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Stop Loss in Spread betting

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Hi all!

I am moving my trading and investing over to IG and just wanted to test out the dashboard. I have a question regarding spread betting stop loss: Just wanted to do a small short in order to see how the stop and take profit features work with a small amount of 55 GBP while I wait for my other funds. As I move the stop loss, potential losses show in excess of 1300+ GBP for a stop of only 24.5 pts. Is it possible to lose more than the money presently on the account? Is that potential loss only showed as a total potential loss with leverage taken into consideration? Thanks and sorry for the dumb and confused question!

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