Source Of Funds

News, chat and debate about the Betfair betting exchange.
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jamesg46
Posts: 3769
Joined: Sat Jul 30, 2016 1:05 pm

Why do they have to know it was money from a loan? A bit intrusive here but is there not other pools of money in your account aside from the loan that could of funded the account, such as savings.
LWBF
Posts: 20
Joined: Fri Feb 05, 2021 10:10 pm

MemphisFlash wrote:
Sat Feb 06, 2021 7:33 pm
let's hope they do then you will be knackered.!!!
Maybe the police will look into it as well.
Was your business really in trouble, do you even have a businees or did you
steal that money from the government and regualr tax paying people.
only scumbags do what you did!!!
I’ve probably paid 10X more tax than you have 🤦🏻‍♂️

Also, that money isn’t stolen from the government if it’s generated in part through my tax money and I pay it back, anyway, genius. 🤦🏻‍♂️

If anything, after interest, I’m giving them money.
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Derek27
Posts: 23475
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Location: UK

MemphisFlash wrote:
Sat Feb 06, 2021 7:33 pm
let's hope they do then you will be knackered.!!!
Maybe the police will look into it as well.
Was your business really in trouble, do you even have a businees or did you
steal that money from the government and regualr tax paying people.
only scumbags do what you did!!!
Questions are followed by a "?". ;)

What's the point in asking him if he has a business when you've already passed judgement? It's known as shooting first, asking questions later, then answering the questions yourself to justify shooting. :)
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Derek27
Posts: 23475
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

LWBF wrote:
Sat Feb 06, 2021 7:28 pm
to75ne wrote:
Sat Feb 06, 2021 6:42 pm
LWBF wrote:
Sat Feb 06, 2021 6:34 pm


The only moron here is you.

Spelling ability of a 5 year old and clearly mentally unstable and a shitty person.

The reason I am using some of the funds to make a bet is because my business has taken a hit over the last few months due to COVID lockdowns etc.

When I applied for the loan several months ago my business was fully operational.

So now I am using some of the funds to generate income in other ways.

I am not a frequent better, I only placed some fairly safe bets in a market I am knowledgable in.

memphis real point is (my opinion) that it is reprehensible to gamble money that as been loaned to you for a specific reason that excludes gambling any of it no matter how knowledgeable you maybe, or how safe you judge your bets to be, that loan as not been granted for gambling on exchange markets or even trading them.
I do not think it is “reprehensible”.

I received the loan legitimately.

Since then (many months later), my circumstances have changed.

I used some of the loan to try and generate income - I didn’t blow it on something material.

I fully intend to pay all of the loan back (with interest) and I will.

My question is/was - can they deny me winnings of a best placed with this money?

There were no source of funds checks prior to placing any bets or when I opened my account.

There is nothing in Betfair’s terms that suggest this isn’t a legitimate source of funds.
My guess, without reading the T&C, is that if any of the loan scheme rules have been broken by placing a bet with part of the loan, that wouldn't be Betfair's responsibility. They may close your account under 'business reasons' but I can't see how they can justify not paying out.
jamesg46
Posts: 3769
Joined: Sat Jul 30, 2016 1:05 pm

MemphisFlash wrote:
Sat Feb 06, 2021 7:33 pm
let's hope they do then you will be knackered.!!!
Maybe the police will look into it as well.
Was your business really in trouble, do you even have a businees or did you
steal that money from the government and regualr tax paying people.
only scumbags do what you did!!!
Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
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to75ne
Posts: 2413
Joined: Wed Apr 22, 2009 5:37 pm

jamesg46 wrote:
Sat Feb 06, 2021 8:32 pm
MemphisFlash wrote:
Sat Feb 06, 2021 7:33 pm
let's hope they do then you will be knackered.!!!
Maybe the police will look into it as well.
Was your business really in trouble, do you even have a businees or did you
steal that money from the government and regualr tax paying people.
only scumbags do what you did!!!
Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
do you really believe its the governments job and hence the taxpayers of the uk responsibility to underwrite a gamblers debts? because that is in effect what it will probably be?

thats some business plan to generate income by gambling.
jamesg46
Posts: 3769
Joined: Sat Jul 30, 2016 1:05 pm

to75ne wrote:
Sat Feb 06, 2021 8:44 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:32 pm
MemphisFlash wrote:
Sat Feb 06, 2021 7:33 pm
let's hope they do then you will be knackered.!!!
Maybe the police will look into it as well.
Was your business really in trouble, do you even have a businees or did you
steal that money from the government and regualr tax paying people.
only scumbags do what you did!!!
Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
do you really believe its the governments job and hence the taxpayers of the uk responsibility to underwrite a gamblers debts? because that is in effect what it will probably be?

thats some business plan to generate income by gambling.
Yeah... we did it for the banks in 08, we bailed out one great big massive gamble.

Tell the people that make a living through their trading or gambling via Betfair that their plan isn't viable.
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Derek27
Posts: 23475
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

to75ne wrote:
Sat Feb 06, 2021 8:44 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:32 pm
MemphisFlash wrote:
Sat Feb 06, 2021 7:33 pm
let's hope they do then you will be knackered.!!!
Maybe the police will look into it as well.
Was your business really in trouble, do you even have a businees or did you
steal that money from the government and regualr tax paying people.
only scumbags do what you did!!!
Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
do you really believe its the governments job and hence the taxpayers of the uk responsibility to underwrite a gamblers debts? because that is in effect what it will probably be?

thats some business plan to generate income by gambling.
One contentious thread dies down and another one starts. :)

If I had to spend every penny I have on a life-saving operation and ended up completely skint, the first thing I would do is get a loan from a bank to start trading again (obviously I wouldn't tell them what it's for) with full confidence of paying it back. I'm sure many on here would do the same or at least have enough confidence in their trading ability and experience for it to be a safe investment from the bank's point of view.
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to75ne
Posts: 2413
Joined: Wed Apr 22, 2009 5:37 pm

jamesg46 wrote:
Sat Feb 06, 2021 8:48 pm
to75ne wrote:
Sat Feb 06, 2021 8:44 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:32 pm


Firstly without business generating tax for the purse either through income tax or VAT the government wouldn't have that money to lend out to the very same business that generated it... what a scumbag does Is expect interest back on a loan of tax payers money. Secondly, some of us see Betfair as a viable business opportunity so in a way, it's only adaptation to the structure of his normal business model. Thirdly, we should care more about the big corporate that are actually stealing from the purse, using the furlough scheme to cover holiday pay over the Christmas break (my ex employer did it and they employ thousands.) Also using the furlough scheme to pay for employees to in isolation instead of ssp... there is all sorts of wrongs going on. Somebody adapting to survive isn't worthy of a tongue lashing from you or I. He may well of put in 100s more than he will ever get out through paying his own taxes and creating jobs that also pay taxes... it wasn't his fault he was forced to close up, I for one am routing for him.
do you really believe its the governments job and hence the taxpayers of the uk responsibility to underwrite a gamblers debts? because that is in effect what it will probably be?

thats some business plan to generate income by gambling.
Yeah... we did it for the banks in 08, we bailed out one great big massive gamble.

Tell the people that make a living through their trading or gambling via Betfair that their plan isn't viable.
1) they bailed the banks to stop the economy collapsing, not by backing the fav on the 19:30 at kempton,

2) i am one of them, my plan is viable and i don't lend money off of anyone including tax payers.
jamesg46
Posts: 3769
Joined: Sat Jul 30, 2016 1:05 pm

to75ne wrote:
Sat Feb 06, 2021 8:53 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:48 pm
to75ne wrote:
Sat Feb 06, 2021 8:44 pm


do you really believe its the governments job and hence the taxpayers of the uk responsibility to underwrite a gamblers debts? because that is in effect what it will probably be?

thats some business plan to generate income by gambling.
Yeah... we did it for the banks in 08, we bailed out one great big massive gamble.

Tell the people that make a living through their trading or gambling via Betfair that their plan isn't viable.
1) they bailed the banks to stop the economy collapsing, not by backing the fav on the 19:30 at kempton,

2) i am one of them, my plan is viable and i don't lend money off of anyone including tax payers.

The reason behind the bailout was the gamble.

I admire the way you did things but some aren't as fortunate. I see no problem with it, if he intends to pay the money back then who am I to judge. He's probably credited the purse with far more tax money than the loan amount so as far as I'm concerned he's just gambling his own money, after all he's just as much a tax contributer as you and I.
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to75ne
Posts: 2413
Joined: Wed Apr 22, 2009 5:37 pm

jamesg46 wrote:
Sat Feb 06, 2021 8:59 pm
to75ne wrote:
Sat Feb 06, 2021 8:53 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:48 pm
Yeah... we did it for the banks in 08, we bailed out one great big massive gamble.

Tell the people that make a living through their trading or gambling via Betfair that their plan isn't viable.
1) they bailed the banks to stop the economy collapsing, not by backing the fav on the 19:30 at kempton,

2) i am one of them, my plan is viable and i don't lend money off of anyone including tax payers.

The reason behind the bailout was the gamble.

I admire the way you did things but some aren't as fortunate. I see no problem with it, if he intends to pay the money back then who am I to judge. He's probably credited the purse with far more tax money than the loan amount so as far as I'm concerned he's just gambling his own money, after all he's just as much a tax contributer as you and I.
if your ok with the government/taxpayer bailing out gamblers your either naive, taking the piss, stupid or playing the devils advocate. i will keep an open mind on which one it is.
jamesg46
Posts: 3769
Joined: Sat Jul 30, 2016 1:05 pm

to75ne wrote:
Sat Feb 06, 2021 9:07 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:59 pm
to75ne wrote:
Sat Feb 06, 2021 8:53 pm


1) they bailed the banks to stop the economy collapsing, not by backing the fav on the 19:30 at kempton,

2) i am one of them, my plan is viable and i don't lend money off of anyone including tax payers.

The reason behind the bailout was the gamble.

I admire the way you did things but some aren't as fortunate. I see no problem with it, if he intends to pay the money back then who am I to judge. He's probably credited the purse with far more tax money than the loan amount so as far as I'm concerned he's just gambling his own money, after all he's just as much a tax contributer as you and I.
if your ok with the government/taxpayer bailing out gamblers your either naive, taking the piss, stupid or playing the devils advocate. i will keep an open mind on which one it is.
I am ok with it.... It's not like It's directly affecting me & good for you for keeping an open mind, it's far more constructive than ranting at people over your personal opinion.
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jimibt
Posts: 3641
Joined: Mon Nov 30, 2015 6:42 pm
Location: Narnia

jamesg46 wrote:
Sat Feb 06, 2021 9:20 pm
to75ne wrote:
Sat Feb 06, 2021 9:07 pm
jamesg46 wrote:
Sat Feb 06, 2021 8:59 pm



The reason behind the bailout was the gamble.

I admire the way you did things but some aren't as fortunate. I see no problem with it, if he intends to pay the money back then who am I to judge. He's probably credited the purse with far more tax money than the loan amount so as far as I'm concerned he's just gambling his own money, after all he's just as much a tax contributer as you and I.
if your ok with the government/taxpayer bailing out gamblers your either naive, taking the piss, stupid or playing the devils advocate. i will keep an open mind on which one it is.
I am ok with it.... It's not like It's directly affecting me & good for you for keeping an open mind, it's far more constructive than ranting at people over your personal opinion.
and there endeth another broken thread - whilst i applaude the OP for his/her transparancy, yet again the responses show that we're just a bunch of sharlatans. Hands up who pays tax on their activities from betfair - anyone?? ... OP, well done for asking an awkward question. Forum (in general) pat yourselves on the back for taking a high moral stance, based on HMRC/PAYE contributions - next!!
jamesg46
Posts: 3769
Joined: Sat Jul 30, 2016 1:05 pm

jimibt wrote:
Sat Feb 06, 2021 9:27 pm
jamesg46 wrote:
Sat Feb 06, 2021 9:20 pm
to75ne wrote:
Sat Feb 06, 2021 9:07 pm


if your ok with the government/taxpayer bailing out gamblers your either naive, taking the piss, stupid or playing the devils advocate. i will keep an open mind on which one it is.
I am ok with it.... It's not like It's directly affecting me & good for you for keeping an open mind, it's far more constructive than ranting at people over your personal opinion.
and there endeth another broken thread - whilst i applaude the OP for his/her transparancy, yet again the responses show that we're just a bunch of sharlatans. Hands up who pays tax on their activities from betfair - anyone?? ... OP, well done for asking an awkward question. Forum (in general) pat yourselves on the back for taking a high moral stance, based on HMRC/PAYE contributions - next!!
Applause 👏 👏 👏 with my hands low down.
Trader Pat
Posts: 4327
Joined: Tue Oct 25, 2016 12:50 pm

Derek27 wrote:
Sat Feb 06, 2021 8:50 pm

One contentious thread dies down and another one starts. :)

:lol:

You can really enjoy a thread like this when you play absolutely no part in it! :)
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