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Gambling debt issues-Sportingindex.com-Please help!!!

  • 12-02-2013 12:39pm
    #1
    Registered Users Posts: 76 ✭✭ Cool Rider


    Hi,
    A friend of mine in Dublin owe 3,000 eur to Sportingindex.com, he recently got married and has not a penny left to pay it off. He has just ignored this but for past 2 weeks he is getting letters from them.
    What if he didn't pay off this debt will it affect his credit rating for future bank loans.

    Judging this is easy but poor sole had lost thousands gambling over years so it might be a little pay back:)

    Many Thanks for your help...


Comments

  • Closed Accounts Posts: 88,981 ✭✭✭✭ mike65


    he should read the account rules section 13

    http://images.sportingindex.com/globalimages/websiteDocuments/accountRules_010112.pdf

    Clearly he HAS to engage with sportingindex, this won't go away.

    This is only a guess but if he is employed he will probably end up having to set up a direct payment with sportingindex so they get a certain amount every week/month from his pay cheque, or if he has to sell the car and take the bus so be it.


  • Registered Users Posts: 10,546 ✭✭✭✭ okidoki987


    Having been in the same boat some time ago, the only course of action is to contact them and discuss his options.
    As mike65 said, it won't go away.
    A monthly payment will probably sort it, just depends on how much it is for but contact them.
    As far I can remember when you sign the account opening form, there is something there that will allow them to contact your place of employment and that's probably the last thing he would need.
    It's a while since I opened my account but I think there was something in the T&C's that meant they could sue you for any monies owed.
    Gambling debts are not legally enforceable but I think the losses are classed as trading losses or something like that and again I think there was something in the form which you sign to allow them to go after any debts.
    It was a very long form and you needed a lawyer to go through it in detail if you wanted to figure everything out.
    If he got a credit account, he must have shown assets that would cover any losses many times over.
    Unless he has lost all of these, I'm sure there is something there to pay them.
    It's never easy to have to liquidate assets to pay off debts but if that's the only solution, it has to be done.
    If they register a judgement against him, it will effect his credit rating along with a possible visit from a debt collector and/or a court case.


  • Closed Accounts Posts: 1,525 miller50841


    This will affect any dealings with trying to get a loan or mortgage.


  • Registered Users Posts: 76 ✭✭ Cool Rider


    Thanks for the info guys but they are governed by UK laws which are not enforceable in Ireland-[section 412 of the Financial Services and Markets Act 2000]. It'll be nice to hear from someone with knowledge of Irish law but keep the comments coming

    Below is what I found for Ireland:
    http://www.justice.ie/en/JELR/Casino%20%28Eng%29%20for%20Web.pdf/Files/Casino%20%28Eng%29%20for%20Web.pdf

    page 114/115

    4.15.5 Relating to the provision of credit by the operator to consumers, it is the opinion of the
    Committee that contracts of credit should not be legally enforceable. This does not prohibit operators
    from providing credit facilities to their customers. They may do so at their own risk. If they do so they
    have no recourse to the courts in the event of non-payment by a customer.

    Enforceability of Contracts
    • The fact that a contract relates to gaming shall not prevent its enforcement.
    • This is without prejudice to any rule of law preventing the enforcement of a contract
    on the grounds of unlawfulness (other than a rule relating specifically to gaming).
    • No provision shall be made for the enforcement of contracts to extend credit for the
    purposes of gaming.

    ----


  • Registered Users Posts: 10,546 ✭✭✭✭ okidoki987


    It was a long time ago but I'm sure there was something in the forms I signed that stated if I was unable to pay for any losses, they would come looking for their money.
    They (along with most spread betting companies) did introduce s/l limits after the stock market crash where they got left with lots of bad debts so I assume the limits are even tighter now.
    If the companies in the UK were unable to come after any bad debts in Ireland,
    I'd say it would have been impossioble to get credit this side of the water
    unless there was a lot of assets to cover any potential future losses.
    If this is the case, I would have thought your friend must have produced evidence of assets to cover multiples of his initial deposit/stakes.


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  • Closed Accounts Posts: 372 ✭✭ restingpilgrim


    Cool Rider wrote: »
    Thanks for the info guys but they are governed by UK laws which are not enforceable in Ireland-[section 412 of the Financial Services and Markets Act 2000]. It'll be nice to hear from someone with knowledge of Irish law but keep the comments coming

    Below is what I found for Ireland:
    http://www.justice.ie/en/JELR/Casino%20%28Eng%29%20for%20Web.pdf/Files/Casino%20%28Eng%29%20for%20Web.pdf

    page 114/115

    4.15.5 Relating to the provision of credit by the operator to consumers, it is the opinion of the
    Committee that contracts of credit should not be legally enforceable. This does not prohibit operators
    from providing credit facilities to their customers. They may do so at their own risk. If they do so they
    have no recourse to the courts in the event of non-payment by a customer.

    Enforceability of Contracts
    • The fact that a contract relates to gaming shall not prevent its enforcement.
    • This is without prejudice to any rule of law preventing the enforcement of a contract
    on the grounds of unlawfulness (other than a rule relating specifically to gaming).
    • No provision shall be made for the enforcement of contracts to extend credit for the
    purposes of gaming.

    ----
    Think this was the change in Law that allowed bookmakers/Casinos etc in UK to chase credit customers for debts if they wanted but they said they were unlikely to do so. I do not think that is of relevance here because as hinted at above these are not Gambling debts. The accounts with the spread guys are treated as financial instruments I believe and have always been enforceable in the UK.

    I have just checked and as I thought they are regulated by the Financial Services Authority (it is in the notes on the bottom of the info page). If they were a bookmaker or Casino they would be regulated the the Gaming Commission.


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