General Betting
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I opened an account with a spread firm on credit (why oh why) and went a bit too crazy - I've now go a nasty negative balance. Stupid, stupid I know.
But does anyone know how quickly you usually have to pay a balance off (or % of the balance)?
Thanks for any help.
But does anyone know how quickly you usually have to pay a balance off (or % of the balance)?
Thanks for any help.
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Replies: 19
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Give them a call and tell them what you can afford to pay back over a month by month basis if need be. As long as you give them a fair offer they will accept it
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Usually done on a weekly basis apart from Spreadex which (I think is fortnightly)
If you can't pay it all at once try giving them a bell to see if they will accept weekly payments (They probably will) |
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Thanks fellas.
Do you think they would usually ask for full settlement (and how soon would that usually be)? At present this would have to be month by month (stupid). :( |
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They would ask for full payment. Explain to them that you have lost more than expected which can happen with spread betting and they will take your offer. They will prob withdraw your credit line though. But that is prob a good thing by the sounds of it.
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Yep, right now I don't want any more credit line. I'm off betting for some time with this hit. :(
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i usually get away with ignoring them for a month or so.
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This such bad timing - long stretch till next pay!
chef - what happens after that mate!? |
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could they do much if you just said sod them and didn't bother paying them?
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I'd always pay off a debt.
They have my bank details but don't think they are allowed to just take money from my account. |
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In spread betting firm's T&C's they usually ask if you own your own house or not. That should give you some indication that you should nt be gambling with more than you can afford.
They also give you plenty 'warnings' before you sign up with them. |
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What sort of figure are we talking?
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It's not massive relatively speaking (just over 1,000) but it's very bad timing for me financially as I have a lot of other outgoings to cover first. I can't afford to pay that sort of money quickly. I know that was my fault of course, and I'm not even thinking of trying to default on a debt, but was wanting to work out a time period for paying this back. I got carried away with a bet I thought was low risk but turned out about as bad as possible, which as you know in spread betting can be lethal.
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If I pay in say £400 I was wondering if that would keep them happy for a while?
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I have an income, so am not worried about paying in the this long run incidentally.
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In that case I'd explain the situation to them, I'd be astounded if they didn't take £100 per month until it is paid off.
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Thanks for the advice.
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no moves 30 Jan 17:53
could they do much if you just said sod them and didn't bother paying them? I would guess they could. Otherwise you could open two accounts with different spread betting firms and place opposing bets, making you a massive profit. |
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Would you have drawn the winnings if the result had been reversed ?
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The Investor 30 Jan 20:40
no moves 30 Jan 17:53 could they do much if you just said sod them and didn't bother paying them? I would guess they could. Otherwise you could open two accounts with different spread betting firms and place opposing bets, making you a massive profit. AHHH, IS THIS TRUE, THE ROAD TO RICHES. |