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Jo C.
Jo C., Barrister
Category: Law
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Experience:  Over 5 years in practice
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I feel I have been treated extremely unfairly by two binary

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I feel I have been treated extremely unfairly by two binary trading companies, when they persuaded me to deposit large amounts of money against my will. It amounted to verbal bullying. Unfortunately I signed the consent forms because they made promises which haven't been kept. Would I have a compensation case against these companies please?
Thank you for your question. My name is ***** ***** I will try to help with this.
What were the specific promises and on what way were they breached?
Customer: replied 2 years ago.

The promises made by both companies were that they would help me to make £300-500 a month. The Senior Account Manager of one of the companies, after persuading me to part with £3,250, when all I wanted to pay was just £250, then promised that she would call me and for 3 days did not do so. I then lost two expensive trades which she had advised me to place. She had given me her word that she would call when they expired. Despite promises by email to call she has not called since. I have contacted Support twice, but to no avail.The second company has been in fairly regular contact, but practically each time the Account Manager calls me he wants more and more money. I tried to refuse him, but it's like verbal bullying and he won't take no for an answer. I feel that he was pressuring me into a contract where he took over my account. He asked for a further £2000 which I initially refused, but stupidly gave in as he was promising me that I would make £500 a month and more. I feel so let down,helpless and depressed. I can't discuss this with anyone as I don' t want to admit having been so careless and irresponsible. I hope you can help and that there is some way of recovering at least most of my deposit which amounts to close on £8,000! The second company had about £5000. I should point out that I expected to only deposit £250 in each company as I have a small income of only £200 a month.

Did they guarantee those earnings?
Customer: replied 2 years ago.

They guaranteed them by word of mouth, not by written contract.

What was the specific description?
Guarantees are binding but it depends what was said.
Customer: replied 2 years ago.

The Senior Account Manager from the first company assured me in a phone conversation (the first one that I had with her) that she would be able to help me to earn £300 a month. In her words she said it was quite possible to do so. The Account Manager from the second company asked me what I was hoping to achieve per month. He said in the last phone chat we had last Monday that he thought I'd said £300. I said if possible I'd like to make it £500. He seemed disappointed with this small amount as he would not earn much commission from managing my account. So I said that when I started making more profits I would make more each month and he would get a higher commission. This is one of the reasons why he keeps pressuring me to deposit higher amounts into the account. I was against him managing my account using the funds inside it and initially refused, but was persuaded by him. He told me that he would only use the money already in the account. He needed £2000, but when I checked my online bank account he had taken it from there. I had already signed a DCF form authorising it unfortunately.

That isn't a guarantee I'm afraid.
If there is no guarantee then the fact that you are not earning this amount is not a breach.
I'm really sorry but I'm afraid there isn't a case here on the facts that you present. It might well have been a hard sell but that isn't against the law.
They haven't breached any contractual term that you mention here and so there is no claim in breach of contract unless there is more than you mention here.
I realise these trades were unsuccessful but that is the problem with trading. It can go against you.
If they have made any specific misrepresentations then you could rely on those but you are not really making that complaint. You seem to be saying that they put pressure on you and the trades were not successful which is not misrepresentation of itself.
There might be more to this than you mention above but if this is the extent of it then I'm afraid there isn't a claim.
I'm very sorry.
Can I clarify anything for you?
Jo C. and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you very much for assessing my case and I greatly appreciate your advice. I can't think of anything else that would amount to misrepresentation, and there is no clarification necessary as you have explained everything thoroughly. It is disappointing but reluctantly I'll have to accept your decision. If any misrepresentation should occur in my future dealings with these companies I'll get back to you.

Kind regards.

A misrepresentation is only a statement that they made which is untrue or misleading and you relied upon it to sign up.
Sometimes they do engage in fraudulent practices.