West Bromwich Mortgage Tracker Rate Cheating and Representative Legal Action
West Bromwich – your time is soon up.
Time to face the music in the courts.
I certainly hope that your executive will have a good explanation for your members to explain why you blew hundreds of thousands of pounds fighting and losing a court case, after you singularly failed to bully individual buy to let borrowers on Bank of England base rate tracker mortgages when you tried to invoke an irrelevant clause hidden in small print in a hopeless attempt to renege on mortgage contracts.
After the FSA adopted their hands off stance and Andrew Tyrie MP suddenly and mysteriously backed off, you must have thought you were home and dry.
So you must have been surprised and shocked when Mark Alexander and Property118 successfully organised a class action of very unhappy borrowers to fight this injustice.
The Bank of Ireland, the Skipton Building Society and the Manchester Building Society who have done similar moves on their trackers in the past, will no doubt we watching the outcome of this case very carefully.
I hope these lenders have also put some millions aside to cover the cost of paying borrowers back. They will also have to explain themselves to their members or shareholders.
NOTE: If you are a borrower and you have been affected by these illegal rate hikes time is fast running out to join the representative legal action at Property118.
But never mind what David Lawrenson says, here is what one solicitor – a man called Tony Wilson said. He has just given Property118, £15,000 to their fighting fund….
“My name is Tony Wilson.
I have today committed £15,000.00 to the fund to enable Mark Alexander and Mark Smith carry on the superb work they are doing on behalf of buy to let landlords who are being (in my view) mistreated by the West Bromwich Mortgage Company.
As a solicitor who has been in private practice for over 25 years and specialising in property throughout that time I am appalled at the way in which West Brom have sought to justify their unilateral action and I believe it is entirely correct that we should pursue a collective representative action in the way advised by Mark Smith which limits the financial risk to all concerned while giving us a voice to remedy this injustice.
I have done my due diligence before parting with any funds and I am fully satisfied that the route suggested by Mark Smith and Mark Alexander with funds protected within the Barco account gives us all maximum financial protection.
I also applaud Mark Alexander for leading this campaign.. which clearly deserves maximum public exposure.
This is not the first time over the last five years when I have been subject to a financial institution taking unilateral action despite the terms of a written agreement on the artificial basis “that it cannot afford it.” This type of action needs to continue to be challenged … the compensation payments having to be made by such institutions are increasing all the time now that the “chickens are coming home to roost”.
I urge everyone who has been affected by the West Broms behaviour to stand up and be counted .. to provide the financial resources to give us the maximum chance of securing a positive result and to ensure that the decision makers at the West Brom who have been arrogant to enough to make this decision unilaterally without first seeking judicial sanction..are accountable to their members for their inappropriate conduct.
I believe that we will win.. but win or lose this behaviour needs to be challenged.
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