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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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In July we contacted a company called to obtain prices on

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In July we contacted a company called to obtain prices on rates. We registered via a phone call (see attached) Last week I telephoned and spoke to Philip Ryan and agreed a price to purchase on condition he confirmed everything to me. I received a contract note (enclosed). On March 10 I received a Forward Contract Dealing Facility which I was asked to sign. March 11 when doing some due diligence on the company I found out they are not regulated by the FSA for forward currency trading so I contacted Philip Ryan to say I did not wish to go ahead.
Philip informed me that our verbal conversation was a legally binding agreement which I would have to perform. Whilst I understand this I have not agreed to their Forward Contract Dealing Facility nor have I signed anything to accept their terms for conditions.
Can you advise me of my rights please and of course your costs for this advice.
Thank you for your question. My name is ***** ***** I will try to help with this.
What type of contract is this please?
Customer: replied 3 years ago.

Unfortunately I cannot send attachments via this system as it will only allow images have you got an alternative email address. It was a telephone contract but I have not agrees a facility with them.

Is this a mobile phone deal then effectively?
Customer: replied 3 years ago.


Customer: replied 3 years ago.

To clarify then rang my landline which was forwarded to my mobile as I was travelling

Sorry, I meant is this an agreement for the provision of a mobile phone?
Customer: replied 3 years ago.

I don't understand, would I be purchasing a mobile phone from a currency dealer. In my email it explains I was forward purchasing currency. It was for an amount of £275,000 so the fees will be quite substantial.

Not my area then.
Opting out for others.
Hello my name is ***** ***** I will help you with this.
On what basis are they saying its binding please?
Customer: replied 3 years ago.

This is a copy of an email received from them,

Hi Bob

I spoke with your wife earlier.

As per our terms and conditions this is legally binding contract that you are obligated to fulfil.

Please call or confirm via email that you have received this message and will be following through with the trade.

Failure to do so and this will be passed to our external legal team who will take immediate legal action.

Does it say in their terms that you would be bound by that?
Customer: replied 3 years ago.

Customer: replied 3 years ago.

The enclosed is the terms of their contract, I have signed nothing or agreed to their facility offer. I did however agree to purchase during our phone conversation.

I can't see that you are bound.
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: or by completing form N1 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. More than £10,000 of losses then you will need a lawyer for the trial as there are Court procedures to follow.
Can I clarify anything for you about this today please?
Customer: replied 3 years ago.

What refund, I have not paid them anything yet. Are any of you actually reading what I have sent.

I assume you had paid and wanted the money back?
I didnt realise you hadn't paid yet.
In that case just refuse. If they try to take you to Court you can say there is no contract, they havent proven anything and its up to them to show you agreed and are bound.
There are no terms I can see above.
Therefore they cant demand payment.
Does that clarify?
Customer: replied 3 years ago.

Hi Alex

Is a telephone, verbal conversation not legally binding? if they have a recording is this not proof for them. The terms in the contract note says the money must be paid by May 6th.

Verbal can be binding but they must prove they have a copy.
Ask for the copy.
If they have then you are bound as it is a legal contract. If they can not provide you a copy then you are not bound as they have no proof.
Does that help?
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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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