How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

I invested 100,000USD with Titan Trade UK, the account is traded

Resolved Question:

I invested 100,000USD with Titan Trade UK, the account is traded on forex and is managed by Algo Capitals, now taken over by Trade-Financials. The account increased satisfactorily until the Manager of VIP accounts took over and said he would raise the account into the 500,000USD range. I told him not to take big risks because this is all the money I have, I am retired and this is my life saving. Anyway he raised the account to around 600,000USD but then made some big losses and in order to avoid wiping out the account he said he had to take a loan from the bank with my approval, he said if the account is wiped out I will not have to pay back the loan, I gave my approval. He got the loan and raised the account back up to around 600,000USD but now he tells me that I have to pay back the loan (98,000USD) from my own pocket or the account will be "suspended", (taken by the bank) on 4th December 2015, that was in 4 days time. I was unable to pay that amount and told him to take it out of the account, he said he could not do that. I have now lost my 100,000USD. Please advise me if I have a legal right to get the money back, how do I get a UK lawyer, what are the costs, and what chance do I have in getting the money back? Thank you, ***** ***** Canada
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you.
Have you seen evidence of your account or is all this based on what the manager has said?
Customer: replied 2 years ago.
I don't want the phone discussion because it seems every step costs more money. The answer to your question is that I have not seen any evidence of the account being suspended, I only have the manager's word that it would be suspended on 4th November 2015. I sent a Skype message to him this morning but no answer.
Expert:  Ash replied 2 years ago.
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 claim is for £10,000 or less it will be a small claim so you will not need legal representation. Over this value you would need representation for trial.
Can I clarify anything for you about this today please?
Alex
Customer: replied 2 years ago.
OK I will do all the above, Still three questions remain:
1. How do I get legal representation or is that shown in www.moneyclaim.gov.uk ?
2. What are the estimated costs?
3. What are the chances of getting my money back?
Expert:  Ash replied 2 years ago.
1. You can find a Solicitor to represent you at trial at
http://solicitors.lawsociety.org.uk/
2. Costs are located here:
https://www.justice.gov.uk/courts/fees
3. Its hard to say, I havent seen all the evidence, but I think its on your side.
Can I clarify anything for you about this today please?
Alex
Customer: replied 2 years ago.
Dear Alex W,
Thank you very much, I will look at those web sites and decide if it is worth going after them.
Carl
Expert:  Ash replied 2 years ago.
Good luck.
Alex
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.
Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/
Ash and other Law Specialists are ready to help you