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 Jenny Your Own Question
Jenny, Solicitor
Category: Law
Satisfied Customers: 6428
Experience:  Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
Type Your Law Question Here...
Jenny is online now

In 2003 my sister-in-law who work's asked

This answer was rated:

In 2003 my sister-in-law who work's for BT asked for advice in relation to the purchase of shares in a company sharesave scheme. I had knowledge of such schemes as I had purchashed in such a scheme for the company I worked for. I did some research into BT and from that information I concluded that the share purchase was an excellent idea and advised my sister-in-law to purchase as many shares as she could afford. I believed the company scheme was a good one and could be very rewarding. The scheme allowed employees to purchase on a monthly basis over 3 or 5 years at a share price set at the start of the scheme. Participants in the scheme could purchase up to £200.00 a month for 3 or 5 years and then had the ability to purchase shares at the end of the chosen period at the purchase price set at the outset, which in this case was .68 pence per share. My sister-in-law took my advice to buy shares but concluded she could only afford a maximum of £90.00 a month. I again advised her to purchase as many as she could afford. My wife, who is my sister-in law's sister and I had helped my sister-in-law for several years both on a personal basis and had given her financial help due to a marriage break up she had suffered. My sister-in-law confirmed to me that £90.00 was the maximum she could afford, but would I like to join her and purchase some of the remaining monthly purchase she was allowed. I agreed to this, as again I thought the purchase could have rewards although I was aware that shares can go up as well as down so the purchase had an element of risk.My wife and I duly agreed with my sister-in-law to purchase shares with her at a rate of £90.00 a month. I set up a direct debit to pay my sister-in-law £90.00 a month to cover the cost's that would be collected out of her salary. Everything was fine until some 15 months or so had passed and my sister--in-law informed she had not received my direct debit payments from my bank. I then spent 2 months going back and forward between my bank and my sister-in-law to sort this matter out. My bank was absolutely adamant that the direct debit had been paid each month and no payments had been missed. During this time it had become clear that my sister-in-law's attitude had changed dramatically towards my wife and myself. It was proved that the direct debit had been paid each month and sister-in-law accepted this saying she must not have checked her monthly bank statements properly.Then in March 2011 my sister-in-law sent my wife a hand written note saying she a cheque was enclosed for some £1800.00 in relation to the monies we had paid by direct debit in relation our purchase of shares. She gave no explanation for why she had done this. At the time she took this action the Bt shareprice was still some time from maturity but had risen significantly. When we called her by phone, but she refused to explain her actions, saying only she had cancelled her sharesave purchase stating she could not afford to continue with the scheme. We do not believe she ever cancelled the purchase but indeed greed got the better of her and she decided to keep all of the purchase herself. We have tried for the last couple of years to get a resolution with her but she refuses to give us any information. The shares climbed to over £4.00 on maturity and had we received the shares at maturity we would have gained in the region of some £15,000 pounds. in the past 2 years my sister-in-law has made at least 2 very expensive purchases of 2 car's, not what someone struggling for funds would do. We believe we had a verbal contract with my-sister-law, backed up by our direct debit and we believe she has broken that contract and are seeking advise as to whether we can sue her for breach of contract.
your sincerely
***** *****. mobile ***********
Hello my name is ***** ***** I am happy to help you today. You are right that this could amount to a verbal contract and the direct debit would act as evidence. You could therefore, if you wish, attempt to recover your losses in the county court. Before doing that you would need to send a letter before action to say that if she does not resolve the matter you will take the matter to court. I would suggest that you set out an amount you would be prepared to accept to avoid going to court. If you cannot resolve this then you can go down the court route. The court will need to rely on verbal evidence from both sides to determine exactly what was agreed. If you have any further questions about this please do ask. If I have answered your question please take the time to rate my answer as I am not otherwise credited for my time. Thank you and all the best.
Jenny and 3 other Law Specialists are ready to help you
Customer: replied 2 years ago.
Thank you for your speedy response, I was hoping your reply would be on the lines you have described and as a result I now intend to take the matter forward along the lines you have described. I am very grateful for your assistance in this matter and would have no hesitation in recommending your service to others and indeed using the service again myself if the need arrives. Once again many thanks.***** *****.