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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I was recently using the Plus500

Customer Question

Hello my name is***** was recently using the Plus500 online trading machine and i had £5023 in my account, i then chose to short a stock and see what happens, what happened next was i lost complete connection with the site, i did however have full connection on my mobile telephone device so i believe it was a problem with the site, once i was able to log back in 5-10 minutes later i realised that the majority of my £5023 had gone due to the site failure. How do you recommend i go about this? Kind Regards Aaron

Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

For now please let me know in their terms what is the country of jurisidiction?

JACUSTOMER-x1bqcqwt- :

England

JACUSTOMER-x1bqcqwt- :

?

JACUSTOMER-x1bqcqwt- :

i believe it is england, I'm not 100% on this

Alex Watts :

You need to write and set out your losses and request a refund within 14 days or say you will go to Court within 14 days. You should make sure you send this signed delivery and keep a copy.



If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: www.moneyclaim.gov.uk or by completing form N1 http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf and take it to your local County Court.



The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.



If the matter is defended it will be set down for a trial. If the claim is for £10,000 or less it will be a small claim and you will not need representation.



Can I clarify anything for you about this today please?

JACUSTOMER-x1bqcqwt- :

would i have to pay any court fees? how would they prove that their system wasn't faulty at the time i specified? what happens if i was to lose the case? the total cost would be about £6500 because of the distress of losing the £5000 i stupidly put more money on to try and get back to where i was?

Alex Watts :

Yes you would unless you are entitled to fee remission.

Alex Watts :

The court fees are listed here:

Alex Watts :

https://www.justice.gov.uk/courts/fees

Alex Watts :

You would need the logs and technical data for the servers.

Alex Watts :

If you lose and as a small claim you are not liable for huge costs

Alex Watts :

Does that help?

JACUSTOMER-x1bqcqwt- :

do you think a multi million pound corporation like plus500 would go through that much hassle? it sounds like a very long and drawn out process when i had the money there already!

Alex Watts :

Yes indeed. I am sure they will probably just pay out.

Alex Watts :

Its quite rare cases go all the way to Court.

Alex Watts :

Does that help?

JACUSTOMER-x1bqcqwt- :

what shall i say in an email to them then? no guarantee a letter will get there,

Alex Watts :

Just set out your position and why you need to be refunded

Alex Watts :

That is it really.

JACUSTOMER-x1bqcqwt- :

i have already done that, so will just wait for them to respond now

JACUSTOMER-x1bqcqwt- :

thankyou anyway

Alex Watts :

Great. Can I clarify anything else for you?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


If the system won’t let you please click reply.



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