IGindex taking me to Bankruptcy

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bigboy

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Hallo folks,

Oh dear, the ever so friendly and good people of IG index are taking me to bankruptcy court. Have I got a chance?
I refused to pay them because I came to the conclusion that they did not act in accordance with their order execution policy. Rejected trades, delays, platform freezes, wrong information, fob offs etc. I decided that they had not acted to obtain the "best possible results for our clients". Its not a big amount and I wasn't trading large amounts (compared to what I have seen on this board!). I went through the process of the compliance department who would not let me see my account activity so that I could make my complaint in full. In the end they rejected my complaint sent me a Statutory Demand and are taking me to Bankruptcy court.
Anyone been to bankruptcy court with IGIndex and won?
Anyone know the terms and conditions inside out?
Have I got a chance or should I just pay them? That is the question???
 
Did you go to the Financial Ombudsman? Wouldn't haev thought that they could make you bankrupt if there's a case pending. Of course, that is assuming you have a decent case.
 
If its only a few quid, why are you bothered? But it must be more than a few quid for them to bother....
 
Rossini said:
If its only a few quid, why are you bothered? But it must be more than a few quid for them to bother....
Click to expand...

Regardless of the merits of any particular case, there is no way a firm would allow any client to welsh on his debts whether big or small. Bad business to get such a reputation.
 
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Why am I bothered? Well...I think that is why they get away with dodgy practice. Because no one is bothered. They just move on to the next trade and think they'll just get it back. I bet IG are raking in millions from delaying trades, etc. but no one claims. In my case I have several things to complain about but basically, the way they do business is unfair not right! IMFHO!
 
bigboy said:
Why am I bothered? Well...I think that is why they get away with dodgy practice. Because no one is bothered. They just move on to the next trade and think they'll just get it back. I bet IG are raking in millions from delaying trades, etc. but no one claims. In my case I have several things to complain about but basically, the way they do business is unfair not right! IMFHO!
Click to expand...

So take them to court to prove they're shonky.
 
With respect - we've seen this thread a few times before. I fail to see how a quote or quotes delayed by even a minute would result in losses large enough to be pursued in courts unless you were overleveraged and trading without stops. Tell us this is not the case.

What you are effectively saying to IG is that you deserve compensation to the value of your losses for events possibly not related to you making that loss in the first place. Seems to me to be a bit of a coincidence the two values match - why not ask for your original capital back also if they were so unfair?

Personally I don't think you are being honest with yourself and you are pointing the finger in the wrong direction.
 
Ok..the problem I had with rejected trades was that ..I would enter and exit instantaneously with small bets (24p/point) with no intervention for a week or so. You know scale in scale out..max I would have around £3/point on a US share. After some time, perhaps a week, I couldn't get out instantaneously..referred to dealing desk etc etc. I know; I was scalping but I did not know they did not like that at the time. I know there are threads about this on here ..but the question is it fair to reject prices offered. Its not £200/point its 50p OR £1.50. Is it fair, is it honest and is it in the clients best interest?
 
With all due respect, Gladiator, I was only quoting what they have written in their "Order Execution Policy".

"More specifically, when we open and close financial spread bets (“Financial Bets”)
on your behalf we have a duty to provide you with “best execution”, that is, we will
operate according to a policy which we have established in order to take reasonable
steps to obtain the best possible result for our clients."

Perhaps people should be more informed as to the small print.

I'll ask again...
If they claim to have a fast and reliable award wining trading platform and through it they quote a price on the screen and you accept the price and put your money down so to speak, is it fair that they reject it for whatever reason?
Is it fair?
 
bigboy said:
rejected trades, delays, platform freezes, wrong information, fob offs etc
Click to expand...

Have you followed the term&conditions that you ticked agreed to when joining.

And also did you follow there recommend spec for PC/MAC and internet requirements......You will be asked to provide these in order to prove the ....rejected trades, delays, platform freezes, wrong information, fob offs etc, claims.
 
just to say;

Nothing wrong with spreadbetting... I know plenty a' fellas who use it effectively...

However, in your case it would seem that you haven't really looked into the true structure of what spreadbetting is. Which is fine; i just don't think you've got a case.

I don't mean to be so negative about SB firms or insult those who use them... At the same time; spreadbetting doesn't have capital gains tax for GOOD reason.
 
You'll be made to pay by the courts because life isn't fair, especially when the court sees it is technically a gambler complaining about the bookie.

My advice? Drop it, learn from it and if you're going to scalp, go DMA.
 
bigboy said:
Ok..the problem I had with rejected trades was that ..I would enter and exit instantaneously with small bets (24p/point) with no intervention for a week or so. You know scale in scale out..max I would have around £3/point on a US share. After some time, perhaps a week, I couldn't get out instantaneously..referred to dealing desk etc etc. I know; I was scalping but I did not know they did not like that at the time. I know there are threads about this on here ..but the question is it fair to reject prices offered. Its not £200/point its 50p OR £1.50. Is it fair, is it honest and is it in the clients best interest?
Click to expand...

As said above, IG don't have any obligation to fill you. You are going to find it extremely difficult to prove that you have been treated unfairly and tbh its crazy that you are kicking up such a fuss over such a small amount of money.

I have had countless occasions in the past where I was trading a large size (and vol was V. high) and I could be 4 or even 5 figures up and they have refused to let me get out until the profit was much smaller. Yes its frustrating, but if you trade short term with SBers then you are going to have to live with it.

If you believe that they have treated you unfairly then you have every right to show your displeasure by not using their service and if you still want to have a punt use someone else.
 
What I don't get is whether your debts to IG are enough to really bankrupt you or if it is just a technicality based on the stat demand.....have you received the bankruptcy petition that follows after 21 days are up?

Failure to pay a stat demand within the stipulated time period of 21 days is per se evidence of bankruptcy to a court....

If it is a technicality I would suggest to pay enough of the debt back that it below a level for which a stat demand can be issued (£750), then get on to FOS if you really have a case. IG's complaints procedures must inform you of your right to go to FOS and during that period they would not normally begin legal proceedings.

How to reduce the risk of bankruptcy following a statutory demand.

*To avoid bankruptcy reduce the debt to less than £750.
* Offer to pay the debt by instalments.
* Make a reasonable offer to settle the debt.
* Apply to have the statutory demand set aside


http://www.insolvencyhelpline.co.uk/legal_issues_explained/statutory_demand.php
 
bigboy said:
we have a duty to provide you with “best execution”, that is, we will operate according to a policy which we have established in order to take reasonable steps to obtain the best possible result for our clients."
Click to expand...

Simple answer to this post, Load up there advanced charts and read what it says at the bottom left hand corner of the chart..... "data is indicative"
 
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