Section 75

eskbanker

antrobus wrote: »

But how do you establish that?

How do you demonstrate that there is anything to withdraw?

OP will presumably have gathered evidence, in terms of screenshots, correspondence, etc, and if/when it came to resolving conflicting stories, there would also be some sort of onus on the trading provider to provide evidence either that recorded transactions had depleted the balance fully or that the withdrawal took place.

bris

It's a mute point, it's 35k so even if there was a claim its not covered.

antrobus

eskbanker wrote: »

OP will presumably have gathered evidence, in terms of screenshots, correspondence, etc, and if/when it came to resolving conflicting stories, there would also be some sort of onus on the trading provider to provide evidence either that recorded transactions had depleted the balance fully or that the withdrawal took place.

Yes, evidence would indeed be useful.

However, the problem with scammers is that once they've got your money, they don't give a flying thingy about 'onus'.:)

eskbanker

bris wrote: »

It's a mute point, it's 35k so even if there was a claim its not covered.

The word you're looking for is 'moot', but in any case OP clarified that the £35K was made up of a number of separate transactions, so individually they're unlikely to fall foul of s75's requirement for the item value to be below £30K, although this obviously introduces some interpretation as to what an 'item' is in these circumstances. Perhaps OP will come back and clarify more of the grounds for claim rejection but financial limits weren't mentioned initially....

antrobus wrote: »

Yes, evidence would indeed be useful.

However, the problem with scammers is that once they've got your money, they don't give a flying thingy about 'onus'.:)

Agreed, but my point about resolving conflict was that if the card company (or FOS or ultimately a court) is asking both customer and merchant to supply evidence in order to inform a decision and the customer provides something reasonably compelling, then silence is unlikely to help the merchant, so if they want their side of the story to be heard they'd have to tell it!

DAVID_POGSON

OK guys, thanks for the comments/observations/advice. I'll try to respond to all in one "quick reply".
I have not raised with the banks the Ts & Cs and 1974 CCA regarding gambling, only the banks Ts & Cs which DO NOT mention gambling.
I have screen shots showing an account balance of £155000 at one point, also a lower amount of £84K. My screen shot shows a request for a withdrawal of the £84K and Plusoption.com putting a hold on the withdrawal.
I also have an email request for a £10K withdrawal leading up to Christmas which my trader and his manager say they approved (I have their email). Also an email from "compliance" informing me that the £10K request was never received and confirming that my most recent withdrawal was four weeks before.
At this point I emailed Plusoption.com stating that I had been miss led by their trading staff and wanted to close the account.
On their website Plusoption.com have an area where they explain their Ts & Cs including their "refund and withdrawal policy" which states that if a client becomes unhappy with the trading platform for any reason they can cancel their agreement and take a refund, which can take between 7 & 10 days. I never received any refund from them . This in my opinion is a clear breach of their published Ts & Cs so should be covered by Section 75 with the banks honouring their obligation under this legislation.

NB I did report Plusoption.com to Action Fraud and the FCA - who said they were not regulated to trade in the UK (interstingly in the last week their web site states that they cannot accept business from people living in the UK). Action Fraud gave me 2 seperate crime numbers, for operating an illegal online trading site and one for taking control of my computer. However they said they were unable to assist individuals.

redpete

DAVID_POGSON wrote: »

(interstingly in the last week their web site states that they cannot accept business from people living in the UK).

Google "plusoption trading" and you get pages of hits about scams, 1* reviews, avoid like the plague, and "all the reviews you would expect for an unregulated Bulgarian broker". I guess some peoples' appetite for risk is a touch higher than mine.

eco_warrior

There is no contract. This is simply moving funds from a credit card to a trading platform. What happens with subsequent transactions/trades is beyond the scope of S75.

If yet to hear of FOS overturning a claim like this.

Ergates

DAVID_POGSON wrote: »

I have screen shots showing an account balance of £155000 at one point, also a lower amount of £84K. My screen shot shows a request for a withdrawal of the £84K and Plusoption.com putting a hold on the withdrawal.
I also have an email request for a £10K withdrawal leading up to Christmas which my trader and his manager say they approved (I have their email). Also an email from "compliance" informing me that the £10K request was never received and confirming that my most recent withdrawal was four weeks before.
At this point I emailed Plusoption.com stating that I had been miss led by their trading staff and wanted to close the account.

There is no money, you don't have an account. They've stolen your money, they probably never invested it. Those emails etc are just fobbing you off.

Terry_Towelling

I can give you a layman's opinion if you like. The question is, have you paid them any money to provide a service for you?

You have a contract with a broker that governs what they will do with money that you move to their trading platform.

You haven't paid any money to them in consideration of that particular contract. If you'd paid them a sum of money to manage a trading account then that might be different; you would have paid for a service that isn't being provided and they would be in breach of that contract - your claim would be for the cost of the service with the possibility that any lodged funds might be considered a consequential loss.

As it stands, though, they appear to be in breach of a contract that has cost you nothing to enter into.

You also mention using debit cards for some of the transfers which won't afford any S75 cover anyway.