Scammed for £70,000 by IG Index!!

[pboyles]

What does 'placing bets in principle' mean? The term does not appear in their own terms and conditions, at least as far as I can see.

Your search - principle - did not match any documents.

 

[tar]

What does 'placing bets in principle' mean? The term does not appear in their own terms and conditions, at least as far as I can see.

Your search - principle - did not match any documents.

principal

 

[pboyles]

principal

Of course...but I still dont know what it means.

19. REPRESENTATIONS AND wARRANTIES
(1) You represent and warrant to us, and agree that each such representation and
warranty is deemed repeated each time you open or close a Bet by reference to
the circumstances prevailing at such time, that:
(a) the information provided to us in your application form and at any time
thereafter is true and accurate in all respects;
(b) you are duly authorised to execute and deliver this Agreement, to enter
into each Bet and to perform your obligations hereunder and thereunder
and have taken all necessary action to authorise such execution, delivery and
performance;
(c) you will enter into this Agreement and each Bet as principal;

 

[tar]

Of course...but I still dont know what it means.

19. REPRESENTATIONS AND wARRANTIES
(1) You represent and warrant to us, and agree that each such representation and
warranty is deemed repeated each time you open or close a Bet by reference to
the circumstances prevailing at such time, that:
(a) the information provided to us in your application form and at any time
thereafter is true and accurate in all respects;
(b) you are duly authorised to execute and deliver this Agreement, to enter
into each Bet and to perform your obligations hereunder and thereunder
and have taken all necessary action to authorise such execution, delivery and
performance;
(c) you will enter into this Agreement and each Bet as principal;

http://en.wikipedia.org/wiki/Principal_(commercial_law)

 

[pboyles]

http://www.igindex.co.uk/content/dam/publicsites/igi/files/account/CustomerAgreement_igi_en_GB.pdf

(3) You will open each Bet with us as principal and not as agent for any undisclosed
person. This means that unless we have otherwise agreed in writing, we will treat
you as our client for all purposes and you will be directly and personally responsible
for performing your obligations under each Bet opened by you, whether you are
dealing with us directly or through an agent. If you act in connection with or on
behalf of someone else, whether or not you identify that person to us, we will not
accept that person as an indirect customer of ours and we will accept no obligation
to them unless otherwise specifically agreed in writing.

 

[adz2k11]

Please see original post. Evidence now included.

 

[Trader333]

This will be the only thread on this subject and the other has now been merged with it with a bit of tidying up.

 

[adz2k11]

This will be the only thread on this subject and the other has now been merged with it with a bit of tidying up.

Thanks, and apologies for that, i've updated the original post.

 

[pboyles]

Please see original post. Evidence now included.

So what evidence would they have to determine that you were trading as an agent of an undisclosed person? You've already said they have not clarified this but looking forward what excuse if any could they throw up?

 

[adz2k11]

So what evidence would they have to determine that you were trading as an agent of an undisclosed person? You've already said they have not clarified this but looking forward what excuse if any could they throw up?

no idea, but after the fact that they tried to steal an extra £5,000 from me even after doing a two week investigation, i wouldn't put anything past them.

 

[tar]

So what evidence would they have to determine that you were trading as an agent of an undisclosed person? You've already said they have not clarified this but looking forward what excuse if any could they throw up?

credit card ?

 

[bid_diddler]

Going through the Financial Ombudsmen will be a slow process (they have a massive backlog of cases at the moment), obviously that is the correct and official avenue you want to be going down, but it may also be a good idea to seek legal advice (on a no win no fee basis - there are reputable firms who will take this on) and perhaps get them to send a letter stating you are willing to take this further to show your intent.

Good luck.

 

[pboyles]

no idea, but after the fact that they tried to steal an extra £5,000 from me even after doing a two week investigation, i wouldn't put anything past them.

So if I have an IG account that I opened using a fake date of birth and I promptly lost 60k do you think I could call them up, admit it and then ask for the bets to be cancelled under clause 19? This says it all about retail forex and spread betting, rotten to the core.

 

[BeginnerJoe]

So what evidence would they have to determine that you were trading as an agent of an undisclosed person?

It would be through profiling. The trades didn't look like they were lucky strikes. If the OP claimed to be a non-professional, she may have to explain how she won. Also the bucketshops share data. If the OP was thrown out of another shop previous, they would know.

 

[pboyles]

It would be through profiling. The trades didn't look like they were lucky strikes. If the OP claimed to be a non-professional, she may have to explain how she won. Also the bucketshops share data. If the OP was thrown out of another shop previous, they would know.

If they had the capability to do that wouldn't they do it before the account was approved? Wouldn't that save a lot of hassle and bad publicity?

 

[adz2k11]

credit card ?

Ive provided evidence (bank statement) the money came from my bank account

 

[BeginnerJoe]

If they had the capability to do that wouldn't they do it before the account was approved? Wouldn't that save a lot of hassle and bad publicity?

They have no reason to hit you until you win. After that all the small prints becomes law. The bucketshops runs a profitable racket, you can be sure they know what they are doing.

Now the question is, how did the OP come to be winning, and winning big. Does she believe it is all luck ? After all, we are looking at doubling the money in 2 days, and it wasn't a single random gambling trade.

 

[pboyles]

Ive provided evidence (bank statement) the money came from my bank account

Joe is suggesting they may have found out you were booted out by another provider and didnt declare that to them, hence the 'misleading' accusation. Two questions, do they even ask you that and, well, did you?

 

[tar]

Ive provided evidence (bank statement) the money came from my bank account

I meant maybe they had further details in regards to your bank account , ie : do you work in a financial institution ... etc ?
Maybe it is not a good idea to answer here , anyway you should be careful in what to say here . Take action first thing in the morning , call the financial ombudsman plus seek legal advice from a "no win no fee" service as stated earlier ....

 

[adz2k11]

so if i have an ig account that i opened using a fake date of birth and i promptly lost 60k do you think i could call them up, admit it and then ask for the bets to be cancelled under clause 19? This says it all about retail forex and spread betting, rotten to the core.

exactly!! Why does this apply when you win and not when you lose?! disgrace