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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
Hello my name is ***** ***** I will help you with this.
For now please let me know in their terms what is the country of jurisidiction?
i believe it is england, I'm not 100% on this
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?
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?
Yes you would unless you are entitled to fee remission.
The court fees are listed here:
You would need the logs and technical data for the servers.
If you lose and as a small claim you are not liable for huge costs
Does that help?
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!
Yes indeed. I am sure they will probably just pay out.
Its quite rare cases go all the way to Court.
what shall i say in an email to them then? no guarantee a letter will get there,
Just set out your position and why you need to be refunded
That is it really.
i have already done that, so will just wait for them to respond now
Great. Can I clarify anything else for you?
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