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 October 2013 - Comments: 18
6:46 PM, 14th October 2013, About 12 years ago
Just been chatting to my acountant and solicitor, neither of whom know anything about this but represent other landlords. At my request they will be mass emailing them tomorrow directing them to this site. Presumably nearly everyone on here has an accountant or uses one specific solicitor that they can email or chat to????
Member Since October 2013 - Comments: 47
7:10 PM, 14th October 2013, About 12 years ago
Today I have received a reply from our MSP who has forwarded our letter to our MP saying that this is a matter for Westminster not Holyrood, so our MP will now have 2 letters from us.
Have also received the reply to our letter of complaint from the Financial Ombudsman, who have passed the complaint on to WB, along with a further complaint form from the FOS to be returned if WB do not reply within 8 weeks. But seeing as WB have already replied to our earlier complaint letter (standard reply including photocopied T and Cs – not providing the information we requested), I’ll leave it 7 days and return the complaint form to the Financial Ombudsman and see what happens. Every little helps…
Member Since July 2013 - Comments: 264
8:21 PM, 14th October 2013, About 12 years ago
Panorama on at 8.30 about interest swap scandal may not be about this but they may be worth Emailing
Member Since October 2013 - Comments: 11
9:22 PM, 14th October 2013, About 12 years ago
Sent my docs to Justin today!
Personally think WB’s decision is commercial suicide, who in their right mind will trust this company with a new Mortgage in the future? The more publicity we can get our campaign the better, the more it will hurt WB,
Sent an email to my local MP last week, no reply, but then I doubt I will!
Also wrote to my mortgage broker, who sold me a tracker mortgage, but turns out its a variable mortgage, asked them to return their commission back to me! Why should they profit from mis-selling a mortgage!
Member Since August 2013 - Comments: 126
9:58 PM, 14th October 2013, About 12 years ago
Reply to the comment left by “Peter Cole” at “14/10/2013 – 18:01“:
As fair as I am aware. Fizzled out. Leon Kaye solicitors were the ones approached by borrowers. A link that may be of interest.
http://www.leonkaye.co.uk/class-actions/skipton-rights-issue-action-group/
Member Since September 2013 - Comments: 42
10:05 PM, 14th October 2013, About 12 years ago
Reply to the comment left by “Colin Childs” at “14/10/2013 – 21:58“:
this is interesting as well
http://www.leonkaye.co.uk/class-actions/our-successes/
Member Since July 2013 - Comments: 264
10:08 PM, 14th October 2013, About 12 years ago
Reply to the comment left by “Colin Childs” at “14/10/2013 – 21:58“:
Yes Skipton has fizzled out due to mortgagees not funding court action like BoI case history repeating itself
Member Since October 2013 - Comments: 2
11:16 PM, 14th October 2013, About 12 years ago
See investors compensation scheme ltd v west brom building society, the scammers have a track record of interpreting their own contracts differently to everyone else!
Member Since October 2013 - Comments: 386
7:26 AM, 15th October 2013, About 12 years ago
Just watching bbc news.
We should but a petition on change.org to have west brom change their mind. If we add the link to this site that gives us a chance of getting more contributors.
Dean
Member Since October 2013 - Comments: 386
10:07 AM, 15th October 2013, About 12 years ago
Reply to the comment left by “Dean ” at “15/10/2013 – 07:26“:
Follow this link to a petition web site shown on BBC news this morning
http://www.change.org/petitions/west-bromwich-mortgage-company-limited-reverse-their-decision-to-increase-the-rate-on-buy-to-let-mortgages-which-was-not-noted-in-their-original-offer-letter-and-signed-agreement?utm_source=guides&utm_medium=email&utm_campaign=petition_created
Hopefully it will bring a few more to this site