daleandlou

Quite guted at the moment. Did a forward contract with hifx in March for 2.2 when it seemed like the exhange rate was dropping fast. Now with a rate of 2.5+ i'm losing lots. What will happen if i dont honour the contract and exchange with someone else?? Anyone had a similar experience?

noggin

Dont even think about it....do it!! ..ive shafted them before...beleive me they would screw u given the chance!!

The O'Neills

Depends how much you've tied in for. Remember they have already purchased that currency for you, Gievn that they stand to make money on selling the currency, you might not lose your deposit, just tell them you are no longer in / moving to Oz, see what they say.

Nic

sooperlids

?

Where does it say he no longer wants Aussie $'s

He wants for $ for his £ by the looks!

Sounds like the minimum will happen is a lost deposit. Possibly worse!

The O'Neills

I never said the OP didn't want the $. What I said was 'tell them that you no longer reqire the $' to see what your options are. Before we tied into our contract, I asked what would happen if we found that we no longer required the $ or we couldn't fulfil our obligation to buy. The answer was that it would depend on the position of the $ at that time. I was merely giving the OP an excuse so that they could see what Hifx said !!!

Nic

sooperlids

But if they bought it @ a rate of 2.2 to the £. Why would they return the deposit? surely they would be down on the deal. Or am I being thick? don't hold back I can handle the truth...

And how exactly would they make money if the OP pulled out of the agreement. And they returned any deposit?

sooperlids

And shoot me down in flames if you like but it does seem like a daft question in the 1st place. Sure it's a bit of a p!sser that the rate has changed since fixing the deal, but that's life.

It's a bit of a p!sser that I bought a house in July 2007 at the peak and lost lotsa money.

You live & learn though.

And Lots of people have got a lot less than $2.2 to the £ haven't they?

James516

Yep, I transferred our entire wealth at 2.04 in June. Had to do it then, was buying a house. Count yourself lucky.

hitchcock71

yep they have

snap we lost money on 2 accounts

1 for the sale of the house as we took less than market value
2 the exchange rate was at £2.04 when we changed the majority of our money - house money - t

so gutted yep but we have made up some of the losses as we exchanged our saving last week at 2.60

Auckland1

Hi daleandlou,

With regards to your question about your forward contract it is very important that you call us to discuss your plans so we can assist you achieve the best outcome you are looking for if your plans have changed. As someone else mentioned you have entered into a legally binding contract and are obligated to fulfill any obligations you have agreed to which may include margin or more depending on where the market is at.

The Foreign Exchange market is very fluid so will go either for you, or against you, as soon as you have dealt.

Please contact our dealing team on 1800 006 592 and we will be happy to help.

Regards
Nathan Cheeseman
Head of Private Client Services

busterboy

They are watchin'....

nessyp

My god they have you by the short and curlies
Big brother is watching and it looks like the head cohoona.

We transferred all our money at 2.2 which is probably average.
If you get tied into this there were alot of people worse off than that.
Good luck