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: 12209 - Articles: 1410
10:58 AM, 11th October 2013, About 13 years ago
Will, see comments in this thread from page 22 about the 28 day clause
Member Since September 2013 - Comments: 474
11:06 AM, 11th October 2013, About 13 years ago
Reply to the comment left by “Will Brown” at “11/10/2013 – 10:39“:
Will
I’m not saying forget the threat of 1 month notice for full repayment but see Mark’s post quite awhile back which greatly re assured me. Basically he openly invited them to do it to him ending with “shall we dance”!!
It is a threat that will be mentioned frequently no doubt but I think (?) Mark’s post said it would take them ages to get you to repay if you followed the procedures that are in place. They would need to go through the courts etc etc. Since they would not be requesting repayment because you have failed to pay them their case would be weak and a judge would probably rightly construe that it had been brought about due to WBBS spite.
Do find Mark’s post, if you can. You’ll feel better.
. ,
Member Since September 2013 - Comments: 474
11:19 AM, 11th October 2013, About 13 years ago
Reply to the comment left by “Mark Alexander” at “10/10/2013 – 12:55“:
Don’t know whether Mark has left for w/e yet but he did ask for some help in his 10 Oct post.
I have taken on a chunk of the Landlords Associations to contact as Mark requests but I can’t recall anybody else stepping forward?
We need to have cracked this by time Mark returns so will anybody help?
On Mark’s list of Associations I have dealt with down to and including Cornwall. I called them – am is best – had a heartwarming chat and sought permission out of courtesy to e mail them including Mark’s template letter asking them to forward to their members. Met no resistance. Quite the contrary.
Member Since November 2013 - Comments: 82
1:08 PM, 11th October 2013, About 13 years ago
Reply to the comment left by “Richard Adams” at “11/10/2013 – 11:19“:
Richard,
As I mentioned yesterday I have been in touch with and spoke to Gateshead Private Landlords and they are putting it on their website. Have sent a 2nd email asking if they can email the template direct to members.
Today I have emailed Darlington District Private Landlords Association as there is no contact number on their site only an email address.
So apart from the ones above and the ones you have done that leaves the following
Landlords Association of Northern Ireland
North Staffordshire Landlords Association
Sheffield and District Landlords Association
North West Landlords Association
Humber Landlords Association
York Residential Landlords Association
Barnsley Residential Landlords Association
Portsmouth and District Private Landlords Association
East Midlands Property Owners
Guild of Residential Landlords
North West Property Owners Association
Member Since September 2013 - Comments: 125 - Articles: 3
1:21 PM, 11th October 2013, About 13 years ago
Reply to the comment left by “Mark Landlord” at “11/10/2013 – 13:08“:
Thanks Mark. I have been phoning round this morning and I have completed that list. I also emailed Darlington.
These are in action, some already knew of the Class Action:
North Staffordshire Landlords Association
North West Landlords Association
Portsmouth and District Private Landlords Association
East Midlands Property Owners
Guild of Residential Landlords
These have phone messages
Sheffield and District Landlords Association
North West Property Owners Association
These I couldn’t get through and resorted to email
Landlords Association of Northern Ireland
Humber Landlords Association
York Residential Landlords Association
Barnsley Residential Landlords Association
North West Property Owners Association
Member Since November 2013 - Comments: 82
1:29 PM, 11th October 2013, About 13 years ago
Reply to the comment left by “Ed Atkinson” at “11/10/2013 – 13:21“:
Good man Ed !
Think Mark Alexander said at the time of his post that it wouldnt be too bad if there was a bit of duplication as it means more people are affected & trying to get the message out there.
Will let you know if Darlington come back to me and if you can do the same that would great !
Member Since September 2013 - Comments: 474
2:08 PM, 11th October 2013, About 13 years ago
Reply to the comment left by “Mark Landlord” at “11/10/2013 – 13:29“:
Well done Ed & Mark. Looks like we’ve cracked it. Phoning pm often only gets an answerphone I found but got to speak with all mine eventually.Glad i did as I learned a few things. Although the template e mail says ZIPPO about paying Property118 anything or subscribing, apparently some assoc members in the SW have been reluctant to access our forum because they won’t be persuaded that it costs nothing. This was in the past when their associations suggested they join for the benefits provided on other subjects. I was able on the phone to reinforce this point even getting secretaries to agree to hint at the value of an entirely voluntary donation maybe?
If every member in the relatively small SW gave £5 that’s £10,000 plus odd in the pot! I added it could be the cheapest and best investment they ever made.
Member Since October 2013 - Comments: 66
2:21 PM, 11th October 2013, About 13 years ago
I had received verbal assurances from the West Brom that my BTL mortgage would track the Bank of England base rate for the whole term of the mortgage – no ifs, but, or maybes! I now have this telephone recording on disc!
£240 sent to the Law Department client account today – I’m in!
Member Since October 2013 - Comments: 386
2:27 PM, 11th October 2013, About 13 years ago
Reply to the comment left by “Matthew ” at “11/10/2013 – 14:21“:
Hi Matthew
When did this happen ? In the very recent past or when you took the mortgage ?
How come you managed to record it ?
Thanks
Dean
Member Since October 2013 - Comments: 66
2:39 PM, 11th October 2013, About 13 years ago
I phoned earlier this year – (simply by chance and aware of the turmoil in the mortgage markets) to seek reassurance from WB that my mortgage would track the Bank of England base rate for the whole term of the mortgage – they assured me that it would. I made notes and recently requested the call recording – which I now have 🙂