Topic: Is it possible to inherit a gambling debt? - page 6. (Read 1965 times)

It's tempting mostly as a gambler to pick up borrowing money as the option to solve the problem of not having money for gambling. Have watched multiple families complaining bitterly online about the challenges they're facing regarding the loan their parents took for gambling purposes before leaving the world. However, the information that loan sharks require to hand out money to people is quite too enormous to make a gambler feel threatened not to borrow the money again.

I've been there and was not conductively convinced to borrow money because I had to fill a form that gets the phone number of my family and friends. In a decentralized world as this, information is the most important of all. The worst thing about being a gambler is getting our loved ones into severe trouble even when we are not here. Instead of instigating such traumas on them, it's better to relieve ourselves of gambling with borrowed money and wait until we've made money, then gambling can be the next option.

Yes it is true, that when the person with the debt dies then the responsibility will pass to their family members such as their children or siblings or spouse, but I think this covers all loan services, or what it means is that no matter where they borrowed then eventually the loan service will look for people closest to them to be held accountable which usually if they cannot pay the debt then the service or even confiscate certain items or assets that have the same value as the loan amount.

Yes, the point is that if you or anyone does not have money that we can be responsible for if in the end we lose then it is clearly better not to gamble at all, there is no other way but not to do it because after all prevention is always better than cure, and we can see that lately there are quite a lot of addicted gamblers who have problems in terms of loans such as debt.

If you ask like this Is it possible to inherit a debt? the answer is yes most of the debt is inherent to their kid or relatives when the person that has debt is die, and in this case the debt to other user not a debt with bank or loan App like Defi or something like that.

and if the question like this Is it possible to inherit a gambling debt? Just don't do gamble frennn if you don't have money I mean what are you doing if you still insist to do gamble then use a collateral don't inherit your debt to someone else

Indeed, that is what will happen if the gambler dies but has not paid off the debt, then the family will bear the consequences even though the family does not eat the money that has been borrowed but has to bear the burden which should not be their responsibility and if the loan is large and includes collateral then the family will lose one of the valuables because the borrower uses collateral. But if you borrow without collateral, the family is also obliged to pay because if you don't pay, the family will most likely be sued by the person who lent the money, the person who lent the money doesn't care even if the borrower has died because the most important thing is for them they can get the money back along with interest which the borrower must bear somehow.

This is like the case of my neighbor, my friend's father borrowed money from a fairly large bank and used a mortgage, the borrower used it to gamble but for some reason the money didn't produce anything and over time it ran out and not long after, his father died and the family was forced to bear the burden. created by his father and because they were poor and didn't have a job, their house was confiscated and finally the family was burdened because they no longer had anything. This is what makes us think twice if we want to borrow money to gamble.

What you said is true, as a matter of fact many father has kept a whole lots of depth for their children from the loan they took from gambling. But I don't think such case may be judged in the law court because it is the case of a deceased that has transferred loan indirectly to their children. If atol such case may exist in Court, The judgement may just be slim, like such person will pay %50 or funny enough %60 of the total amount of loan owed by the father. Reason may be that such person was not the one that directly owe the loan and perhaps he was not part of the agreement so he has the right to shear the Dept with the second person and not paying for all the loan. So it's a normal thing though which is not sorpos to be normal, but there is no how government will hold a debtor to pay back his loan after death, but this things can be fixed by colethral agreement. Sothat after passing away such agreement can be used to pay off the loan owed by the debtors before they pass on.

Without any bias or prejudice...don't you think having a family puts pressure on the man as he needs to find resources to take care of the family, and in some households the women usually don't work which means one person is bringing in the money and you can never take a break when it comes to paying bills💰 

It depends on how the agreement was setup, and how the lenders business was setup...in some scenarios insurance can cover the lender, or family can step in if evidence can be produced...

And btw when it comes to debt it's never about he or she is a gambler...debt is handled the same gambler or not !

If person is alive yep Court can handle this...but for a dead guy I don't think so unless collateral is involved and other members of the family don't want you to have the collateral...

Is it possible to inherit a gambling debt...  This is a loaded question.  As others have stated, when getting a loan you typically have to put up collateral, so in the event someone dies and their heirs aren't willing to pay their debts, the lender just takes that collateral.

All that said, the answer to this question really depends on who loans you the money.  If you borrow money from the mob and die without paying them back, your heirs may find themselves in a sticky situation when the mob comes looking for their money.  That's why collateral exists in the first place. 

Yes that's true, but I think it's still possible to happen when someone has collateral or when someone dares to pledge something big that they own like a vehicle or land or even their own house, meaning the bank will still give you a loan if there is one. something that can be used as collateral, and also what this means is that it doesn't mean the bank won't lend money unless, for example, a gambler doesn't have anything that can be used as collateral at all.

In the end, this is what is worried about when a gambler has reached a level of chronic addiction to gambling where they can do anything or justify any means just to fund their gambling activities, whether it is borrowing, stealing or deceiving many people in order to get the big win they have always dreamed of.

I don't know about the debt rules in other countries, and sometimes it varies from place to place but in my place where I live there is a rule of debt if some one borrows money he must give some coletral to the person from whom he borrows money and if he doesn't pay at the time or unable to pay then the person keeps the coletral.But when a gambler died in a way that he has borrowed many from person then the borrower took some part from his property to the same amount he gave to the gambler with or without the help of court depend on the situations that the gambler family giving his money or not.
In my personal view, no one needs to give money to the gambler, first there is no specified time for death and the second is that gambler got addiction and he lost everything in the gambling at the end he came to you for money, so this means that there is nothing in his pocket from which you can refill your payment.
But I have a small question from all of you and if you want to know about it then share it with me.
What if we do wrong with him by not giving him loan, maybe by giving him this loan he can get some money and clear all his debt along with yours.Does in selfishness we can ruin his life?

Banks will never lend money to someone who cannot afford to pay it back. If you want to take a loan from a bank or an organization, you have to keep some collateral or show a strong source of income and give a loan after taking the signature of some guarantors, so no one will take a loan and do not care where the money will be used. If the loan is overdue, they will own the collateral or collect the money from the guarantors. such is the case with loans.

I can attest to this on which i do have a credit card back in the past on which i have used all the credit limit of it on which its already that too big for me to pay it up the whole amount, which i do really end up on having that paying that monthly amount due and its been a long time i've been paying the interest. On the moment that the bank been trying to put up that insurance then it is really that an another add up into the whole amount which is really that a burden. Just in case that there's something  that happened into you then since you do have the insurance then all of those debts would really be paid up.
For those loved ones on whom you had left on then for sure they would really having no problems about paying up those debts.

Somehow, if this one would really be that in between other people like having those kind of agreements then it could really be potentially be possible that there would really be passing up
that kind of responsibility on which it do really sucks on that case.

Base on Islamic rules we should make sure we don't have debt after we have died, but it very difficult to see died person debt free, that why during the funeral prayer the Imam that will lead the prayer will ask whether the person is owning anyone and also who are owning the person too before performing the salat, from this point we will no who is owning and who are owning too then after the will try to resolve the issue.

Once it is noticed that the person is owning, the only thing we think of is how to repay back the money, if the person have properties then we rise the money from there and if the person doesn't have anything left than we will source the money somewhere else to make the repayment. In our believe if the person comes with prove we pay, we don't care how the person spent it or what he used it for, the best we pay back so that the person soul will rest.

I'm not sure if you are aware of credit loan insurance policy, the banks that offer loans make use of this insurance for most of their customers. Now, what I'm not sure about the loan you are talking about is whether the loan was taking from bank to gamble or it was taking from another person. If the loan the person taking to gamble is from the bank, there is a credit insure on the loan and what the decease people need to do is to provide the bank with a death certificate and the bank will take care of it.

However. If the loan is coming from a random person and there was agreement of payment between the lender and the decease, then the family must provide alternative to pay back the loan the person must have owe alive or dead, there is no two ways about that unless the lender decide to forget about the loan.

Depending on what do you mean, if it's a debt or loan from a person, yes you can definitely inherit a debt, in the case of establishments like casinos, bar, and other gambling amenities, it might be possible that they don't mind not forgiving the debt, the most difficult one would be those debts that got some written contracts in it, if the clause says your family would inherit the debt, you'd definitely have to obligate yourself to pay that debt. It's a sad and pathetic ending for some gambling addict to be in because you're the only one that has done it to you and now you're letting in others to take the blame.

In some countries, it is lawful to pay the debt owed by the deceased. The family of the deceased will be help responsible to pay up such debt. If the debtor has a property, it would be sold to make payments and if he does not have, his family members will look for a means to pay back the debts.

This is why irresponsible gambling is not good and can lead to a great pain on the family, if the late person had a gambling debt before he passed on. Be a responsible gambler and don't put too much burden on your family after death.

It is very possible to inherit gambling debt, by nature and custom, after the death of either the Father or Mother the children or family left are expected to pay the debt if demanded. I have read and also heard about cases like this, and is so bad to pay a debt which was used for gambling with interest already yielded.
This is one of the many reasons I emphasize on limits, risk control and Moderation in gambling because only an addicted gambler will borrow money just to gamble to satisfy his urge.

It sounds very sad if the incident really happens in our family members, but for me personally, an incident like what you said actually does exist in someone's life, what I mean is that I have heard that there is a child who bears and is responsible for the debt left by his father because his father used to like to gamble or could be called a gambling addict or crazy and the father may not have dared to tell his bad behavior to family members, even the father dared to borrow money from his friend to gamble, but according to the agreement only the father and his friend knew and the child would be fully responsible for paying the loan to his father's friend.
So in the end the only way is for the child and his family to have to return it immediately or they will often experience terror from the borrower.

I don't know if there are any laws regarding this or not, but I feel like a child will generally accept the debts and be ready to pay the ones who the money was taken from if they can easily afford it. In case the child can't afford to pay the debt taken by the late father, I guess they can appeal to the court that the father has passed away and they can't afford to pay the debt he has taken, and there might be some ruling regarding this.

Generally, people who pass away are exempted from the debts and whatever they had on them if those they have taken the money from have moral values because it's not right to ask someone else to pay what a late person had taken unless they are rich and can easily afford to pay the debt back.

Is there any data? because if we only look at a few cases around us, we can't describe the truth.
Gamblers who are in debt are very likely to take out loans not through official parties, for example from banks unless they borrow from the bank for business but in reality they spend it on gambling, so it could be that they will be in debt from loan sharks and that is dangerous for their families, their families could be terrorized by loan sharks, which can be dangerous, but do loans from loan sharks have official documents? otherwise it doesn't seem like it will be able to ensnare his family, because loans from loan sharks do not have legal force or there are official laws that regulate them.
However, as far as I know, official loans such as through banks will depend on agreements, but maybe each country is different so you have to look at the laws that apply in that country.

Well I feel like it happens but what don’t know if they inherit or not