Hi to all,
it is my first post to this forum since and I would like to thank in advance for your help.
Recently, last January got myself in trouble with one of the Forex broker companies. The price on one of the pairs went down a lot and caused a lot of people to have negative balance on their account. I was one of the unfortunate ones, having woken up with -50k GBP on my trading balance (invested just few, since I don't have a lot of money). Next day the company went into insolvency due to poor risk management, etc... and huge negative balance (30+ million pounds) and a company hired by High Court of Justice have taken over to deal with the insolvency process. While most of the Forex companies are forgiving the negative balance, they say that they will not do that and everybody is expected to cover their balance.
They are still looking over all clients accounts and once they are done, they will send an email to everybody in the next few weeks, with their current balance, giving money to those that have positive accounts and asking to pay from others that have negative balance.
Now, I am not willing to give them full amount since I don't think it is only my problem, they should have reacted better as well, but their risk management were poor and now they are trying to put blame on customers. But, ...
After they sent an email that I should pay, I heard if I ignored it after two weeks they can sell my debt to a debt collectors agency. And I would like to try to avoid that.
What are my options?
To send an email that I disagree with their balance? Do I need to give some reasons, or simply saying I disagree is enough? In that case they have to take me to court to prove that negative balance is accurate, is that so?
Since I am not resident of the UK, but Slovakia, and I have never lived in the UK, the court they have to raise a complaint would be in the UK or in Slovakia?
As well, at the time of opening of my account I lived in the Middle East. Since they had their office over there, I was contacted my that office to sort out papers required for an account. In the end, I got my account with them without providing half of the required documents for opening an account. Is it a valid point to use that argument and claim that my contract and everything else (negative balance) are not valid, even though I traded with it (never withdrew any money from it though.), since the contractual requirement were not fulfilled at the first place.
Any advice is a great help.
Cheers,
idiom