Bit of a flutter here and there.....

Cinderbrook

Hi,
Is there anything to stop you as an undischarged bankrupt either buying a few shares on the stockmarket or binary/spreadbetting. Before you hold up your handbags in horror I am only talking about using small amounts of money that I can afford and not applying getting credit (not possible anyway) and no this didn't contribute to my BR. Long before I went BR I made profits from spreadbetting from a deposit of £30, not huge but enough to pay off one debt of £7,000. Didn't help in the long run obviously. Is there any reason why I shouldn't buy shares etc. If I made any profits and withdrew them whilst undischarged I would expect to declare them to the OR but if I didn't withdraw monies into my bank account is there any reason to to tell the OR? Surely this is no different to selling stuff at boot sales,no?

ClaireLR

Hi Cinderbrook

I wouldnt have thought there was any need to mention it to the OR really

As long as if you have a big win there's somewhere to stash the cash

Richard_S

Hi Cinderbrook,

I forgot to declare my spread betting account, and I've often been tempted to have another flutter, er I mean investment based on sound analytical principles. The only drawback with mine is that there's a minimum of £5 per point, or that's what it used to be.

As long as you don't incur debt over £500 without declaring it, then I'm sure you're doing anything wrong.

Richard

Cinderbrook

Thanks both, I know it was a slightly naughty question. Richard, £5 a point??? was Coutts running the account. There are agencies where you can start with £30 and £1 per point...just thought I would mention that, not trying to entice you obviously;)

Richard_S

Cinderbrook wrote: »

Thanks both, I know it was a slightly naughty question. Richard, £5 a point??? was Coutts running the account. There are agencies where you can start with £30 and £1 per point...just thought I would mention that, not trying to entice you obviously;)

Hi Cinderbrook,

I think the account is with Spreadex, and they weren't overly enthusiastic about £5 per point;:eek: not that it bothered me at the time, £10 was fine.:eek: :eek:

That's not the case now though, and I'd be quite happy to have another "punt" if the minimums are more realistic.

Richard

Toto

I don't understand spread betting at all, which is probably a good thing really.

wherediditallgo

Toto wrote: »

I don't understand spread betting at all, which is probably a good thing really.

Same here. I can just about cope with the National Lottery. I can't even use slot machines properly - someone always has to explain them to me, which is really embarrassing, so I usually end up having only one or two goes & then I slink away. I've still got a few pounds in a Betfair account, because I've never understood the "betting against each other" thing, & I always manage to lose. There's no way I could deal with all the jargon of spread betting & shares, working out what are good risks & what aren't etc. Sometimes the simplest things are the best for me.

dalip

I have trouble with fruit machines as well. I understand if you get three cherries you win:D ,thats about it. Took me a college course to understand computers:eek: 10yrs later i'm still not that great. Imagine how long it would take me to understand spreadbetting:o . I only do the lottery cause the nice lady behind the desk knows how the machine works and does it for me:rotfl:

hypno06

Just be aware that if you open new accounts for spreadbetting or buying stocks and shares, you may well be credit checked, which could restrict the account that you open, or prohibit you from opening one at all with some brokers.

Richard_S

hypno06 wrote: »

Just be aware that if you open new accounts for spreadbetting or buying stocks and shares, you may well be credit checked, which could restrict the account that you open, or prohibit you from opening one at all with some brokers.

Thanks for that hypno;:rolleyes: :rolleyes: :rolleyes: was there something else you forgot to mention that could have been useful?:rolleyes: :rolleyes: :rolleyes:

EDIT: What I meant to say Hypno, was that I hadn't considered that angle.:beer: :beer:

hypno06

Richard_S wrote: »

Thanks for that hypno;:rolleyes: :rolleyes: :rolleyes: was there something else you forgot to mention that could have been useful?:rolleyes: :rolleyes: :rolleyes:

Sorry. Just trying to help.