tar
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he is only preparing for a defense , IG didnt go to court yet ...
he is only preparing for a defense , IG didnt go to court yet ...
Jack Hughes
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There's no point in suing someone who doesn't have any money, so if mr_put is penniless the best hope is that IG won't bother.
tar
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atleast they may try to get something 10 , 20 k is not bad for them ...
tar
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he could use this as well or not ? : " We monitor your account, but you can lose more than your initial deposit. "
http://www.igindex.co.uk/spread-betting/apply-online.html
http://www.igindex.co.uk/spread-betting/apply-online.html
“Give us the date and time you opened it and the date and time you closed it” – see post #245 for dates and times for the losing bets.
“On what grounds did the FOS reject your complaint, Mr P?” – essentially the watertight T&Cs, I agreed to them and so I should abide by them.
“his loss is nothing to IG cuz it is in paper only this what i meant ...” – not necessarily, it may have been an unhedged position, either against another customer, or against the market and so it is real loss.
“I got the impression that Mr_put tries to get away with only 5k loss, this I don't think will work. The exact credit limit granted is very unclear in his posts. Unless this is clarified between him and IG, it is very hard to establish, at what point IG should have taken action and sent him a margin call” – that’s all the information I have, I had a 20k deposit limit to open bets, and was given a 5k credit limit and 12.5k “waived deposit limit” to cover margin. The real question mark is over this waived deposit limit – anyone else confused or had problems with it? it’s effectively credit without being called credit, which is misleading.
“We monitor your account, but you can lose more than your initial deposit” – thanks tar, I think that would be useful, if they were monitoring my account why let it go 87k over the credit limit.
“On what grounds did the FOS reject your complaint, Mr P?” – essentially the watertight T&Cs, I agreed to them and so I should abide by them.
“his loss is nothing to IG cuz it is in paper only this what i meant ...” – not necessarily, it may have been an unhedged position, either against another customer, or against the market and so it is real loss.
“I got the impression that Mr_put tries to get away with only 5k loss, this I don't think will work. The exact credit limit granted is very unclear in his posts. Unless this is clarified between him and IG, it is very hard to establish, at what point IG should have taken action and sent him a margin call” – that’s all the information I have, I had a 20k deposit limit to open bets, and was given a 5k credit limit and 12.5k “waived deposit limit” to cover margin. The real question mark is over this waived deposit limit – anyone else confused or had problems with it? it’s effectively credit without being called credit, which is misleading.
“We monitor your account, but you can lose more than your initial deposit” – thanks tar, I think that would be useful, if they were monitoring my account why let it go 87k over the credit limit.
tar
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no i dont think so , your position is very small it is hedged already with other clients they have 80k client ...
"your position is very small it is hedged already with other clients they have 80k client" - right, so they should have had someone on the other side of the bet who had shorted the ftse, they had to pay him with the buy / sell spread as profit...or maybe they left my position unmatched as a punt of their own, with me the loser and their trading team the winners?
Jack Hughes
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None of that's relevant. They only need to hedge when their overall position on a market gets seriously one-sided. £80k is just loose change to IG.
tar
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bets open and close every second , they manage 200 k bets every bus day , there is many like u were long and others short , they will hedge the net risk on the real market , y they will punt with u , why they add 90k bad loan , who said they will take this money anyway it is on paper only ...
"who said they will take this money anyway it is on paper only" - i don't understand what you mean by this then. i thought you meant it was not a real loss, it was simply lost profit. are you saying that it is a loss on paper only as they haven't collected it from me yet? what will it be then if they do eventually collect it - a profit on paper only? not sure where this point is going...
tar
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the point is , it wasnt in purpose , what they gained ? who said they can collect this debt from u ? it is a profit for them but only on paper , and because they couldnt collect it it became a loss for them ( bad debt ) , bear in mind they reported results few times after sep 2008 ...
A debt is a debt until he has been notified it has been written off or mr_put made some kind of a deal with IG. They can also sell the debt to other collectors. Yes they might in their accounts refer it to as uncertain asset, but it still exit until it has been completely written off in their accounts. If they try to collect the money through legal actions it will become public and very real. I wonder if mr_put have tried to make some kind of deal with them regarding his debt or if he has heard anything from them since he received the email asking for money?
tar
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True but it is not worth it , what a long term SB tactic is this : "lets keep his position opened to take his money after 3 years "! , this is a public company they announce results every quarter ...
tar
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i am talking about leaving his position opened in purpose so they can try to collect some money from the punter after years , i dont think so , maybe IG sold the real market forcing the Ftse futures to drop 400 points at 28th of Sep so they can make him lose money ! then they can collect it after years ... anyway he even didnt give us a proof of what he is saying
"A debt is a debt until he has been notified it has been written off or mr_put made some kind of a deal with IG. They can also sell the debt to other collectors. Yes they might in their accounts refer it to as uncertain asset, but it still exit until it has been completely written off in their accounts. If they try to collect the money through legal actions it will become public and very real. I wonder if mr_put have tried to make some kind of deal with them regarding his debt or if he has heard anything from them since he received the email asking for money?"
that's right. this isn't going away until it is formally settled. i believe financial claims can go back 7 years. they wrote to me on 30th sep 2008 asking for the money, then sent me a few more emails/ letters in oct08. then, when i referred it to their compliance dept and the FOS, they stopped writing to me demanding payment (i think they can't under FSA rules). but late last year a solicitor acting on their behalf wrote to me saying they were initiating legal action for recovery of the debt. they backed off when i told the FOS. but now the FOS have rejected my complaint, IG will be pursuing the claim. so paper profit or loss, written off in 2008 as bad debt or not, i still expect IG to pursue this.
that's right. this isn't going away until it is formally settled. i believe financial claims can go back 7 years. they wrote to me on 30th sep 2008 asking for the money, then sent me a few more emails/ letters in oct08. then, when i referred it to their compliance dept and the FOS, they stopped writing to me demanding payment (i think they can't under FSA rules). but late last year a solicitor acting on their behalf wrote to me saying they were initiating legal action for recovery of the debt. they backed off when i told the FOS. but now the FOS have rejected my complaint, IG will be pursuing the claim. so paper profit or loss, written off in 2008 as bad debt or not, i still expect IG to pursue this.
tar
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You're joking aren't you?
Yes that is true, we don't know what actually happened, the subject is interesting though.
I hope at this stage, at least during the dispute, that you don't have any valuable assets in your name that they can claim as part of the debt payment. I do think you have a good chance of reducing your dept, especially if you don't have any capital or other valuable asset. Good luck!
Jack Hughes
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Wonder if temporary insanity is a defence?
