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I started a investment account with OT Capitol in Melbourne…

Customer Question
I started a investment...

I started a investment account with OT Capitol in Melbourne in January this year and invested $8000.00 with them. I subsequently lost 3000.00 and have a current balance of $4981.18 in my account number 80624155 and have been trying to withdraw my money since the 28th of January and all i get in reply is a email saying that you withdrawal will take 60 days, no real reply's and i am totally distraught and don't know what to do. They don't deny owing me the money just keep sending me emails that say day you withdrawal will take up to 60 days and this has been going on for ninty days. my car is broken down and i need the money to fix it and can't seem to get anywhere.

Lawyer's Assistant: What state are you in? And is a local attorney or other consumer protection advocate helping with this?

No i dont know who to go to to get help, i have had to go back to work and i am a pensioner to pay to get my car fixed and live in WA, Geraldton.

Lawyer's Assistant: What steps have you taken so far?

Only just been emailing them regularly to try and get my money but no results.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Just want my money, how do these big companies get away with this kind of behavior.

Submitted: 2 months ago.Category: Australia Law
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Answered in 5 minutes by:
5/29/2018
Solicitor: John Melis, Lawyer replied 2 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,544
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified

Hi, I’m John a solicitor from Melbourne. I may ask you a few questions to narrow the issues you have raised.

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Solicitor: John Melis, Lawyer replied 2 months ago

You will have a claim under the Australian Consumer Law based on the facts that you have described and you will be able to claim compensation. The legislative Act that applies is the Competition and Consumer Act 2010, Schedule 2.

Services:

a. Must be rendered with due care and skill

b. Services must be fit for the specified purpose.

c. Services must be provided within a reasonable time.

What you need to do is to write a formal complaint to the company. This complaint needs to be in a chronological order detailing what is the issue and what action you have taken to try and rectify the matter.

The chronological order need to be be numbered with points 1, 2, 3, etc. with each point being a separate item.

The complaint needs to have detailed what you need fixed and for a time limit of a minimum of 7 days to apply.

The complaint then needs to be sent to the dispute resolutions department. Make sure you keep a copy for yourself.

Preferably send the complaint by email.

If you do not receive a reply within 7 days issue a follow up complaint to the first complaint issued.

If no response is received then it is time to commence an action in VCAT.

You can lodge this claim directly on their website. The key element of the claim is the points claim that details the matter, This application point will need a little time to prepare the facts, and I recommend that you download the application first, review, fill it out, and then when you are ready lodge the same online

You may also have a claim of misleading conduct by the seller, under section 18 of the Australian Consumer Law. In general, misleading someone may include conduct ranging from lying to them, to making false or inaccurate claims, to creating a false impression, to leading them to a wrong conclusion, to omitting important information. Importantly, it is not necessary to establish that the trader intended to mislead or deceive. A person or corporation may have engaged in conduct that was misleading or deceptive even if they have acted honestly and reasonably. Silence may constitute misleading or deceptive conduct, but this will depend on the circumstances of the case.

OT Capital cannot rely on a disclaimer or exclusion clause to protect themselves from misleading or deceptive conduct. However, the fine print will still be considered.

Would you like to try this option of the complaint first.

You have a legal right to protect your interests in this important situation.

If you need any further information please let me know.

You can come back to this post any time to ask questions and there will be no further charges to you.

Don’t forget to rate me 5 stars as this supports me helping the community, and your important questions.

Have I answered your question today ?

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