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Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 4346
Experience:  Solicitor
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I have been Binary Option Trading since January '17, as a

Resolved Question:

Hello,
I have been Binary Option Trading since January '17, as a virtual beginner.
Because initially,I had taken a Margin Loan of £4000, I was refused a withdrawal at the end of April '17, when my account stood at £13194, until my account reached a trading volume of £80,000, unless I deposited a further £3000 approx.
Following a 'phone call today, saying that my account had been traded and stood at £31794, I have now received, at my request, an email stating that if I deposit £5100 into my GTP CAPITAL account, the account will become fully liquid and accessible for the withdrawal requests of the customer.
It also states that: "After you cover the volume, your account will stand on which is the total value that will be accessible for the withdrawal requests."
It is signed by the Financial Manager and the Trader, Account Manager. Can you tell me whether this document is legally binding, please, as we would hate to waste more of our money, by taking another loan?
I can print the email for your attention and I would wish you to tell me whether the document is legally binding, and worth the paper that it is printed upon.
Kind regards,
Marlene Ariss
Submitted: 3 months ago.
Category: Law
Expert:  Jamie-Law replied 3 months ago.

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

Where are they based please?

Customer: replied 3 months ago.
Hello, Jamie,They are based in Marshall Islands, but operating from London. I can send you their email from Yesterday, and also their Terms and Conditions and Rules on Withdrawal and Margin Loan on it, if you will send me your email address, please.When I said that I took a Margin Loan of £4000 initially in January this year, I didn't tell you that I repaid this on 19. 4. 17, when my husband took a loan to help out. We were told by my Account Manager at that time, that if we paid the £4000, I could withdraw £9000 immediately. This, of course, did not happen. Trading went up to 19,194.Then, on 26. 4. 17, I had a call from Jonathan in Finance, telling me that there had been a mistake and unless we paid another £3000+, we would be unable to withdraw anything. We did not pay this.Now, we have been told that as trading has gone up to £31000+, if we pay an extra £5100, this will cover the Trading Volume and we can make a withdrawal for any amount.If you can send your email address, I will send these documents. Or I can print them here, as I do not seem able to create files for them. Your help will be sincerely appreciated.Kind regards,
Marlene
Expert:  Jamie-Law replied 3 months 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/n1-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?

Customer: replied 3 months ago.
Thanks, Jamie,I take it that you are advising us not to pay anything extra, nor claim any of the profits from trading our money.Also, when you say that I should set out my losses, I suppose that this will only be our money deposited?Kind regards,
Marlene18/05/2017 11:37
Jamie-Law
Jamie-Law SolicitorYou 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.
Expert:  Jamie-Law replied 3 months ago.

No, do Not pay anything else.
This is likely to be a scam. You are not the first and wont be the last person to be ripped off

Does that clarify Marlene?

Customer: replied 3 months ago.
Unfortunately, yes.Thanks again, Jamie.
Expert:  Jamie-Law replied 3 months ago.

All the best. If I could ask you to rate my answer before you go today, by clicking on the 5 stars or happy face, otherwise the site does not pay me for the time spent with you today. It is also an important part of the online process. Thank you in advance and good luck!

Jamie-Law and other Law Specialists are ready to help you
Customer: replied 2 months ago.
Hello, Jamie,
Do you think that I would be successful in my small claim, because funds are very tight here and I cannot really afford £185 approx., unless there was a good chance that the claim would succeed.
Kind regards,
Marlene
Customer: replied 2 months ago.
Addendum:
I did not say previously that the firm have not been in touch since my first message setting out my losses, and warning of court action. Surprise, surpise!