I've raised the question with my M.P and got waffle as response. I've written to numerous institutions within London's square mile and came up agaist a brick wall. I contacted Amber Rudd to raise the same question. I await a response but I won't hold my breath.
As I believe people here are more experienced and intelligent than any of the above I ask it here. Why is it possible to gamble using a credit card yet it's illegal to purchase shares using a credit card.
My problems are caused by losing money I don't have. Betting on credit cards and I'd say a fair chance others here have done the same.
If it were illegal to gamble using credit cards and only gamble with funds in your account or indeed cash it would greatly reduce gambling addiction.
I admit it's possible to transfer funds from a credit card to your account then gamble but it takes a few days. Also it's possible to withdraw funds on credit card at a machine but then the feel of real cash being handed to a bookmaker is different to numbers on a screen.
I'd be interested in your thoughts.
David2017
Still in serious debt but still alive.
Hi David.... its bad isn't it. Ive gambled on credit cards and now ive had to default on them. They new what I was doing... it was painfully obvious. Eventually one of them blocked any transactions to gambling sites or cash withdrawals... but that was only after the damage had been done. I once had this conversation with someone from a gambling site and they basically said... "its about personal responsibility"... "its your choice"..
Remember that at the end of the day its a computer that decides whether to accept the transaction or not. Human commom sense has long ago been taken out of the equation. If the computer says "yes" then the transaction happens. I once rang my bank in floods of tears after a heavy loss and asked what they could do to help me. Answer... "nothing"... If the credit agencies say your good for lending money, then your good for lending money. If you make your monthly payments, then the credit card companies will keep lending... the computer says your good for profit.
The responsibility rests with the individual.Thats the way it is. It shouldn't be allowed but big government doesn't really give a d**n. Anyway thats my thoughts.
Hello David,
I wonder if there's actually a law that you can't buy shares on a credit card or if it's the decision of the people you buy shares with?
That being said it's problem alright but do you think if you couldn't gamble on a credit card you wouldn't have tried to find money to gamble with another way? I sure as hell would.
I think we need to take responsibilty we all had a huge part to play in our addictions and although I don't agree with some of the rules in place around gambling it doesn't help my recovery to focus on them at this stage in my journey.
All the best mate.
Conradnose
check out my blog www.conradnose.com
Yes as I expected.
Take personal responsibility etc. Still nobody can answer the question.
Not sure this site can provide the guidance I need.
Hi David – I would suggest you contact the Financial Conduct Authority who will no doubt be able to tell you the legal and ethical reasons as to why you cannot buy shares with a credit card. What I can tell you is that when you gamble with a credit card it is treated as a cash advance rather than a purchase transaction so effectively exactly the same as if you were withdrawing the money from a bank machine
Bottom line is, stockbrokers are concerned what the source of the money is to purchase shares whereas gambling companies are less worried (and some may say not worried at all).
Dave
If I was a sceptic, I might say it had a lot to do with the power of the gambling industry and the greed circulating their orbit.
I think the reply " Yes as I expected , take personal responsibility ect " was a little uncalled for ? .
Were all addict's here fella , nobody forces you to gamble it's a choice ! .
Maybe they don't have a card machine ?
Dave you might be fed up with people pointing out personal responsibility etc. But the issue of personal responsibility and what is a healthy focus of attention are pretty important here.
If you are obsessing about this (which contacting your MP suggests you might be) then you're distracting yourself from the real issue here.
I abhor the gambling industry and believe FBOTs should be banned and that heavy regulation should be used to squeeze the life out of this industry which provides nothing and takes a lot.
I get your point, that it's on the face of it hypocritical. Maybe the answer is in the 'type' of people which the law is trying to protect. But this is small fry in light of the wider issue - of it being an enormous transfer of wealth from middle/lower income to the super rich.
Am not opposed to tackling the industry but believe you really need to get you're own house in order first, otherwise this is a distraction. Obviously using credit cards to gamble is indicative of being seriously off the rails in terms of addiction - given the interest rates and fees, this is totally nuts. But, you can control this. The crusade on the 'credit' issue is probably outside of your control.
There are 1001 ways to avoid looking inside and taking personal responsibility. Industry bashing is one and people will point this out if they care.
Thank you for your responces even if it didn't refer to the original question.
I have asked this question for a very specific reason. I'm pleased to say I have managed to recover some funds which were frozen. I have used these funds to renew my gambling block software.
Thank you for the advice. I've had one unsuccessful suicide attempt so I've been told by many people about personal responsibility. I didn't listen or learn and I see no reason for that to change. I'm an addict and a loser. I won't gamble again that is for sure.
As I've said I'm not sure the same old message dictacted to me time and time again will be any use to me so I will probably leave the site. It probably helps many others but not me.
Best of luck with beating the demon
All the best
Not sure why you would expect any of us to have had the answer...It beggars belief that they are allowed to get away with it but nothing we do or say can fix the pain you are in! The same old message is all we have as gamblers...Tried & tested methods of what has worked for us & people we know. There is no miracle cure & just saying I will never bet again wasn't enough for me. I needed blocks, I needed this site, I need GA, hell, I may even need therapy...We're addicts & we can change! It doesn't have to be like this...You can change - ODAAT
Same old message DOES NOT work for me. It may work for others and yes I'm happy for them.
Personal responsibility etc. Yawn. IT DOES NOT WORK FOR EVERYBODY.
I will apply to leave this site and get postings removed.
Please do not reply.
All the best in beating what has killed me.
ODAAT wrote:
Not sure why you would expect any of us to have had the answer...It beggars belief that they are allowed to get away with it but nothing we do or say can fix the pain you are in! The same old message is all we have as gamblers...Tried & tested methods of what has worked for us & people we know. There is no miracle cure & just saying I will never bet again wasn't enough for me. I needed blocks, I needed this site, I need GA, hell, I may even need therapy...We're addicts & we can change! It doesn't have to be like this...You can change - ODAAT
We are available 24 hours a day, every day of the year. You can also contact us for free on 0808 80 20 133. If you would like to find out more about the service before you start, including information on confidentiality, please click below. Call recordings and chat transcripts are saved for 28 days for quality assurance.
