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james600
Starting Member
8 Posts |
 Posted - 29 March 2009 : 08:22:35
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This is probably a stupid question but I just wondered whether the OR sees spreadbetting in the same way as betting on the horses, casino expenditure, etc.
I have only, within the past couple of months, been unable to meet my debt repayments, due to a change in circumstances. During the past two years, prior to this, I did occasionally use spreadbetting to invest in stocks and there are losses of around £2500. When I made the transactions, I was reducing my existing debt, meeting all existing repayments and had no reasonable reason to believe that circumstances were about to change.
In retrospect, I now realise that I was really stupid and should just have used the money to pay down the debt. I haven't spent any further on spreadbetting for six months and only did so on a sporadic basis. Am I likely to receive a BRU/BRO for this?
Many thanks for your responses. |
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John
New Member
United Kingdom
73 Posts |
Posted - 29 March 2009 : 11:08:41
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Hi
obviously one can spreadbet on many things most of which I feel would indeed come under the OR's scrutiny in the same way as any other gambling.
With an ability to pay at the time and the type of spreadbetting to which you refer it may be overlooked when explained but I doubt it.
Stock and shares in themselves do not of course constitute gambling as such, more investment. Strictly speaking though the spreadbetting element is what it is, gambling.
John White
England Jackman & Spacey |
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james600
Starting Member
8 Posts |
Posted - 29 March 2009 : 11:17:03
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Many thanks, John. You confirmed what I thought. I did include it on my SOA, under gamblimng debts, even though the representative from CCCS told me that it did not need to be included as it was not on the list of examples that was provided. I just figured that it would be better to let the OR decide and at least, s/he will hopefully see that I am not being dishonest.
At last, they no longer have the other type of 'stocks' for people like me!! |
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John
New Member
United Kingdom
73 Posts |
Posted - 29 March 2009 : 13:57:28
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Hi
I would suggest that the CCCS representative did not fully undertsand what spread betting is. I can understand how if it is related to stocks and shares that one might see it as investment risk. But those of us that like a flutter will know only too well, whether it appears on this guys list or not, it is no different to any other form of gambling.
"People like you" is what this site consists of in the main, including me, so don't be so hard on yourself. None of us plan bankruptcy and very few can be seen to have been reckless.
Change in circumstances beyond our control and/or an unfortunate chain of events are the main causes and can happen to any one of us.
I didn't feel any shame at the time and I have not since, neither should you.
John White
England Jackman & Spacey |
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Spreadbetting
