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Betting and Trading accounts
MissButterfly
Posts: 5 Forumite
If you hold betting accounts or trading/CFD/spread-betting accounts and you are made bankrupt, will these accounts be closed?
What happens to the money in these accounts?
What happens to the money in these accounts?
0
Comments
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Yes, the money will go to benefit your creditors.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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So then if someone is about to go bankrupt they literally have nothing to lose by putting it all on black... If they lose they are just as broke, if they win they double their money and pay off debts...
Jokes aside though, how do the creditors even find out about these accounts?0 -
Because you will be required to disclose the existence of such accounts to the OR and the financial information the OR has access to will likely show that you have been spending money on such activities.0
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Were these betting accounts set up using bank account details? If so then there's the trail the OR will follow. And of course - you have a legal obligation to disclose them. If you don't - and the OR finds them, you might find there are sanctions. I also think the OR will look for you if there are gambling debts included in BR. The OR has the power to look pretty much anywhere they like and probably has well established protocols with the gambling companies.
Throwing all the remaining balances on one last roll of the dice? Well, I think most OR's might view that as 'reckless spending' and you risk a BRO (Bankrupcy restriction order)0 -
I did matched betting so I have around 50 betting accounts here and there. Is the OR going to look into every single one of them to see if I have money in the account? (I don't; they are all empty)
I am not even in the UK, so I can't cooperate with the OR even if I wanted to.0 -
Well if you're not in the UK and don't have any assets - why bother with BR
This person went t Australia https://forums.moneysavingexpert.com/discussion/5956374/insolvency-practitioner0 -
I am not bothering with BR, although I have an idiot landlord who is trying to sue me and has already managed to get a few court sessions in my absence. I talked about it in my other thread.
Basically I just want to be prepared for what happens in case the idiot tries to make me bankrupt.0
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