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hi all
just a quick question. brief summary. i had an account at a forex broker, where i traded a currency vs another. i held it the trade (position) for about a week and then sold the trade (closed the position).
i had a profit of around 10k. then the broker confiscated(stole) all the profit citing they made an error with the interest they should have charged me for holding this large trade/position. they claimed it was a manifest error, and furthermore claimed that they had been charged this interest by the banks where they copy my trade in the markets.
i looked into what they were saying and found that the correct amount of interest according to the markets should have been around 5k. in their terms and conditions it states that any amount of interest or fees would be clearly stated. but now they are claiming manifest error.
i would like to take them to court for the 5k overcharging as they have not provided me their calculations for 10k as in any event the calculations would be wrong as the correct amount was 5k
my question is in the section of the particular of claim where i put the breaches that the defendant has breached what would i put there.
after googling and reading the forums and looking for someone who had some sort of similar case. i came across the following. but i am not sure if they would apply to me. so please if you have any insight please do help me
thank you
what i have found online, i don't know if this is relevant or not
The interest charges are a disproportionate penalty and therefore unenforceable as they are contrary to common law.
Further, as a disproportionate penalty they are invalid under the Unfair (Contract) Terms Act 1977 s.4 and under the Unfair Terms in Consumer Contracts Regulations 1999. Para. 8 and sch. 2(1)(e). In the event that the charges are not a penalty then they are unreasonable within the meaning of the Supply of Goods and Services Act 1982 s.15
breach of statutory duty
breach of contract
tort of negligence
just a quick question. brief summary. i had an account at a forex broker, where i traded a currency vs another. i held it the trade (position) for about a week and then sold the trade (closed the position).
i had a profit of around 10k. then the broker confiscated(stole) all the profit citing they made an error with the interest they should have charged me for holding this large trade/position. they claimed it was a manifest error, and furthermore claimed that they had been charged this interest by the banks where they copy my trade in the markets.
i looked into what they were saying and found that the correct amount of interest according to the markets should have been around 5k. in their terms and conditions it states that any amount of interest or fees would be clearly stated. but now they are claiming manifest error.
i would like to take them to court for the 5k overcharging as they have not provided me their calculations for 10k as in any event the calculations would be wrong as the correct amount was 5k
my question is in the section of the particular of claim where i put the breaches that the defendant has breached what would i put there.
after googling and reading the forums and looking for someone who had some sort of similar case. i came across the following. but i am not sure if they would apply to me. so please if you have any insight please do help me
thank you
what i have found online, i don't know if this is relevant or not
The interest charges are a disproportionate penalty and therefore unenforceable as they are contrary to common law.
Further, as a disproportionate penalty they are invalid under the Unfair (Contract) Terms Act 1977 s.4 and under the Unfair Terms in Consumer Contracts Regulations 1999. Para. 8 and sch. 2(1)(e). In the event that the charges are not a penalty then they are unreasonable within the meaning of the Supply of Goods and Services Act 1982 s.15
breach of statutory duty
breach of contract
tort of negligence
