- July 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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Lost Funds: A Dispute with CurrencyFair.com
The Situation
I sent €47,000 to CurrencyFair.com on May 25 for an exchange to Israeli Shekels (ILS). The funds were supposedly sent out on May 27, but unfortunately, they never arrived. Despite my efforts to get in touch with the company, I have received no response to multiple emails and phone calls. This has left me feeling frustrated and concerned about the fate of my money.
The Consequences
The loss of my funds has significant financial implications for me. The €47,000 was intended for a specific purpose, and its disappearance has caused me significant inconvenience and stress. I am now left wondering how I will recover my losses and whether I will be able to get my money back.
Legal Options
In situations like this, it is essential to understand the legal options available to recover lost funds. Here are some potential legal actions I could take:
- Small Claims Court: I could file a claim in the Small Claims Court, which handles disputes involving smaller amounts of money. The court would hear my case and issue a judgment, which could be enforced if CurrencyFair.com fails to pay.
- Civil Court: If the amount involved is higher, I could file a claim in the Civil Court. This would involve a more formal legal process, with the possibility of a trial and a judge’s decision.
- Dispute Resolution: CurrencyFair.com may have a dispute resolution process in place, which I could use to try to resolve the issue amicably.
How AI Legalese Decoder Can Help
In situations like this, it can be challenging to navigate the legal system and understand the complex language used in contracts and agreements. This is where AI Legalese Decoder can be a valuable tool. By using AI Legalese Decoder, I can:
- Analyze Contracts: AI Legalese Decoder can help me analyze the contract I signed with CurrencyFair.com, identifying potential clauses that may be relevant to my case.
- Identify Legal Obligations: The tool can help me identify the legal obligations of CurrencyFair.com and determine whether they have breached any of these obligations.
- Draft Legal Documents: AI Legalese Decoder can assist me in drafting legal documents, such as a claim or a demand letter, to send to CurrencyFair.com.
- Research Legal Cases: The tool can provide me with research on similar legal cases, helping me to understand the legal precedents and potential outcomes of my case.
By using AI Legalese Decoder, I can gain a better understanding of my legal options and take a more informed approach to recovering my lost funds.
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****** just grabbed a
According to FCA the company is in a **Contractual Run-off** period and should not be accepting new customers.
Short of taking formal legal action, you could make use of their [complaints procedure](https://currencyfair.com/gb/trust/complaints-procedure/). This provides timescales as follows:
>*We will also attempt to resolve your complaint and send you a final response within 15 business days of having received the complaint. We will let you know if we can’t send you a final response within 15 days. We may take up to 35 business days to investigate and respond to some cases.*
It appears that UK customers are actually handled via a company called Moorwand. They give a little more detail in [their own complaints policy under their T&Cs](https://currencyfair.com/gb/trust/moorwand-terms-conditions/):
>14.3 If, having received a response from Customer Services, You remain unhappy with the outcome, You can escalate Your complaint to the Issuer.
14.4 If the Programme is unable to resolve any complaint through the Programme Complaints Policy and Issuer Complaints Policy (which can be requested directly from the Issuer) or You remain dissatisfied generally with the resolution or way that Your compliant was handled by Us, You are eligible, dependent on the nature of Your complaint, to contact the UK Financial Ombudsman Service or The Bank of Lithuania
Moorwand are [UK Regulated](https://register.fca.org.uk/s/firm?id=001b000003ZcrWQAAZ). This means that, if you don’t like the outcome of their complaints process or you can [make a complaint to the financial ombudsman](https://www.financial-ombudsman.org.uk/consumers/how-to-complain) for free. As this complaint is about money transfers, [they must respond to your complaint within 3 weeks](https://www.financial-ombudsman.org.uk/consumers/expect/time-limits). If you have had no response after then, you can go on to the ombudsman to investigate. Your complaint would be against Moorwand Ltd.
However I would expect the complaints process to get you an answer quickly. Are you absolutely sure that they money really hasn’t arrived at its intended destination? For that amount of money I’d ask the recipient to produce a bank statement to prove that it really hasn’t arrived, if currencyfair/moorwand claim that it’s been sent succesfully.
What country are you in, you’ve posted this to a few countries ?
What does your bank say?