Recovery of Gambling debt
thepunterschampion
Posts: 6 Forumite
in Old Threads
What is the legal position on gambling debts
I agreed to join an 'investment organisation' who 'lost 1700 of my money and all i have is a bank account and sort code - what is the chances of recovering any of this - although he said investments he was using the betting exchanges to gain investments
I fear i have been stung badly but thought i might seek any help i can get - happy to give more detail if you think you can help me
cheers
I agreed to join an 'investment organisation' who 'lost 1700 of my money and all i have is a bank account and sort code - what is the chances of recovering any of this - although he said investments he was using the betting exchanges to gain investments
I fear i have been stung badly but thought i might seek any help i can get - happy to give more detail if you think you can help me
cheers
0
Comments
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What paperwork do you have for your investment?0
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Gambling debts - if that's what they are - are not recoverable through the courts. However, the maxim 'investments can go down as well as up' may be another difficulty unless you can prove maladministration of your funds (not just incompetence or bad luck).0
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Unfortunately i have no paperwork stupidely all done on phone and trusted him - full story he called me and asked me if i could deposit money in a betfair account and send him username & password he would prove how he worked the market - before anyone advises me how stupid i was for doing this - i held the password for moving money in and out of account
deposited 200 and in 2 trades he made almost 100 he then advised it was 5k for the full year - said i couldn't afford so he agreed to a trail for a month where he was confident of earning me 3500 which would cover a year - i advised i could not afford that amount at such short notice- he then asked for 700 to proceed with some more trading - at one point went as low as 200 which then built up to 1500 - should have w/d money then - it dropped again to 400 and he asked for another 700 to trade again and 2 days later his trades took account down to 0.09p - he has not answered his mobile and all i have is his bank details i transferred money into
presume from the posts so far i have no chance of retreiving any of this and it has been a very expensive lesson - please tell me i'm wrong !!!Gambling debts - if that's what they are - are not recoverable through the courts. However, the maxim 'investments can go down as well as up' may be another difficulty unless you can prove maladministration of your funds (not just incompetence or bad luck).0 -
thepunterschampion wrote: »What is the legal position on gambling debts
I agreed to join an 'investment organisation' who 'lost 1700 of my money and all i have is a bank account and sort code - what is the chances of recovering any of this - although he said investments he was using the betting exchanges to gain investments
I fear i have been stung badly but thought i might seek any help i can get - happy to give more detail if you think you can help me
cheers
Hi there - we'd urge you to get expert advice on this, through our Consumer Helpline - 08454 04 05 06, 9am to 5pm, Mondays to Fridays. If you've not already done so, it may be worth contacting the company - Betfair Corporate - as this person's actions could be in breach of their terms and conditions.“Official CAB Representative
I am an official representative of CAB. MSE has given permission for me to post in response to questions on the CAB Board. You can see my name on the companies with permission to post list. If you believe I’ve broken any rules please report my post to forumteam@moneysavingexpert.com as usual"0 -
Hi,
I might be the only one that thinks this but it sounds to me like you were conned. It sounds like they gave you the 'convincer' where they make you money so you see that it works then ask you to invest a larger amount that they either appear to 'lose' or disappear with, might just be me having seen to many episodes of Hustle but reading your post it was the first thing I thought of.0 -
CAB_National_Representative wrote: »Hi there - we'd urge you to get expert advice on this, through our Consumer Helpline - 08454 04 05 06, 9am to 5pm, Mondays to Fridays. If you've not already done so, it may be worth contacting the company - Betfair Corporate - as this person's actions could be in breach of their terms and conditions.
The OP would also be in breach of their T&C's by giving out his password.0 -
Despite having the passwords fot the withdrawals it would be relatively easy to find a quiet market and put a 1.01 trade up and the log into another account to hoover it up0
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Have I misunderstood something? With Betfair it is the same password to log-in as it is to withdraw - is it possible to have separate passwords?"If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools"
Extract from "If" by Rudyard Kipling0 -
You might get some advice asking on the betting section of MSE.
Im sorry I cant help it looks like you have been conned though and if you know his name and address could go to the Police?0
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