Online Gambling Debts

[Nem]

You misunderstand i think, they are not obliged to repay, even the financial ombudsman cannot force them to and they are who they answer to.
If you have been lapse in your security you are responsible (they don't often take this stand though).

My point is how could they define you had a "laspe in your security" after your kids stole your credit card?

[ifm]

Because they could.
I have an ongoing dispute with LLoydsTsb, i had my chequebook stolen from my car, they say it should have been more secure and are refusing to pay back the money stolen.

Anyway, come and rail me on blonde, final of a $30 tourny i'm Ellie-Anne.

[Nem]

Anyway, come and rail me on blonde, final of a $30 tourny i'm Ellie-Anne.

Good Luck mate.

[redsimon]

I am going to stick my tuppence worth in also.



I made the decision at that point that I  was going to sun up as much credita s possible and screw every financial institution willing to give me credit. daft I know but at the time it sounded like a good idea.

So I proceeded to run up around 19k in debt on cards and HP, and loans bearing in mind I am still a student at this point and was finding it as easy as ever to get credit.
Some of the comapnies are still chasing me for the debts through a number of debt collectors but they ain't getting nothing off me!

These days I take more accountability for anything I do, however I think there has to be a system in place to limit the ammount of credit any one person can obtain, I also think there has to be greater restrictions imposed on irresponsible lenders by the FSA.

So to summarise you decided to max your cards with no intention of repaying? Clever stuff....not.

this post is not called for.

bandit alreadt said and i qoute "daft i know but sounded a good idea at the time"
i think that tells us all that he regrets doing it and has probably had to live with the stress and strains of his actions for a number of years.

he does need people like redsimon patronising him with cheap shot posts.

we were all young once (yes including tikay though doubt plastic was even invented then let alone credit cards ) and we have all made mistakes and silly decisions in our lifes and i admire bandits honest in posting his experience on here.

we should all be able to post honestly without ridicule of others especially when bandit has already  pointed out in the original post the errors of his ways.

You really are clueless aren't you. He's admitted to defrauding the CC company. Guess thats allowed if your "young" ....sheesh what a plonker

[Newmanseye]

I am going to stick my tuppence worth in also.



I made the decision at that point that I  was going to sun up as much credita s possible and screw every financial institution willing to give me credit. daft I know but at the time it sounded like a good idea.

So I proceeded to run up around 19k in debt on cards and HP, and loans bearing in mind I am still a student at this point and was finding it as easy as ever to get credit.
Some of the comapnies are still chasing me for the debts through a number of debt collectors but they ain't getting nothing off me!

These days I take more accountability for anything I do, however I think there has to be a system in place to limit the ammount of credit any one person can obtain, I also think there has to be greater restrictions imposed on irresponsible lenders by the FSA.

So to summarise you decided to max your cards with no intention of repaying? Clever stuff....not.

this post is not called for.

bandit alreadt said and i qoute "daft i know but sounded a good idea at the time"
i think that tells us all that he regrets doing it and has probably had to live with the stress and strains of his actions for a number of years.

he does need people like redsimon patronising him with cheap shot posts.

we were all young once (yes including tikay though doubt plastic was even invented then let alone credit cards ) and we have all made mistakes and silly decisions in our lifes and i admire bandits honest in posting his experience on here.

we should all be able to post honestly without ridicule of others especially when bandit has already  pointed out in the original post the errors of his ways.

You really are clueless aren't you. He's admitted to defrauding the CC company. Guess thats allowed if your "young" ....sheesh what a plonker

Just to correct you Redsimon, Technically under Scottish law what Bandit did is known as " Bad debting", its is legal and there is no recourse through law practice, other than asking you to repay the debt, Its not Fraud as you put it.

Infact under Scottish law the Debt collection agencies cannot seize his assets either, all they can do is hassle him in to paying and continue to "black list" him to hinder his chances of gaining credit in future.

[byronkincaid]

Wow so I can move up to Scotland, get £100K or so on credit with no intention of paying it back and all they can do to get it back is ask me?

Surely lenders must have some protection or nobody would ever pay them back?

[Newmanseye]

Wow so I can move up to Scotland, get £100K or so on credit with no intention of paying it back and all they can do to get it back is ask me?

Surely lenders must have some protection or nobody would ever pay them back?

Thats the short version but yes, There are a few minor loop-holes you must observe but essentially yes, you can borrow what people are willing to lend you and your assetts are safe, even your home cant be sold if you LIVE in it.

Scottish law has that protection for the people.

[TightEnd]

and while of course views can be strong and arguments can get heated...no flaming please!


Thanks


No deletions cos it would spoil whats been an interesting thread but a few posts cross the line. No more please, thanks

[seamus]

Put simply. Inflation. Its rising again. We all know about Oil prices and commodity prices and how this has fed through to higher energy costs, fuel costs and has began to cramp the average consumer's disposable income.

For several years these rising costs were felt by companies in reduced profit margins but were not felt at a "countrywide" level in the official statistics because the Western World had spare capacity and companies had no pricing power...in effect they were unable to pass these higher costs onto consumers.

Now spare capacity is dramatically reduced and the consumer is beginning to feel the bite of the extra costs...eventually the same consumer will ask for higher wages to compensate.

The effect of higher inflation and higher wages will be to drive up interest rates. This in turn will decrease economic growth and whilst it might not actually cause a recession, the days of boom and bust being behind us it seems, it will cause a period of adjustment in company earnings and the valaution that the market is prepared to put on those earnings.

Lets take a moment to consider why Oil and Commodity prices are rising and potentially casuing us these problems. The simple answer lies in one word. China. China is as we all know moving towards being the next economic superpower. Its demands for energy and commodities are immense. Supply shortages in the metals for example mean that there is a classic supply and demand imbalance. For example Shanghai has sunk half an inch in the last three years because of the volume of building in the city...and global usage of steel, copper and aluminium has soared.

At last this is now impacting us.

Spot on!

The developed economies are awash with cash, because latterly it has had little effect on inflation. Interest rates stay low (virtually 0%in Japan)– fixed assets increase in value, but are not included in inflation stats. (e.g. your house) borrowing against these assets and more particularly spending, continue apace. Perfect - everyone gets a $million and prices for most things stay the same.

Inflation normally occurs when too much cash is chasing too few goods.

But we have plenty of goods for everyone. New products and services on the one hand, and cheap goods from China, India and other developing low wage economies on the other.

But can it last? Tightend’s comments about commodities are relevant here as the low cost sources of goods, experience their own inflationary pressures from raw material costs and their own rapidly rising internal demand. They have no requirement other than market forces to keep supplying goods to us at low cost and it is their inflation which will ultimately hit our economies, either as lower profitability or rising costs.

Note that China is currently building 500 coal fired power stations and 150 airports.

The UK government and the lenders do not really care about personal debt (10 billion unsecured, but probably insured and you can now go bust online apparently) as they themselves have to keep spending and lending – and at an increasing rate.

No problem as long as no one ‘rocks the boat’ – or should that be ‘bursts the bubble’?

Consider that 60% of the UK economy north of Birmingham is government funded. In Scotland only 600,000 people are in work. The two top ‘industries’ in the UK are financial services and tourism and PartyPoker is in the footsie 100!

What a fluffy world we live in.

[TightEnd]

What's your background Seamus?


Shall we have our own child board?

[ifm]

It's interesting to note that China are winning just about every major contract available in machining/Aerospace components of late.
Roll Royce gave them a huge contract for their engine parts (jet engine) effectively making them the customer for all of RR's suppliers.
They are just rediculously cheap and are starting to get the quality control right, it's truly frightening stuff.
In the UK the machining costs waver around £80-£100 per hour yet in China it is more like £5-£10.

[tikay]

".....China is building 500 Power Stations & 150 Airports...".....

Wow! If true (& no reason to disbelieve) that takes my breath away.

Extraodinary!

[tikay]

I see Bandit has come in for some grief here.......

I gotta say this. He was wrong. But he was man enough to admit it it, to "out" himself, & say he'd learned his lesson, & has mended his ways.

I think we need to remember that most of us, in our adolescent years, did some pretty stupid things which, now we are truly ashamed of, or embarrassed about. Anyone that did not either has a selective memory, has never "lived", or is quite exceptional.

I got in with a bad bunch in my late teens. Friday night was a routine - steal a car, 4 or 5 of us get in, go to a party, get bladdered (I used to drink then, I stopped at 21). I never actualy stole a car - would not know how to, then or now, but I was one of "the gang".

One Friday night, we'd been to a party with, as it happens, Mick Jaggers brother, & 7 or 8 of us were homeward bound. Steal two cars, we piled into them, 4 in one, 3 in the other. The next day, the Police came knocking. The other stolen car had killed a pedestrian, "hit & run". Eventually the driver was arrested & sent to prison. I got off with a severe caution, I was "an accessory" & "conspiracy to steal" was mentioned. But worse than that - I was 19, & my Dad, who loved me more than any Dad can love his Son, beat me black & blue.

The point is, we ALL did stupid things when we are young. It's called growing up. I don't approve of what Bandit did - nor does he now! - but lets not shoot him for the excesses of youth. He regrets it now, just as I regret so many of the stupid things I have done in life.

I actually think he's a big man for telling the story.

[Sark79]

Very wise words tikay 

[thetank]

I may, in time, be brought round to the fact that Tikay was once a teenager. In another time, a different era.

It will be quite another matter entirely to convince me that the motor car had been invented by then.