You continue to confuse claim with debt. It's funny, that you mention the example with a phone bill, because this happened to me a while ago. Someone called me from either the phone company or a collector, I forgot the details. This guy was quite ...

Brokers chasing you for negative account balance

Yes, I agree. There are so many counter arguments especially the part about the contracts implying the trader has infinite risk in neg balance, and the broker in charge of the trade execution (essentially deciding how much neg balance to give the ...

Brokers chasing you for negative account balance

Yes, agreed. Otherwise every broker in the world would have gone after negative balances. I suspect most brokers know this as well and therefore decided to forgive negative balance as a marketing campaign. Alpari creditors, of course! Lawyers ...

Brokers chasing you for negative account balance

Very simple, the reason why creditor approval is needed is court costs including defense (e.g. traders with negative balance) lawyer costs need to be paid UPFRONT to the court in case they lose, because Alpari is insolvent Creditors include the ...

Brokers chasing you for negative account balance

Wookey, I don't disagree with you, I don't know enough about UK insolvency to know what KPMG or UK court can do without creditors approval, e.g. suing the top 9. *I* have no debt This is where I don't agree, there is no debt from negative ...

Brokers chasing you for negative account balance

Yes, I agree Forexia. Hmmm...... this got me thinking..... I wonder if we will see lawsuits from retail traders who lost their life's savings to their brokers for NOT protecting them from "unsuitable" instruments? I feel for those have gotten hit ...

Brokers chasing you for negative account balance

Mevo, you are right, I stand corrected, a company in liquidation can sue. However there are limitations and in regards to my previous comment about insolvent companies being judgement proof: I read that if an insolvent company wants to sue in court, ...

Brokers chasing you for negative account balance

After some research, I think I understand why most brokers chose to forgive negative balances: financial regulations. From what I read, according to finacial regulations (EU & US) brokers / dealers have to make sure that their financial instruments ...

Brokers chasing you for negative account balance

I just did some research and neither an EEO nor the Brussels Convention can be used in relation to insolvency process. KPMG can and will be able to enforce uncontested debt, but not negative balances where the trader does not agree to it. I am also ...

Brokers chasing you for negative account balance

All debt is enforceable by law. The misunderstanding most people have is that they mistakenly think that a contract with a broker showing negative balance is a debt. It's not, it's a claim that could be a debt if you agree with it or a court agrees ...

Brokers chasing you for negative account balance

OK, sorry for not making this clear. I edited my previous post to highlight the relevant parts. I meant that Wikipedia stated that the EEO specifically does not apply to bankruptcy, proceedings relating to the winding-up of insolvent ...

Brokers chasing you for negative account balance

Hmm. .....after reading your post, I looked up EEO in Wikipedia and found this: "The EEO can be only be used in civil or commercial matters and specifically does not apply to the status or legal capacity of natural persons, rights in property ...

Brokers chasing you for negative account balance

I highly doubt Alpari UK or KPMG will chase any retail trader with negative balance. Take a look at this earlier post from a person who got legal advice from several lawyers in Germany: url

Brokers chasing you for negative account balance

No I don't think they ran this by the regulators, I think they are desperate to follow the terms of the bailout they had no choice but to accept. Now they are reaching for any straw to survive, I believe there will be a sh*storm if they try to ...

FXCM Discussion

Game.....set......match......or checkmate if you will. Excellent points, I believe that FXCM took the bailout in desperation to meet regulator liquidity requirements and now are making ANOTHER desperate attempt to follow the terms of the bailout and ...

Brokers chasing you for negative account balance

Sorry but negative balance does NOT mean debt or an obligation to pay unless explicitly stated so. In many cases, client agreements are so vaguely formulated that many retailers mistake negative balance being equal to a debt obligation when it could ...

FXCM Discussion

Hold on there, even if the contracts state this and they try to twist the terms to squeeze their clients they can NOT supercede regulations to follow "market praxis" and conduct business in good faith towards its clients. I can't see FXCM trying to ...

FXCM Discussion

Not sure about this, but I believe any lawyer can argue Gross Negligence in FXCM's risk management policy causing massive losses. I don't think FM can be claimed, when everyone in the world knew the SNB had the option to take away their cap whenever ...

Brokers chasing you for negative account balance

I'm not sure how it works in the US but in the UK, a debt is not a debt unless both parties agree, e.g. signed contract with amount, interest rate, etc. Just because one party says the other is in debt does not make it true. In this case a negative ...

FXCM Discussion

I'll take a crack at this: Lost $18,000 USD over 3 accounts, but I didn't give up and am still trading today. Impacted me personally/psychologically more than the family. The wife told me, she had NO DOUBT that I will recover losses and make ...

How Forex Trading Ruined My Life or How I Became Successful?