned that withholding the additional payment might be detrimental to our case in eyes of the court? Justin could advise in due course what he thinks best..
Comments: 119
9:54 PM, 9th October 2013, About 13 years ago
Reply to the comment left by “Richard Adams” at “09/10/2013 – 19:57“:
Richard, I fear that would be a bit of a naïve move. The credit rating agencies would not care under what circumstances you have fallen into arrears. And as with regards to West Brom….you are probably giving the ammunition they need to terminate their mortgage….don’t forget….it is their money that they have lent you.
Member Since February 2011 - Comments: 3454 - Articles: 286
10:00 PM, 9th October 2013, About 13 years ago
Reply to the comment left by “Richard Adams” at “09/10/2013 – 19:57“:
Dear Richard,
I have worked in the Banking industry and with the banking industry for a very long time.
Please Please Please take my advice that if you do not keep up your full mortgage payments regardless of the circumstances it will wreck your credit score pre winning the case and still be very hard to rectify even afterwards.