Recovery of Gambling debt

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
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Comments

  • miduck
    miduck Posts: 1,800 Forumite
    What paperwork do you have for your investment?
  • Buzby
    Buzby Posts: 8,275 Forumite
    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).
  • 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 !!!
    Buzby wrote: »
    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).
  • CAB_National_Representative
    CAB_National_Representative Posts: 220 Organisation Representative
    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"
  • antrobus
    antrobus Posts: 17,386 Forumite
    Buzby wrote: »
    Gambling debts - if that's what they are - are not recoverable through the courts....

    Yes they are. At least they are if incurred after 1 September 2007 when the Gambling Act 2005 came into force, and it relates to gambling that is lawful.
  • 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.
  • miduck
    miduck Posts: 1,800 Forumite
    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.
  • rich11
    rich11 Posts: 179
    First Post First Anniversary Combo Breaker
    Forumite
    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 up
  • terryw
    terryw Posts: 4,396
    Combo Breaker First Post First Anniversary
    Forumite
    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 Kipling
  • equiumcat
    equiumcat Posts: 185 Forumite
    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?
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