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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I recently signed an agreement with an online Brokerage and

Customer Question

I recently signed an agreement with an online Brokerage and last week issued notice to terminate the agreement with immediate effect. This notice was accompanied by an instruction to suspend the account and transfer the balance to my bank account. The company is refusing to acknowledge the termination notice and continued to trade on my account on Friday. They are also refusing to transfer the balance of the account to my bank as provided for under the terms and conditions of the agreement. Please advise me on the best course of action to recover the funds. Thank you.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.On what basis do they refuse to accept termination please?Alex
Customer: replied 1 year ago.
I have asked that question but they have not responded. This is their tactic. They simply refuse to acknowledge the clause in the agreement and that I have the right to terminate.
Expert:  Ash replied 1 year ago.
Where are they based? How much are you owed?
Customer: replied 1 year ago.
They are based on Leeds and according to the agreement I am entitled to the balance on the account when the agreement was terminated. I took a screen shot of the account balance which was approximately 34,000 GBP
Expert:  Ash replied 1 year 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://s3-eu-west-1.amazonaws.com/hmctsformfinder/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.When you issue a claim then its likely to be resolved.Can I clarify anything for you about this today please?Alex
Customer: replied 1 year ago.
Thank you. What kind of representation would I require? Solicitor or Lawyer?
Expert:  Ash replied 1 year ago.
Lawyer is a generic term - its just a Solicitor who may instruct a Barrister (recommended)Does that clarify?ALex
Customer: replied 1 year ago.
Kind of. MCOL is asking me to pay court fees in advance to be charged to my credit card. There is no explanation as to why this is required now and whether or not this will be recovered as part of the claim, which I presume would be the case. If the claim is unsuccessful I presume I would lose that money.?
Expert:  Ash replied 1 year ago.
The Court ALWAYS charges a fee to issue the case and the hear the case. These fees are payable regardless of whether you win or lose.If you win, then yes you cant recover these Court fees. If you win then the fees become part of the claim and can be recovered.Does that clarify?Alex

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