Anthony Franklin
(email address deleted)
Sir Richard Branson
The School House
50 Brook
Green
London, W6
7RR
England
England
11th May 2012.
Dear Sir Richard Branson,
I am writing to ask for your leadership to conduct a review of your
companies banking and casino operations with regard to the use of credit to
fund gambling transactions, specifically the use of payment cards linked to any
form of credit (credit cards, charge cards, debit cards linked to overdrafts
etc.) with a view to discontinuing such practices at Virgin Money and Virgin
Games.
I make my request to you as a recovering problem gambler who has lost
everything of financial value through 30 years of gambling addiction. Aside of
the financial consequences of my gambling addiction it has had a devastating
impact on my family, work and social life. If you are interested to know more
about my personal story you can view my blog at: http://responsiblegambling1.blogspot.com/
and my story was recently covered by journalists investigating the prevalence
of gambling addiction and can be viewed at: http://www.stickortwist.co.uk/2012/05/01/i-started-when-i-was-11-at-13-it-became-a-problem-30-years-with-a-gambling-addiction/
The case for taking a lead to discontinue such practices is set out as
follows:
1. UK banks are committed to responsible lending practice. Lending for the
purposes of gambling/speculative transactions does not seem to fit with
responsible lending policy.
1.1. If an individual walked into a Northern Rock/Virgin Money branch and
applied for a £20,000 loan with declared purpose to use the funds for gambling
then the bank would decline the application. So why is paying by credit card
for gambling transactions viewed any differently?
2. To prevent and make it more difficult for problem gamblers to be able to
run up huge bank debts.
3. To promote responsible gambling policy specifically not spending more
than one can afford to.
The argument that credit cards paid in full in each month are in some
way exempt from the lending argument is not valid in my view as credit is
extended from the moment a transaction is posted to an account to the point at
which the balance is paid off. Banks of course know this and thus operate a
credit scoring process to assess an individual’s ability to repay.
The British Gambling Prevalence survey said that an estimated 0.9 per cent of the adult population (by one measure) or 451,000 people – could be classed as a problem gambler, up from the 0.6 per cent - or 300,000 - recorded in 2007 and 1999. The NHS Survey recorded even higher estimates of 3.2% of the population or 1.3 million estimated to be a problem gambler. It is estimated that for every problem gambler there are an additional 10 people impacted. (family, friends, work colleagues etc.) So this is a significant problem affecting very large numbers of families (and society) in the UK.
I recognize that for many people gambling is an enjoyable recreational activity. I do not seek to
advocate a total block to payment cards (Debit cards, Pre-Pay Cards) being used
to pay for gambling transactions as I believe people have a right to choose how
to spend their own money.
I hope that you can agree and that with your leadership Virgin Money and
Virgin Games can immediately review this issue with a view to discontinuing the
practice of allowing credit to be accessed through cards to pay for gambling
transactions.
I am happy to provide
any further information that you need, I can be contacted by email at (email address deleted).
Yours faithfully,
Anthony Franklin.
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