Good luck with this, and I hope you get it sorted. Would be interested to know if you have a soft search from Betfair showing on your credit file?Crazyskier wrote: ↑Mon Jul 25, 2022 1:21 pmGreeting fellow forumites!
It's not often that I start a brand new thread and I did consider adding this to the existing Betfair account closure thread (feel free to move if you feel necessary, Peter / Dallas, etc). But today I received a rather bizarre and totally unexpected email from Betfair as below:
BF Monthly Budget.jpg
So, the questions beg:
1) Am I alone in receiving this monthly limit, or are others starting to receive these? I'm still a net lifetime loser on BF, so perhaps those PC payers won't be targeted?
2) How did they arrive at the rather arbitrary figure of £1,000? Is this now a hard cap on exposure or total monthly losses?
3) It says in the email (see attached) that they have performed a 'soft credit check'. Now, my credit is fine, but surely GDPR laws mean that they can't perform any kind of checks without my express consent?
4) Should I be concerned at all? I very rarely lose more than £1,000 in any given calendar month, so should I just carry on as usual, or contact Betfair CS to get the limit raised? And what further checks are they likely to need?
If anyone else has received one of the ''Fair Deal for All'' emails, what was your reaction and has it had any negative impact?
Thanks in advance and regards to all,
CS
Betfair Monthly Limit Email Received Today
- jamesedwards
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Derek, is that only visible to you ?
Soft searches should not be visible to other institutions, if there are then there is something very bad and illegal going on.
- wearthefoxhat
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Haven't received anything as of yet. I did check their support page. (NDL)
https://support.betfair.com/app/answers ... _id/10221/
I interpret this as a monthly amount, eg: £500 (budget) Total deposits for that month cannot exceed the £500.
If I withdraw £250 profit in the same month, my budget increases to £750. It gets reset at the start of each month and goes back to the £500.
If I blow my £500 deposit during the month and have a nil balance, I have to wait until next month until I go again.
I can discuss with Betfair if i want to increase the budget amount. This might then require further admin/financial checks....etc
If I don't deposit anything and use what I have in my account, it won't affect me.
https://support.betfair.com/app/answers ... _id/10221/
I interpret this as a monthly amount, eg: £500 (budget) Total deposits for that month cannot exceed the £500.
If I withdraw £250 profit in the same month, my budget increases to £750. It gets reset at the start of each month and goes back to the £500.
If I blow my £500 deposit during the month and have a nil balance, I have to wait until next month until I go again.
I can discuss with Betfair if i want to increase the budget amount. This might then require further admin/financial checks....etc
If I don't deposit anything and use what I have in my account, it won't affect me.
You do not have the required permissions to view the files attached to this post.
You'd have to ask other institutions if they can see it.Archery1969 wrote: ↑Tue Jul 26, 2022 8:22 amDerek, is that only visible to you ?
Soft searches should not be visible to other institutions, if there are then there is something very bad and illegal going on.
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Here you go.
What is a soft credit check
What is a soft credit check
- Soft credit checks happen when you check your own credit report, or when a lender checks to see whether you’re eligible for certain products and interest rates.
The lender may want a top-level view of your financial history so they can pre-approve any offers, or show you what you could potentially be eligible for.
A soft credit check doesn’t leave a visible footprint on your credit file, but it is recorded. This means no other lenders can see it. A soft credit check won’t impact your credit score, but, you’ll be able to see if anyone has checked your credit history.
If you view your own credit report, this will also come up as a soft credit check. You may find that, in certain industries, employers will want to perform a soft credit check if you’ve recently applied for a job with them. This will depend on the employer.
- If you’ve made an application for finance, such as a credit card, loan or mortgage, the lender will do an in-depth check of your credit report.
A hard credit check will look at your financial history so the lender can see your track record of repaying money you've previously borrowed.
Any negative marks on your credit report, like overdue payments or debt collection, may stay on your credit report for a number of years.
- Soft credit checks aren't visible to companies, but hard checks are. This means soft credit checks won’t affect your credit score, whereas hard credit checks could.
Keep in mind, lenders will be able to check if you’ve been successful for any credit applications.
If you apply for finance a number of times within a short space of time, it could signal to lenders that you may be struggling to manage your finances.
- jamesedwards
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Can you confirm with them that your limit is a deposit limit and not a loss limit? If it's a loss limit then it wouldn't matter how much balance you have, they would only allow a loss of £100 before preventing any further trading until the following month.
It's quite clear from what's posted on this thread that it's a deposit limit.jamesedwards wrote: ↑Tue Jul 26, 2022 7:00 pmCan you confirm with them that your limit is a deposit limit and not a loss limit? If it's a loss limit then it wouldn't matter how much balance you have, they would only allow a loss of £100 before preventing any further trading until the following month.
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I been set a deposit limit of £100.
Think I will return to just playing multiple poker tables with no restrictions.
Muppets.
Think I will return to just playing multiple poker tables with no restrictions.
Muppets.
Have you made any deposits lately that might have triggered it?Archery1969 wrote: ↑Tue Jul 26, 2022 8:00 pmI been set a deposit limit of £100.
Think I will return to just playing multiple poker tables with no restrictions.
Muppets.
I'd like to know what Peter gets limited to, if it happens.
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I made a deposit 2 weeks ago of £500 via my debit card. That’s all that’s in the account. Haven’t done any trading or transactions during that time.Derek27 wrote: ↑Tue Jul 26, 2022 8:04 pmHave you made any deposits lately that might have triggered it?Archery1969 wrote: ↑Tue Jul 26, 2022 8:00 pmI been set a deposit limit of £100.
Think I will return to just playing multiple poker tables with no restrictions.
Muppets.
I'd like to know what Peter gets limited to, if it happens.
I doubt they going to limit Peter, that would be suicide for them.
I haven't made a deposit since I was given a new account almost two years ago. Looks like it's out of the question now, it may be the trigger.Archery1969 wrote: ↑Tue Jul 26, 2022 9:17 pmI made a deposit 2 weeks ago of £500 via my debit card. That’s all that’s in the account. Haven’t done any trading or transactions during that time.Derek27 wrote: ↑Tue Jul 26, 2022 8:04 pmHave you made any deposits lately that might have triggered it?Archery1969 wrote: ↑Tue Jul 26, 2022 8:00 pmI been set a deposit limit of £100.
Think I will return to just playing multiple poker tables with no restrictions.
Muppets.
I'd like to know what Peter gets limited to, if it happens.
I doubt they going to limit Peter, that would be suicide for them.
- jamesedwards
- Posts: 2323
- Joined: Wed Nov 21, 2018 6:16 pm
Basically the Gambling Commission are forcing players to maintain an unhealthily high balance in gambling accounts in order to get around restrictions. Encouraging punters who may have a problem to never withdraw any winnings, plus increasing the amount of balances sitting in a business that might one day collapse. If Betfair go under I might sue the GC.Derek27 wrote: ↑Tue Jul 26, 2022 9:23 pmI haven't made a deposit since I was given a new account almost two years ago. Looks like it's out of the question now, it may be the trigger.Archery1969 wrote: ↑Tue Jul 26, 2022 9:17 pmI made a deposit 2 weeks ago of £500 via my debit card. That’s all that’s in the account. Haven’t done any trading or transactions during that time.
I doubt they going to limit Peter, that would be suicide for them.