Halifax Share Dealing is threatening me because of their banking error mistakes...

theflayva

Hi everyone, I have only just signed up here this instant as a first stop to what could be a very tedious journey, I don't know if anyone can help, (let alone my next stop at the CAB) but here is my situation.

Short intro, I have an internet Halifax Share Dealing Account. I've had it for 3-4 years, and for anyone who might know what an 'indikement' is (Not sure on spelling, but I don't know why they have it either!?) Halifax and their third parties have made a fortune from my share dealing over the years because of this as it is!

So down to it, I go into my account, and see I have money to invest, but only half of it was available to withdraw. So I withdrew the maximum available, and invested the rest.

I then got a call from Halifax today telling me that a previous sale was duplicated, which is why I only had half to withdraw, and I shouldn't have had more than the withdrawal in the first place. Now I haven't made any deposits in years, purely because my share dealing generates money itself all the time.

So as they see that all the available funds in the account are invested, the fact there was a duplication, according to them, meant there is now 'negative equity' (whatever that means?!).

They are now asking me to cover their duplication, which I refuse to, it's not my fault that a certain amount was shown in my account that I had no influence over! They say that I could sell the shares, which at the moment is 0.5p per share below the worth I got them for (baring in mind that had an 'indikement') but now the amount they can sell them (plus another 'indikement') would fall short because of this. They say I can GIVE them my withdrawal amount (which is MY money) or sell the shares and cover the shortfall, which I refuse because it's not my problem.

At first they denied any fault, then they called it 'a banking error' but still deny fault. So because I won't play ball they are threatening me:

"Return your withdrawal or sell these shares by Monday close and cover any shortfalls, if you don't we will sell these shares without your authorisation and pass on the short fall to debt collectors."

Is it right they are giving me a deadline at all? (No matter how soon it is?!), plus adding this debt collector. I'm sure there must be a rule about selling my shares without my authorisation, but then if they choose to sell the shares at a lost then that should be a lost they should incur, regardless as to who put the purchase order through. They are quite stubborn on their viewpoint, and maintain that I shouldn't have done it. If I shouldn't have done it why did I have the funds in my account to do so in the first place??? Meaning I shouldn't have had the power to be able to do this if that's the case... Please help!!!

Also, I've dealt with Halifax for these years, and they were never that helpful, and extremely clueless, even the arrogant aggressive manager. I'd advise anyone to stay well clear of these morons. But also, can anyone recommend anywhere that doesn't have this 'indikement', honest stock broking share dealing???

tom188

Your post makes no sense. What is the problem? It sounds like you either withdrew money that wasnt yours or that was required for settlement?

JoeCrystal

As I understand the post:

1. The Halifax sold his shares and as the result, by accident, somehow put double the amount of money in your account.

2. The investor withdraw the money as well invested the rest, (Therefore using Halifax's money to buy the rest or take the money out).

3. Basically, it is like having Halifax accidentally putting £2000 into your current account when you are expecting £1000? Went on to spend them and the Bank want their money back... one way or another I guess.

theflayva

JoeCrystal is spot on...

noh

Just pay the money that you owe to Halifax Share Dealing.

Reaper

Halifax are entirely within their legal rights to demand you repay the money you got if it was there in error, even if the error was theirs. It is up to you whether you do so by selling shares or sending the money you withdrew back.

However you might argue that you intended to take half of whatever was there and re-invest the rest. In which case you could repay half the money you withdrew and cash in half of the investments you bought and repay whatever that comes to. I think Hallifax would find it hard to argue with that legally or morally.

PinkPig

If we're understanding you properly then Halifax have accidentally added money to your account that shouldn't have been there. If that is the case, then the money doesn't belong to you and you are legally required to repay it. It sounds like you've been completely uncooperative and are hoping that you will just be allowed to keep the extra. That's never going to happen - you should pay back what you owe.

Newly_retired

I think that is what the CAB will tell you too, that is , if you can boil your enquiry down to the plain issue as outlined by previous posters. Otherwise if you talk about shares and investments you will be told that CAB do not do financial advice in that sense.
Hope this helps.

willywonker

I think you should pay the money back either by selling the shares or by paying the money back another way. I find it hard to believe that you didn't realise that you had got more money than you were due.

tradetime

I'm sure there must be a rule about selling my shares without my authorisation

If you thouroughly read the T&C you may find that they do indeed have the right to do this, your account is effectively "overdrawn" and in default, this may not be your fault, though that would be debatable, and certainly from what you have said, they contributed to it. If you were to pursue the issue you would have to convince someone entirely neutral in the matter, much like the people posting replies here, that you had no idea that there was double the amount of money in your account that there should be, a difficult task I'd say. Whilst there is no harm in seeking informed advice, in lieu of that I'd say your most appropriate action would be to comply to their request.

dunstonh

Can only repeat what has already been posted in the above responses.

Halifax are acting correctly and doing nothing wrong.