Credit card insurance

Odd8all

Hi all
I hope this is the right section for this.
I singed up with a trading broker and invested money.
I know credit cards cover your investment which was £1000
I was given a trading account risk free covered by insurance for 30 days
24 hrs later I now have £3000 in the account and the brokers are unwilling to let me
Take the balance out. As I have found out they are scammers
I have told them via email not to do any more trades and to withdraw all money.
They are trying to convince me to stay and carry on trading which I don't want

What amount is covered by the credit card company £1000 or £3000

Thanks for any advice

eskbanker

I strongly suspect the answer to your question is actually zero - what leads you to believe you have any 'insurance' or 'cover' from your credit card for this?

Odd8all

I opened the account in good faith. With the broker

Odd8all

Under Section 75 of the Consumer Credit Act, your credit card company is jointly liable if something goes wrong with a product or a service you've paid for by credit card.

You can potentially claim for any breach of contract or misrepresentation by the company from which you’ve bought your goods.

This means your credit card company shares equal responsibility with the retailer or trader for the goods or service supplied, allowing you to put your claim to the credit card company.

You don't have to reach stalemate with the retailer or trader before you can contact your credit card provider - you can make a claim to both the retailer and credit card provider simultaneously.

Section 75 is particularly useful if the retailer or trader has gone bust, or you're getting no response to your letters or phone calls.

meer53

Credit cards don't "cover your investment" they provide cover for breaches of contract. If you can prove there's been a breach of contract, contact your card issuer to ask their advice. I suspect you've lost your money.

eskbanker

Odd8all wrote: »

Under Section 75 of the Consumer Credit Act, your credit card company is jointly liable if something goes wrong with a product or a service you've paid for by credit card.

Oh dear, I had a feeling you were going to try to rely on section 75.

As meer53 says, if you want to take your chances with that, you will have to demonstrate breach of contract (or misrepresentation), i.e. the company failing to act in accordance with its Ts & Cs - chances are that the company will have watertight terms that highlight risk all over the place and lock you in, but check them carefully in case there are loopholes. And/or tell us who it is, there are plenty of people on here who will be able to help you spot how this sort of situation pans out, and unfortunately you'd be the exception rather than the rule if you had a valid case....

Odd8all

I will keep you posted.
Thanks for your advice

Odd8all

The company is 53 capital trading

SnowTiger

Odd8all wrote: »

Hi all
I hope this is the right section for this.
I singed up with a trading broker and invested money.
I know credit cards cover your investment which was £1000
I was given a trading account risk free covered by insurance for 30 days
24 hrs later I now have £3000 in the account and the brokers are unwilling to let me
Take the balance out. As I have found out they are scammers
I have told them via email not to do any more trades and to withdraw all money.
They are trying to convince me to stay and carry on trading which I don't want

What amount is covered by the credit card company £1000 or £3000

Thanks for any advice

https://www.53capitaltrade.com/

It's not an investment; it's gambling.

I can't see anything on the website about your losses being covered by insurance. Were you lured in to joining by a third party website that made the offer?

Was any 'bonus' money paid in to your account? This is a common plot by gambling websites, who insist you must gamble many times your original deposit before you can make any withdrawals.

53 Capital Trade's TCs are here: http://https://www.53capitaltrade.com/terms-conditions/.

As I said, it's gambling; and is rigged so that you lose your initial deposit. It's little different to the roulette shows on ITV and Channel 5 during the night.

bris

S75 will not cover this, you need to do some due diligence before you go for these mad schemes. Thinking a CC will cover you losses is just wishful thinking.