Trading on markets

[jdca320]

I'm a bit nervous about how much to post as I rather foolishly signed a NDA.
Some months ago I responded to one of those bitcoin ads that we all receive, the ones where they tell you various celebs are showing how if you invest 250 the software associated with the site buys and sells and you end up making some cash.
I was sceptical of course but treated it a bit like betting on a horse, you could win or lose your money.
I actually never reached the site I expected but found myself signing up to a financial institution. They seemed to have a good bona fides and indeed I believe they do.
My issue is more about their massively high pressure sales practices.
I cant say too much but I did lose a substantial sum but feel totally trapped mainly because I'm afraid of the NDA.
I did email the FCA but initially all they could suggest was to take legal advice which u now cannot afford due to my losses and being out of work since March due to Covid.
Any thoughts on a potential way forward would be appreciated.
I acknowledge I'm a grown up and I suppose being honest I got greedy but was certainly sucked in by these people.

[Scot22]

Unfortunately so are many people who suffer losses great and small. Not sure what you are hoping to achieve. You can block phone calls and emails to stop contact and pressure.

[jdca320]

I think my aim is/was to bring to light this companies high pressure tactics and also what I'm sure would be seen as sharp practices, with a view to warning others not to get caught.
I fear for me its already too late

[Scot22]

So sorry. It's easy for me to say but it's only too late if you give up. Very commendable motives and possibly the best way to bring things to the public notice is by the media. Several national papers have finance pages and I'm confident there would be some interest. Contact them and see. Local radio are also keen to highlight issues. Try your M.P for help.
Look after yourself.

[des8]

Have you checked to see if they contravened the the Consumer Protection from Unfair Trading Regulations 2008?
Section 2 prohibits certain aggressive commercial practices

[jdca320]

Thanks Scott, I feel trapped by the NDA. I don't feel as if I have much wriggle room. So far the FCA haven't been desperately helpful...
i agree about not giving up by the way.

I haven't checked those consumer rights issues so will have a look, thank you

[Celestine]

We have discovered time and time again when we’ve been threatened and bullied by financial institutions that the only thing they truly fear is the power of media.
The NDA is to be taken seriously. Do you own a property in your name? If you breach the NDA what are the penalties?

[Scot22]

Yes be cautious and don't risk further damage. Thanks Celestine I should have highlighted that. The Guardian newspaper seems to look after its sources. Try asking them about the situation. Are there any charitable legal sources of help ?

[islandgirl]

Most good universities run a pro-bono scheme in the Law dept

[jdca320]

Thanks everyone.
Celestine, yes I do own a property jointly with my wife. The clause in the NDA was for a 50k penalty. They started off saying 250! As things have turned out I should never have signed but I did and cant go back on that.
Ironically, I've tried to contact them to ask a question and they've returned the site mail saying account blocked which is crazy. In my view the question I've asked isnt controversial so why they wont speak I don't t know. I'm now in the odd position of potentially needing the regulator to intervene to force them to answer my legitimate question but risking that they then try to invoke the NDA because I've gone to the regulator even though the two issues are entirely separate!!
What to do??
I really appreciate everyone's care and input.

[Scot22]

Just a thought. Was the NDA done in a way complaint with legal requirements ?

[Scot22]

The I money section in the I newspaper has today a page about Bitcoin traps and high pressure selling. The featured victim had lost £55,000 . It's worth buying and it's a very good paper !

[Celestine]

Bitcoin fraud: What to look out for as cryptocurrency price rise creates the ideal breeding ground for scams (inews.co.uk)

[jdca320]

Thanks Scott and Celestine.
I missed the paper, will see if I can find it.
As to the NDA, If I'm honest I don't know if it was or not? I didn't take legal advice on it. Arguably foolish again but then the whole thing was foolish. I lost more than that!
I just felt the pressure of the situation and actually believed I could recoup. How stupid...

[Scot22]

Celestines link provides the essential information. If a contract is for an illegal purpose it is not enforceable. I assume it it is to cover dubious activities so is possibly unenforceable. You really need a solicitor to advise you. Perhaps free initial consultation ?