I want out of a share trading software contract: I was misled

Posted on:
8 Nov 2016
Posted by:
joshua rule

On the 15th of September 2016 I signed a contract with Aeromax Trading to trade shares on the JSE. Five days after signing the contract I resolved on the 20th of September 2016 to cancel it.  My decision was motivated by the discovery that the sales person had misled me in promising discount on the price of the share trading software.

I called the company to inform them of my intentions. I spoke to a lady called Melisa. She explained to me that I cannot cancel the contract because I have already installed their trading software on my laptop.

The sales person did tell me that to trade on the JSE the company has to create a trading platform for me and I have to pay R27900-00 for this platform. But I told him that I do not have so much money in my credit account. He told me that R9000-00 will be fine and he will present it to his boss and if they accept it they will let me trade on the JSE. I did pay the R9000-00 from my credit card and I specifically asked him if this is all that I have to pay and he said yes. I also asked him if I felt uncomfortable and wanted to cancel the contact that I will get my money back and he said yes. There was no discussion of paying any other moneys. There was a monthly fee of R275 that I have to pay their service and updates.

On the 20th and 29th of September 2016 I sent an e-mail informing them of the cancellation of the contact and the cancellation of the R275 service fee. I also tried to send their package back with a letter of my cancellation but they did not want to accept the package. I also did fax cancellation letters to them. I also on numerous occasions phoned the consultant with the name of Ruan he never picks up and the call is diverted to a lady with the name of Melissa who did call me and I explained my situation to her. They have sent me a bill of R18900-00 and are demanding that I must pay it immediately.

To be honest I did not read the contract properly because the consultant explained everything to me. The contract states that I have to return the package unopened to them if I do not want the product within 5 days. The consultant did explain how the trading world operates and it all sounded very good. Is there a body, like the Financial  Services Board, that can intervene in this case as there is evidence of abuse. Please help

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