IG Trading - Spreadbetting

Hi Anna

I don’t know anything about spread betting I’m afraid but I believe that the introduction of banning credit cards for gambling purposes is due to be in force from 14th April this year. 

Lonely

Hi o*g, like a blast from my past. IG are trading company, not a gambling site. If he's buying shares he could be in a lot of debt, market is dropping. I don't think they will be affected by the credit card ban. I could be wrong. 

You can't stop a gambler. They have to realise the problem for themselves. He needs to hand over control of his money if you stand any chance of seeing what he's doing. Credit checks and total transparency.

Look after yourself, safeguard your finances, no joint accounts. Don't pay his debts. 

My husband went from shares and football, to bets at work with colleagues, to the betting shop. Any spare cash, £1 a day that was his coffee or lunch money. Borrowing off family, etc. On and on. 

The only person you can help or change is you. Find a gamanon meeting or call gamcare and get help. Please don't ignore this.

Hi Anna,

There's nothing unique about stopping any form of gambling.

He needs to want to stop - we can't control it (I gambled for close to 40 years).

Don't hold your hopes up on credit card bans, there are obvious ways round it (I had 7 cards when I took the decision to stop).

I'd recommend gamblers anonymous for him - and Merry Go Rounds advice is spot on.

From my limited research spread betting sites aren't blocked by the usual blocking software so may very well not be affected by any new credit card regs.

He may be convincing himself he's 'trading' but spread betting is just gambling by a more upmarket name. He can't control it. None of them can for any length of time. He needs to want to stop.

Hi Ana 1020,

I have closed my account with IG probably 6 times, categorically stating that spread betting is not for me.

My last relapse was 3 days back when I opened an account with a different company, but 35 days back I asked IG to reopen my account, they did advice me that I have only been loosing money with my above categorical statement the previous time. I needed to reconfirm that I had received advice and  ....bingo .... in 15 minutes I was Trading or actually Gambling again. 

Of course a few days later I had lost a lot more than I could afford, and while I called up IG with a specific instruction that the account is never to be opened again ... even if I instruct so.

On the same day I called up GamCare, and had a telephone appointment for after I returned from holiday, which I cancelled as shamefully had a relapse, But had not yet lost big.

Could I assume that your spouse is into financial spread betting.

While the usual sites will not block him, and depending on the credit card ban may not really help.

The good thing is that you are both on the same page in regards the problem. And if he wishes your support then take charge of the bank accounts and credit cards, take 5 minutes to monitor it daily. Then along with him call up and send an e mail to IG or any other company he switches  to with the specific instruction that the account is never to be opened even on your own instruction. 

There will be moments of weakness that he will have. With financial spread betting he could stay clear for months and then the lifetime opportunity which will draw him in, shortly after which he will loose control.

If I only offer an opinion, when I say NO I will never go back, it always fails. But if one leave the option open to going back to trading in physical instruments or even a single CFD or Spreadbet with an entrance and exit strategy and stay with it, I find it works for me, (till I loose control). And if he needs to make a trade or bet to do it along with you.

On attending private Councillor at 55 per hour, I was given three choices to stop, to continue but not care, or to do it skillfully. On choosing the first, and relapsing after 3 weeks, and on making a profit, I called it quits after five weeks and YES had a crash landing. 

Having seen my father and family loose everything to gambling, it makes my stomach turn, but moving from the physical market to the highly leveraged market (CFD / Spreadbetting)  from 2010 has only made me loose a lot of money. Where I always fooled myself to believe that I was a trader.

As you may notice I can go on forever on this topic as it has been my story.

I will attach it separately.

My Note written a month Earlier.

Today, again I decided to stop. For the third time this month and have lost count of the number of times over the last 10 years. I googled, called a number and now I am here awaiting an appointment to speak to a counselor.

As a 14 year old and buying shares,  I always ended up loosing, until I met a stranger at a function who introduced me to CFD's, and within the year 2010 lost our savings, meant for a deposit on a larger home following our new born daughter.

Being interested in economics and financial markets, I always had an opinion and although having kept myself far away from markets, one day a work colleague in 2014 who opened up a demo spread betting account, and asked me for an opinion, a few months later told me that he had forgotten about the account and on having a look was substantially up. And he informed me of the advantages of spread betting, and asked me to advice him on the picks.

Following that year and to date I have consistently lost more than I have earned, with very low feeling, along with depression, I would recover and then in a month or two detect an unmissable opportunity, it would start with very small bets and within two or three weeks, I am near betting the house, and one big loss always comes up and takes it all away and a lot more, biting away at a small inheritance left by the family. 

I know that if I continue for another year the bottom of the barrel does not seem far, and being of an age...48 where starting again is something that is unimaginable.

We are a family where I can see my wife careful with spending and so am I, but this hidden virus within is completely obsessive and out of context to the people that we are. Even my 10 year old daughter is careful with her spending. When I get in, I need to be constantly tracking my position. 

I have always thought that after every bad hit, I will stop forever. But that day never comes.

I never imagined I would be a gambler. Especially after seeing my father gamble away everything that the family had, including a successful business, and for 2 years having unsavory characters knock on our door and at the age of 55 years my father made the wise decision of allowing my mother to take charge or all finances, and he received an allowance.

What he did made my stomach turn, and I hated any form of gambling, but today I have succeeded in multiplying the value of his losses many times over.

While my wife has unquestioningly trusted me with the family accounts and payments, I repeatedly feel this  deep sense of remorse and betrayal. Where although I told her of the 2010 loss which was the deposit on a house, Although visibly upset, she calmly said that we are fine with the flat that we are still living in. 

We are both earners into a joint account that my wife never looks at and she is unaware of the last 5 years, as the inheritance did not make it look bad. And whenever she would see me on the phone she would assume  that I am buying or selling shares,as we gamblers can talk it through.

I could go on, but today I made that telephone call, I do not have friends as such, just family that mean the world to me, including her parents and mine.

I know that I have let down the deep trust that that they have in me, and I cannot and will not fathom this ever coming out.

I seemed to find solace in the fact that, I have never stolen, borrowed and always given my family all that they have needed, but the hurt of having betrayed their trust is something that stabs deep.

I guess this is the furthermost that I have ever gone in talking about my problem, and can only say to any and everyone it is not worth it.

Today is my first day and I hope to keep counting.

God Bless.