'We lost everything gambling on shares'

noh

Luz wrote: »

NOH,

You have answer the point ,NO ADVISE CAN BE GIVEN WHICH MEANS NO ADVISE TO OPEN A MARKET MASTER EITHER ,LET ALONE OPEN IT FOR THEM .All they had to do was buy what they asked for on their account .
As for the link posted here, how could they had seen it if it was them who open the account ? and why insisting on opening the account despite being .THEY DID NOT KNOW HOW IT WORKED ?

Barclays stocbrokers are allowed to give advice to execution only clients as to which of their own products is suitable. They are not allowed to give investment advice.
In this case the marketmaster account has lower dealing fees than the certificated account so is the better choice for a regular trader.
The marketmaster and the certificated account both have the same core T+Cs. They both have the £7500 credit facility to start with.
The losses could have been made using either account.
In fact the marketmaster account was better for them as dealing charges are lower.
I suspect they would have had to fill in an application form at some point and as I stated the core T+Cs are the same for both accounts.
If their grasp of written english was such that they were unable to understand the contract then they should not have entered into it.
The fact that it took them 4 years to get to the point where all their money had gone indicates they did know what they were doing and carried on in the hope of making their money back.

Luz

It is incorrect to say they could have lost the same amount on the other account . Firstly that account does not have any 7.500 limit . at least in 2008 when you called to buy shares on opening the account this 7.500 was the most you could buy first time on the account , and they had to check with bank to prove the money was there to pay for the purchase .
Then there is what you call Tx10 I think you have 10 days to pay for those shares ,after that if they did not pay they would sell them ,and you have to pay for the losses if any .

So they would never been able to get anything without the money, or on advanced cash .

Also it was not 4 Years , the accounts were open in 2008 , and went with this credit till 2011 when no longer had any cash on the account so it was,t safe to lend anymore to them .

Also this peoples complained to them about this ATI as they called it ,and asked to have it removed and were refused ,it .

On seeing there were losing to much money on the market master they tried to go back to the certeficated account ,but they made their life hell there to .They bought some shares there and paid for them ,in the hope to one day recover some money ,but this clever broker ,went on to sell there shares ,again at nearly 2000 pounds loss ,shares that have been paid for already ,and moved the rest of the funds to the market master , and left the certeficated account close at all times .

Before the market master they had put 35.000 pounds on the certeficated account ,so they had some money there for the future ,one day there was a chance to recover some money but guess what .

Every time they tried to sell something on that account ,they called up and they were tould the account is close ,as you never paid for you,r shares ,and this was after they had already been paid for the 2000 pounds losses they gave them ,from selling their shares at loss .

Every time they called up to tried and sell something from that account they were put on hold for over 20 minuts and the answer was the same you,r account is now up and running ,but this was only till the next time ,so they ended up selling everything at a loss from that account ,as they need the money to survive ,this is what includes the 180k ,is on what they went on to do with their certeficated account .

They were tould when they wanted to go back to the certeficated account ,FUND YOU,R MARKET MASTER AND TRADE FROM THERE ,AT THIS POINT THEY KNEW THIS PEOPLES HAD LOST A HUGE AMOUNT OF MONEY IN THAT ACCOUNT ,BUT THEY WANTED MORE .

This broker treated this peoples below a dogs standards , and im sure many of you here on being treated this way ,would be outside their offices in Glasgow waiting for them to come out ,Horrible peoples .Nobody deserved to be treated that way even if you are an idiot . Peoples going true bad time in need of money and not even their money could have as they locked their account , all they were interest was the market master .

The first complain they made regarding the market master was in 2008 ,and at this time the account did not had 300% plus leverage on it ,it was only after 2009 why they went on to credit the account , that much knowing the peoples had maid a complain about it ,and one account did not even had a direct debit .SO THE 7,500 THAT YOU MENTION WOULD NOT APPLY AS THERE WAS NO DIRECT DEBIT ,IT IS ONLY IF YOU SIGN A DIRECT DEBIT .WORK IT OUT .

ColdIron

I'm sure you're trying to tell us something but for the life of me I can't figure out what it is

Luz

This is just to say nothing is quite what it looks like , so peoples take their views on what suits them . we have to judge on facts not on suitability .

atush

The fact is these people gambled and lost. And kept gambling and losing, instead if stopping and thinking. Or just stopping.

I have a marketmaster and made money over the same time period.

jimjames

Luz wrote: »

This is just to say nothing is quite what it looks like , so peoples take their views on what suits them . we have to judge on facts not on suitability .

The facts are that you gambled your money away. No-one forced you to do that.

No different if I put £500 on horses every day for 2 years and ended up with nothing despite having some wins.

Investing is not gambling and it sounds like you were not investing as you were trading so regularly.

noh

Luz wrote: »

......
On seeing there were losing to much money on the market master they tried to go back to the certeficated account ,but they made their life hell there to .They bought some shares there and paid for them ,in the hope to one day recover some money ,but this clever broker ,went on to sell there shares ,again at nearly 2000 pounds loss ,shares that have been paid for already ,and moved the rest of the funds to the market master , and left the certeficated account close at all times .

Before the market master they had put 35.000 pounds on the certeficated account ,so they had some money there for the future ,one day there was a chance to recover some money but guess what .

Every time they tried to sell something on that account ,they called up and they were tould the account is close ,as you never paid for you,r shares ,and this was after they had already been paid for the 2000 pounds losses they gave them ,from selling their shares at loss .......





OUT .

This bit of the story makes no sense.
If it was really a certified account they had then that means they would have had the share certificates in their posession and in their own name. They could have sold them anywhere else they did not have to use barclays
The broker simply could not have sold any of their shares held in certified form without a signed transfer form and the share certificate.
The only way it could happen was if they purchased some shares through the certificated account but failed to pay for them. The shares would then be sold to pay for the purchase and if there was a shortfall that would need to be paid.

Whether it was 3 or 4 years this went on for it was plenty long enough for you/them to realise what they were doing.
The facts as presented suggest that no one other than you/them is at fault.

Luz

So one last time .

They bought shares and paid for them ,the money went into the account that was given to them ,from the broker it was paid by barclays bank as one of them is barclays bank customer for over 20 years . Now the broker somehow lost the money ,and sold the shares as they have never been paid ,and guess who had to pay those losses ? them when the next time they called to sell something ,the broker said now we are going to take the money back from you , as they had sold the shares at aloss the customer had to pick up the bill .

And AS you say you/them they don,t look for sympathy ,from anyone but nobody has a right to make judgments without fundamentals ,or just because they dislike their name .

Luz

as you said they gamble and they lost .

So they lost ,and the article was to worn other peoples about getting caught in the same situation .

So what made peoples so angry about the article ? what a shame that they should have lost the brokers money ,so if the broker,s upfront ,240 .000 pounds on an account worth 60.000 pounds then shame that this peoples did not buy something that WOULD HAD GONE OUT OF BUISNESS and let the broker pick up the bill .

Luz

Good luck on making money .

This two could had made money to if only had some skills or any idea what they were doing they were not ,so they lost .But the main point remains ,should they had get on with their old account , nothing this would happen .And believe me they have been true hell ,that I do not wish on my worst enemy to put it mildly .