IG Index 'stole' £5500 back from me

[stevespray]

Well, I was presuming the T&Cs follow the law, I don't know the T&Cs or the law too well, but i doubt they'd have something in there which breaches statatory rights.

As for the argos case, i thought they were accepted.

Still doubt he'd win in court, meh.

In the Argos case it seemed that the clients orders were accepted. Argos refused to supply the items which potentially set up a 'breach of contract'. However, once Argos refused to supply the goods the ball was effectively put back in the clients court - it would be up to the clients to take further action to enforce their contracts against Argos for the supply of goods at the 'agreed' price. In the Argos case it seems that no client was prepared to pursue the matter. A similar thing happened with Kodak and a digital camera which the sold on their website for a fraction of its real cost (£99 from £349 I think). In this case someone proceeded against Kodak through Ilford Crown Court for breach of contract. Once the wheels were in motion Kodak were forced to back down prior to the case being heard - Kodak obviously hadn't banked on a client actually going through with the threat of court action to recover their goods. In my opinion, once Kodak realised that the client was serious they had to reconsider their stance otherwise they would be heading to court to fight a case that they would find almost impossible to win.

You say that you doubt whether firms would put in T&Cs which contradicted statatory laws but it actually happens all the time. How many shops have you been in where you see a sign which says "No refunds without a valid till receipt"? If a shop actually inforced that term or condition then they would be breaching statatory law. Why? Because the law says that you must provide 'proof of purchase' - this could be one of many things such as a transaction on your bank / credit card statement. You can even ask the shopkeeper to check their till audit roll for your transaction provided that you can tell them the time that you made the transaction. This is just one example of T&C which breach statatory laws. There are many others.

Steve.

 

[Igat]

And just to reinforce that Steve. Banks have for years charged customers between £20 and £35 for various defaults on their accounts because it says it can within the contract you sign when you open an account, it turns out that the charges are unenforceable as the amount does not represent the banks liquidated damages incurred. Please be aware that just because something is in a contract it does not necessarily mean its is enforceable under law. If it were so contract law would be so simple. In this case one party was a consumer and had no option to negotiate the contract this may be covered under the unfair contract terms act 1977. A solicitor who specialises in contract would be better able to advise.

 

[yellowfloyd]

Hi everyone

I would like to ask if any of you has been in a similar situation before. basically I buy UK Real Estate sector from IGindex today @ £60 a point using their online platform. After 2 minutes I look back, and realise I have got a nice £5500 profit, and I decides to close it.

Then someone from IGindex called me and claimed it was some error on their part that the points they gave was 100 points below what it should be (it follows some real price from bloomsberg website apparently), and hence he said I HAVE TO give them the profit back according to their term and conditions. I said no I am not going to do it, and I will complain to the FSA or even contemplate legal action. but they took back my profit from my account anyway.

So basically, who is right and who is wrong in this case? I feel that £5500 is rightfully mine,if the error was against my favour, I highly suspect that they'd have kept quiet and kept my money.

I can 100% see where you’re coming from. I’ve seen similar things on T2W before, and I know someone who experienced something similar with another broker.

However, the outcome is usually the same from what I’ve read previously. They’re well covered in their T&Cs, they probably have expensive legal teams and it’s not the first time it’s happened. They’re entitled to do this where a mistake has been made. Legal action will probably not be an option, as there’s a fair chance you’d lose and have to pay their costs – and for the sake of £5.5k, it certainly won’t be worth running/risking be liable for £100k worth of costs!

I suspect you’re right. Would they have ‘owned up’ if the mistake was in their favour? Hmmmm……

Anyway, I hate to say it but I think you need to write this one off mate. It can’t hurt to tell the FCA, but I seriously doubt it’ll do any good.

I use DMA where I can – minimises instances like this.