Online Gambling Debts

[ifm]

I remember a story when a part time gardener managed to obtain £30k on CC's, he just lied about his income and they NEVER check.
This is a problem, with mortgages you have to prove your income.

[Rooky9]

Credit cards in MHO need to be restrict more by government regulation - okay we dont want to take away people freedom but credit card debt has the potential to have major economic effects for the country as a whole.

[tikay]

What an interesting thread. It reflects, beautifully in my opinion, the way society has changed.

In my day (OK, OK) we accepted rersponsibility for our own actions - of course, because that's the way life was. (and still should be).

But things have changed, very much for the worse. These days it's accepted that when one does something wrong, someone or something else can be blamed.

We get in debt? It's the Credit Card companies to blame.

One guy got a huge loan from his Bank to start a business, the business failed, he sued the Bank for loaning him the money, without which he would not have lost anything!

People commit crimes, & blame their parents for bringing them up wrong.

Sex offenders regularly say "it's because I was abused as a child".

In America, obese folks sued McDonalds for "making them fat".

Smokers sued the ciggie companies for making them ill.

Coming next - someone suing an Online Poke site because they lost.

And so on & so forth.

It's all nonsense, of course. We are all responsible for our own actions. I have gone down plenty of wrong roads in my time, but I've never blamed anyone except myself. It's actually quite character building to face up to one's failings & weaknnesses & then move on, usually sadder, poorer & wiser, but very much better for it.

Blame the Credit Card companies? Don't try that one on me, please.

[bolt pp]

What an interesting thread. It reflects, beautifully in my opinion, the way society has changed.

In my day (OK, OK) we accepted rersponsibility for our own actions - of course, because that's the way life was. (and still should be).

But things have changed, very much for the worse. These days it's accepted that when one does something wrong, someone or something else can be blamed.

We get in debt? It's the Credit Card companies to blame.

One guy got a huge loan from his Bank to start a business, the business failed, he sued the Bank for loaning him the money, without which he would not have lost anything!

People commit crimes, & blame their parents for bringing them up wrong.

Sex offenders regularly say "it's because I was abused as a child".

In America, obese folks sued McDonalds for "making them fat".

Smokers sued the ciggie companies for making them ill.

Coming next - someone suing an Online Poke site because they lost.

And so on & so forth.

It's all nonsense, of course. We are all responsible for our own actions. I have gone down plenty of wrong roads in my time, but I've never blamed anyone except myself. It's actually quite character building to face up to one's failings & weaknnesses & then move on, usually sadder, poorer & wiser, but very much better for it.

Blame the Credit Card companies? Don't try that one on me, please.

        14700 till the next one?

[Rookie (Rodney)]

What an interesting thread. It reflects, beautifully in my opinion, the way society has changed.

In my day (OK, OK) we accepted rersponsibility for our own actions - of course, because that's the way life was. (and still should be).

But things have changed, very much for the worse. These days it's accepted that when one does something wrong, someone or something else can be blamed.

We get in debt? It's the Credit Card companies to blame.

One guy got a huge loan from his Bank to start a business, the business failed, he sued the Bank for loaning him the money, without which he would not have lost anything!

People commit crimes, & blame their parents for bringing them up wrong.

Sex offenders regularly say "it's because I was abused as a child".

In America, obese folks sued McDonalds for "making them fat".

Smokers sued the ciggie companies for making them ill.

Coming next - someone suing an Online Poke site because they lost.

And so on & so forth.

It's all nonsense, of course. We are all responsible for our own actions. I have gone down plenty of wrong roads in my time, but I've never blamed anyone except myself. It's actually quite character building to face up to one's failings & weaknnesses & then move on, usually sadder, poorer & wiser, but very much better for it.

Blame the Credit Card companies? Don't try that one on me, please.

Here Here!

[Royal Flush]

       14700 till the next one?

 

[TightEnd]

as an aside, mortgage companies are in on the act too...via self certification mortgages you can borrow up to 5x a single income just by signing a form saying you have an income of £x.


In practice they do not check and vast swathes of the UK financial services industry relies on income that is not sustainable should times turn to recession.


As a more global and wider ranging aside, last month US citizens borrowed a further $50bn against the value of their homes...at a time when inflation is on the uptick and interest rates are going to have to accelerate, this is madness.

My assets are in cash and unmortgaged property...stay away from shares, bonds and the like until after the next downturn in 2007-08.

In my opinion!

[tikay]

Tighty's Post reminds me of the Clowes affair.

When interest rates were, say, 5%, Mr Clowes was offering Depositors 10%. Thousands upon thousands of gulllible folk deposited their life savings with him, & lost the lot. I say "gullible" because it's a fact of life - nature won't allow water to run uphill, & nobody, not nobody, nowhere, ever, can offer interest rate returns above the bank Rate, it's not do-able.

Obviously, it all went tits up, they all lost their money, & he went to prison, quite right too. The Depositors who lost their money then bellyached that the Government should compensate them! It never crossed their minds that greed was their downfall, & it was their own fault entirely.

[tikay]

as an aside, mortgage companies are in on the act too...via self certification mortgages you can borrow up to 5x a single income just by signing a form saying you have an income of £x.


In practice they do not check and vast swathes of the UK financial services industry relies on income that is not sustainable should times turn to recession.


As a more global and wider ranging aside, last month US citizens borrowed a further $50bn against the value of their homes...at a time when inflation is on the uptick and interest rates are going to have to accelerate, this is madness.

My assets are in cash and unmortgaged property...stay away from shares, bonds and the like until after the next downturn in 2007-08.

In my opinion!

Most of my "assets" are in shares, & it looks like I have missed the selling "window" that the recent Bull Market afforded me. Shares are down 10% in a month or so, & I fear it will be a while before they return to such heady levels.

A month back, I thought about selling the lot, but, as ever, greed got the better of me - "If I wait another month, they may appreciate another 5%...."

Perhaps I should sue somebody......

[Newmanseye]

I feel I should say something on this subject as I was declared bankrupt a little over 2 years ago.

When I accumulated my debt I knew I found it very easy to get credit cards and loans, as did my wife, I was earning close to £80K at the time and we had no money worries.

As life often does it presents opportunities, I happened to take one which happend to be a bad decision. As a direct result, I no longer was earning the salary i had grown accustomed to, we should have made some life style changes, We didn't, and hence the debt was now growing at an incredible rate.

We had to accept that we were responsible for the money we could not afford to spend, I will aggree however that even when I was earning a diminished salary, I found it extremely easy to continue to gain credit in the form of loans and cards from no end of lenders, mail would pour through the letterbox offering 0% for 6 months, 4.2% loans and £5k instant credit on a new credit card with no credit check.

My thoughts at the time were simply buy now, pay the minimum and clear the balance at a later date, well as you can imagine this was a path to financial doom.

Whilst I do believe that we are ultimately responsible for our own actions, practical and responsible lending must take place to help control the problem.

I will point out that none of the debt I had could be attributed to the gaming industry, online or off.

Just my opinion

[Josh]

My assets are in cash and unmortgaged property...stay away from shares, bonds and the like until after the next downturn in 2007-08.

Imo, that's drivel, some of the best times to be investing in stocks and shares is when the market is volatile, as you can make the most money riding trough to peeks.

[tikay]

GREAT Post by Newmanseye showing the other side of the coin. Stunningly honest, too. It's got me thinking now.

[tikay]

My assets are in cash and unmortgaged property...stay away from shares, bonds and the like until after the next downturn in 2007-08.

Imo, that's drivel, some of the best times to be investing in stocks and shares is when the market is volatile, as you can make the most money riding trough to peeks.

I thikn Tighty has a reasonable knowledge of the financial markets - that's how he made his (very successful) career all his life. The Market has a long way to fall yet, only a naive individual would invest in Footsie Shares right now.

Investing during volatility is not a good time to invest in shares, but it is - for some - in volatility indexes. Ask LTCM, who managed to fritter away $45 billion - BILLION - by investing in volatility during volatile markets. To invest in Shares, wait till the Market bottoms - some time away yet.

[Sark79]

What an interesting thread. It reflects, beautifully in my opinion, the way society has changed.

In my day (OK, OK) we accepted rersponsibility for our own actions - of course, because that's the way life was. (and still should be).

But things have changed, very much for the worse. These days it's accepted that when one does something wrong, someone or something else can be blamed.

We get in debt? It's the Credit Card companies to blame.

One guy got a huge loan from his Bank to start a business, the business failed, he sued the Bank for loaning him the money, without which he would not have lost anything!

People commit crimes, & blame their parents for bringing them up wrong.

Sex offenders regularly say "it's because I was abused as a child".

In America, obese folks sued McDonalds for "making them fat".

Smokers sued the ciggie companies for making them ill.

Coming next - someone suing an Online Poke site because they lost.

And so on & so forth.

It's all nonsense, of course. We are all responsible for our own actions. I have gone down plenty of wrong roads in my time, but I've never blamed anyone except myself. It's actually quite character building to face up to one's failings & weaknnesses & then move on, usually sadder, poorer & wiser, but very much better for it.

Blame the Credit Card companies? Don't try that one on me, please.

good post

[M3boy]

I never said credit card companies were to blame, of course if you get in debt, it is entirely your own fault.

What I was saying, is that Credit Card companies (and the like) make it all TOO EASY to get yourself in this situation in the first place.

I honestly believe that if they made it harder to obtain credit (or at least made proper checks) then almost HALF of the people who are in overwhelming debt, just wouldnt be there.

Agree?