Topic: Is it possible to inherit a gambling debt? - page 11. (Read 1965 times)

You just made it very clear to us here because I don't understand why and how a right thinking person will go to borrow money to just to cure his gambling curiosity it is done anyway... Yes indeed it is done but brother believe I have seen people like that more than twice they even go ahead to even take things forcefully from people in the order you say stealig from people just to cure their own curiosity towards gambling....

I have been able to meet people who are ready to do undoable things just to satisfy their gambling habits and they always believe that the last one which they didn't participate on is the game that they are going to win..

Sone even forge ahead to sell either their property father or relative properties just to make sure they gamble because they believed once they gamble the money will be doubled so definitely after their withdrawal they can get replaced the property or even get new on and till have some money left with me... When it turns out well they have left the debt for their parents or spouse

I have met some students who ends up gambling with their schools fees just to double up so if a gambler and they will still go back to their parents by so doing they have also left the debt for their parents to pay by coming up with one excuse or the other .....

Sure, paying for something you've never done before or paying for a loan that someone else took out is something that most people wouldn't do, but on the other hand, no matter how bad it is, it's their own father or family member and there's no one else to answer to except their own family if the gambler who inherited the debt is dead, and after all, the people who will collect the debt are the family and not the dead person.

On the other hand, I would say that you would not have any obligation to pay the debt if you were a nobody, or if the person who owed the debt and died was someone else who was not related to you. Sometimes I like to hear cases similar to this where the parents leave a debt when they die and this is not only the case in gambling, because loan services are generally used for many things, such as business capital or urgent living needs or other things, and still in the end it is the closest people, especially family members who are responsible for it,

Paying debt you didn't owe is not easy and in some cases those parents didn't have any property for the children to sell to pay those debts. Even at that if the Children have money and if they were in good term with the gambler father before they can pay that debt if not most children refused to pay those debts and left it for the family members to pay those debts. Individual debt can't make the society nto be angry and I don't know the area you are talking about. Though society frown about bad behavior because it affects the interaction of members. Even though the father was a gambler and he owe debt. Good fathers look for a solution for their children before dieing.

Debt is debt be it gambling debt or not, okay, come to think of this if your parents take loan to train you in school and at some points you almost finished (about to graduate) even you have taken your final exams and finishes your defence in school just your convocation then you were called that your Dad is late, what would you do at this point?

Would you say since is not you who took the loan you won't pay the loan borrowed on behalf of you to take care of your schooling or what?

Of course you would pay the loan but not as immediate as you could asked for extension or go plead with the lender to cease the interest since your father is late and the bill will keep accumulating for you. So, it is to gambling loan when your parents took loan and happened to passed away the loan remains for their children or anyone who is financial stable to come clear them off because if when they were alive and they took the loan to gamble then it turns that they made fortune out of it there is no day you would say you won't touch your father's wealth since they aren't alive to enjoy that money.

Man, to some wayward girls and son's that will be their best time to flirt with their parents property and wealth since no one is there to control them or give them instructions. When you turn it the other way round you would see that all still bounce back to the children to pay out those loan kept by their late parents there is nothing to shy away from because you that are living will have to pay the loan.

This is funny to me, how will a right thinking person borrow to satisfy his gambling curiosity I see this as an education in the highest level, the level of gambling this days is becoming something else, though I have not seen where this happens but I don't know if this is legal in anyway, if a gambling addict borrow money to play gamble, if he didn't present the purpose of his borrowing which I know that it is not possible, this matter can be presented to the competent court of jurisdiction because debt is involved but I know that a good money lender can not give his hard earned money out to anyone without a collateral, no matter you use your borrowed money for it doesn't concern the borrower, what matters to him or her is the repayment of the debt.

I really don't think that the International Law Authorities would be able to help in such cases because a debt is a debt.
The world should stop giving away loans without any collateral and that's the only way how this can change.
In case of any default or demise of the person taking a loan, the collateral can be seized and used for paying away the debt.
In gambling though, this is hard because people are looking for quick profits and giving loans without collaterals have high interest rates.
So people give away loans with high interest rates but then the worst happens and they have no other option to ask their family members to payback the debt.

Talking to the creditor in person When the creditor won't listen the person can try on their own or take legal action. As far as I am concerned, no collateral loan should be given because everyone is talking and not talking now. If there is any security the person will be able to pay according to his needs. It will not take time to repay the loan. Everything should be done on contract basis.

That's the right way to lend money, especially if it's a large amount of money, it's really necessary to have collateral because we're not sure if we'll actually be able to pay what we owe, and it's difficult if we pass it on to our children because they don't have a naive attitude towards loans their parents will do, but just like in other countries, if you borrow from normal people only, it is possible that the charge will happen to different generations of the family of the person who borrowed.

From the story you told, it was not mentioned where the person borrowed the money from, from the bank or from a loan shark? Because when borrowing money from a bank, at least the person must have collateral or assets that can be used as collateral. Unless the person borrows money from a loan shark, there is no such thing as collateral, where just by submitting personal data someone can take out a loan. But the minus is that the interest is relatively high. and that is why many people are in debt. And it could be that the person you are talking about has something to do with loan sharks. and it is natural that society's view of a gambler becomes worse, because they judge from what they see.

This story is a lesson and a reminder for us regarding the negative impacts of irresponsible gambling and poor debt management. And it's good if in a situation where we don't have the money to continue gambling, it would be better if we postpone that desire. Indeed, when it comes to gambling, it is full of surprises, which can change our financial condition, but this only happens to a small number of gamblers, for the majority they continue to experience long-term losses.

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And can this matter be brought to court, yes actually it is possible, but regarding winning or losing in court, it depends on the efforts made.

Yes, generally speakin', a dad's debt doesn't just get passed on to his kids when he dies.  But there's always some catches, dependin' on where you live and the specific laws.  For instance, the deadbeat dad's estate - I'm talkin' his assets like houses land, money or whatever - that stuff can get used to clear up what he owed before anything gets handed down to next of kin 

Other exception could be like if the kid co-signed on a loan or somethin.  Then the bank might still come knocking.  But short of that, or the kid voluntarily takin' on dad's debt for some reason, they typically in the clear.  It's a nice rule to have letting the children start fresh without inheriting all their old man's baggage.  But the flip side is they don't inherit all his riches neither!

It's possible to inherit a gambling debt, sometimes it mightn't be a gambling debts specifically but a debt owned by someone that put you as their beneficiary can be passed down to you as if the person had money, you'll be the one to have benefited from the inheritance. Some individuals owe many people that they have borrowed money from and can not pay back before they died, gamblers are making life difficult for their relatives and this is the reason why people hate gamblers.

If the gambles were gambling correctly and only using their spare money to gamble, people won't have had a problem with gamblers but this individual go around to borrow money with an excuse of using the money for something important but it's to waste them while gambling on games that they don't know if they can win. They'll be thinking that winning is easily but they're losing always when betting.

This is highly dependent on a country's legislation. For example, in certain countries you can just deny the whole inheritance from your parents and then you also don't inherit the debt.
In other countries one simply can not inherit any debt at all. Other times it can be mandatory to inherit certain kinds of debts.

Honestly though, I don't think gambling debt is as enforceable as debt to a bank. Of course if you deposit in a casino with a credit card, or with money from a bank loan... The casino keeps the money you lost and the bank still goes after you no matter where you spent it at. Moral of the story I think is that everyone should be responsible. Don't go on debt for large risks like that. Better just play with cash you can afford to lose.

I do really feel bad whenever I see people taking loans just because they want to gamble, why do you have to take that kind of risk, I don’t just know what some people doing that do think, no matter the advice that you give some people, they will still go back to take the loan and gamble with it.
 
If a gambler couldn’t take care of his gambling debt before passing away, then the properties he left behind will be sold and the debt will be cleared. That’s just something family members can do because people from whom he took the loan will want to get their money back.

Here I am agreed about few things we have different laws and rules in different countries because due to literacy rates are not good at developing countries we have too many issues and things which are never been happened in developed societies because here we have to people those are having all lives as slave due to their elders loans which they are not able to pay so they have to serve just for the food and even many done things which are not mentionable here but its happening even in this era still we have too many areas which are not able to bring themselves as the technology era or having better literacy facing things like these.

Maybe each country has different rules regarding bank loan or something like that, but in general this can be resolved based on agreed provisions. Banks usually need collateral before giving loan to their customers, but in some cases banks need a reason why you need a loan.

If the gambler owes money to the bank for gambling purposes rather than other needs such as business, then it is very likely that the bank will reject the request. But I can absolutely tell you that a major natural disaster (like Tsunami) and death to the borrower could wipe the loan out of repayment.

It's possible if the law requires it. But as far as I know, the jurisdiction varies per country, region, or location.

Not sure about other regions but if I talk about our banks here, if someone borrowed a huge amount, collateral is required that is worth and valued as high as the loan amount. Part of the terms is, if the loaner is deceased, and the loan is still not settled yet, the collateral will still be pulled by the bank not unless the family is willing to shoulder the remaining amount to be settled. Settling debt through legal cases is difficult as there are requirements needed and if worst, the lender might also face a lawsuit, especially if not a registered lender.

This might not be pertaining about gambling directly but the idea is really just that the same.

What Debts Can Be Inherited?

Mortgages or home equity loans. If you inherit a house that has an outstanding mortgage, home equity loan or HELOC on it – and want to retain the house – you must stay current with payments. Even if you plan to sell the house, you must stay current with payments, until the house is sold.

Cosigned debts. If you co-sign a loan or credit card agreement with someone, you already agreed to be responsible for payment if they default. That responsibility remains, even after the death of one party.
Joint debt: When a loan or credit card is issued to two people based on their combined income and assets, it is called a “joint debt.” The surviving member is responsible for any joint debts.

Community Property. If you are married and live in one of the nine states that are community property, the surviving spouse must repay all debts acquired during the marriage.
Similar to houses, if you want to retain the benefits of a timeshare, you must keep up the payments.

Source: https://www.debt.org/advice/inheriting/

Dont know about on debt via gambling but to assume out with those things above then i dont see for it to fit out
not unless if there would really be some contracts been signed then as a family then you are obliged to pay up for that.

Noo!! I don't actually believe that anyone can inherit someone's debt in gambling, it is only in loans that I think someone maybe asked to get a garrantor or to bring a collateral before a loan will be disbursed to the peeson.......

But not in gambling there is even an general saying that goes this way between to your own risk/ what you can bear so if what you are staking is not bearable to you so you better do not so I see no reason of some else inheritting one's debt in gambling I don't think possible because no body takes such risk for anyone eveb your best for or even wife and husband can't take such risk for their partners even if you want give a loans it shouldn't be your concern for what the person is going to use the money for and there should be a collateral or a guarantor before the loan will be released because believe me you maybe not be able to control the future situation ....

thanks I believe I have been able to contribute a meaningful answers to this question....

When it comes on taking some loan then there would really be some contract or terms that needs to be signed on which if ever there are those terms been mentioned about that whenever the borrower
would pass out or would die then his/her family would really be obliged on paying up the loan on which there's nothing you can do but to pay up on what your father or someone had been left into you
which is really that sad specially if you are just living on a family on having that standard ways of living or when it comes to finances. This is why it would really be always best
that we should really be that held responsible on whatever the things that we are dealing on which we do know that we arent that holding our lives. ANything could happen in an instant
and dont make yourself as a burden on the time that you would die. So its better and sensible that you should be thinking up this way rather than on being that irresponsible
with the actions which would be causing up so much trouble even if you do pass away.

True, this can be a heartbreaking burden for their loved ones, with long-term implications. And the truth is that the majority of gambling debts are considered uncollectable, which means that lenders are usually out of luck when it comes to recovering their money. However, this does not make the situation any easier for the families who remain behind.