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 September 2013 - Comments: 35
10:01 PM, 20th October 2013, About 12 years ago
Just heard about this happening in South of Ireland (not North of Ireland where I am) but interesting all the same:
http://www.youtube.com/attribution_link?u=%2Fwatch%3Fv%3DiQFFK20wOD0%26feature%3Dshare&a=F0rkSTYqDZo9DSL0jkaLcw
Member Since July 2013 - Comments: 264
11:17 PM, 20th October 2013, About 12 years ago
Dean
Its every mortgage account you forward a complaint to the FOS.
Member Since September 2013 - Comments: 474
11:49 PM, 20th October 2013, About 12 years ago
Reply to the comment left by “Infuriated Landlady” at “20/10/2013 – 18:27“:
I posed the question Seething Landlady. Other answers have followed yours. Let me get this straight from what I hear.
From Mark’s latest update day or two back 100 plus had complained to WBBS and signed up for the Class Action. Probably more by now and increasing daily. So let’s say 120 as of now ALL of whom will be complaining to the FOS shortly. 120 x £550 = £66,000 that WBBS had better get ready to pay when we win before they pay us anything else. Am I right? My maths may be cranky but it is a lot of money and I repeat likely to grow substantially.
Could add to any thoughts they might be entertaining re settling with us as damage limitation?
Member Since July 2013 - Comments: 186 - Articles: 2
2:50 AM, 21st October 2013, About 12 years ago
Bearing in mind the increase affects 6700 people at an average monthly increase of say £150 that an exrtra £1,005,000 per month in revenue for west brom, so i dont think the FOS charge of £550 per complaint will worry them.
Member Since January 2011 - Comments: 12193 - Articles: 1395
7:10 AM, 21st October 2013, About 12 years ago
It’s more than that Rob, it’s £19 million a year so I’m lead to believe
Member Since October 2013 - Comments: 139
1:21 PM, 21st October 2013, About 12 years ago
The NLA Article comments have been approved. Hopefully those affected in the NLA will find their way here.
And I just want to say, a big Thank You for every ones efforts on pubilicity, letter writing, ideas, joining the action, contributing to the marketing etc. In just a few weeks the activity has been fantastic. Lets keep the pressure / momentum going.
Andy
Member Since August 2013 - Comments: 23
1:22 PM, 21st October 2013, About 12 years ago
I was at a social event with my MP, Nigel Adams, on Friday evening so mentioned this to him. He was scathing about their conduct, also, interestingly, arguing with a Bank over a commercial property arrangement of his own that he feels they are acting unfairly on!
So very sympathetic and will forward my letter to the Treasury.
Member Since September 2013 - Comments: 474
1:34 PM, 21st October 2013, About 12 years ago
Reply to the comment left by “Rob walsh” at “21/10/2013 – 02:50“:
Yes Rob, £66K is peanuts right now but 6700 x £550 = £3.6 ,million is not!! If only 3000 say went to FOS it’s still over £1.5 million.
So while WBBS are considering their options right now with the distinct likelihood of their losing the court case and thus all the gains they hoped to make evaporating the £550 per complaint might just help tip them towards considering early settlement with us named on the action? Maybe not like you suggest.
Member Since October 2013 - Comments: 386
4:55 PM, 21st October 2013, About 12 years ago
Reply to the comment left by “Richard Adams” at “21/10/2013 – 13:34“:
You are making the assumption that each of the 6700 landlords only have one mortgage. My understanding and I may be wrong was that 6700 landlords would be affected.
There is no way all 6700 landlords will complain or 6700 mortgages will get complained about but if it costs WBBS £550 for each complaint then every individual mortgage should be complained about .
Yes in the scheme of things this is only a fraction of what WB stand to gain by ripping landlords off but even if its only a bill for £2m its still £2m they have to pay out. If it goes to court and they lose these directors will have to explain why they have lost the best part of £2m plus to their members. It could start to cost them their jobs as well.
Also when it does start to cost WB that’s when they may look come to some settlement. If it is just with the named members of the class action then so be it.
Mark, without going to too much trouble have you a rough idea on the numbers paid up and the funds raised at the moment. I appreciate that we will probably get a full update later this week from Justin but just wondered if you had heard any numbers today
Thanks
Dean
Member Since October 2013 - Comments: 12
5:18 PM, 21st October 2013, About 12 years ago
my understanding it is £550 per the contents of the complaint so you could place all your accounts in one letter and that would count as one complaint = £550.00 or you could send different letters with different account numbers and that will be reviewed as 2 complaints
each time a case is referred to the FOS the financial institution is charged