Fwd currency exchange
Hi there . We were buying a house in los cerricos through almeria homes . We paid the reservation fee of 3000 euros were introduced to a solicitor through almeria homes and set wheels in motion . We returned home very shortly after arriving home we were contacted by A representative of magna financial asking us to sign up with them and explained the benefits of using a currency exchange service . The person seemed a little pushy but having checked on trust pilot into the company we felt reassured by reviews . We then had to pay the balance of our 10 per cent purchase price and were assured thus could be done through magna financial services . At this time The representative talked to us about the possibility of purchasing our currency at an agreed rate protecting our rate which of course has steadily rose so of no benefit to us . We were verbally sold this contract and were advised no risk way to buy currency we could have our money back at any time . Well my husband was not convinced and was sceptical but we were persuaded to do this so transferred another amount of money to fwd purchase the amount of 93000 euros to purchase the house . At this time this was a struggle for us has we had not sold our home in the uk so this was not an easy decision . We felt pressured to make this decision but based on what ee had been told verbally no risk whatsoever . Well we transferred 10524.20 GBP and the deposit of 6300 euros was made to the solicitor for the balance of 10 per cent purchase price . Well our sale has fell through 3 times and unlike Spain we don’t get to keep 10 per cent from the buyers . In fact we haven’t got as far as getting any deposits and legally in the uk you can only keep 1000 of any deposits placed . Well here it’s gets worse we have both had health scares me having had a hip replacement meaning no work and my husband has had to have mri scans and an urgent urologist appt this Friday to discuss scan results . We have not completed on our home in the uk and felt under so much pressure so we decided to withdraw from our purchase understanding that we would loose our 10 per cent of purchase price and having to pay the solicitor 660 euros but then when we tried to withdraw from the currency purchase we have been told we have three options carry on with the deal and pay the 79000 plus pounds to purchase 93000 euros or option 2 which is the same only sell euros back to convert to pounds or option 3 cancel deal and loose our 4800 pounds which they also dispute saying we have only 4224.20 on account with them. Yes having read the contract after we had made the transaction says we would face deductions if we cancelled , but at no time were we told the risks if we had to cancel or withdraw . Would appreciate any feedback on this topic or anyone any advice I have referred matters to the financial ombudsman as we feel like we were missold this deal verbally and put our trust in the representative of magna financial after being told they were reccomend by almeria homes . Any advice would be greatly appreciated as this is beginning to look like we have or will have lost around 13000 pounds in total which we feel is wholly unfair .