1. 01-27-12 01:36 PM #36
    EddieMush
    In Seaweed we trust !!!
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    Bottom line, unless he gets his gambling under control, he will be dead soon

    At some point he will be out of options and decide to end it himself

    If he does get help, I hope he does the right thing by remembering you helped him out, and repaying you

    Gamblers however are irrational>>
    Some how he will decide you were part of the problem and he wouldn't have buried himself further without you staking him
    He will partially blame you, and he will make excuse after excuse, but not pay
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  2. 01-27-12 01:52 PM #37
    UntilTheNDofTimE
    I thought i told you that we dont stop
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    How do you even get 44,000 in payday loans? Get a 1k loan from every shop in town?
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  3. 01-27-12 02:13 PM #38
    wtt0315
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    if he files bankruptcy he has to include you as a debtor so you can kiss your 10 k goodbye. second payday loans are different then other types of loans. Some places can say they will charge crimanlly for bad checks but they cant since it was a future set date on the check. They will try to get a judgement against him. The ones that are charging over the interest for california have no claim they cant due jack. He will get a court date and he will go to court and he will say he cant pay. The judge usually will lower the amount owed on the payday loan. My adivce is this. Dont pay any tell them to go to hell.. Save his money and dont pay any. They will one by one come after him and he should try to settle with them at that point one by one with the money he has saved. Honestly it probably will never happen if he has a gambling problem. You can probably kiss your money good bye either way and if it was my friend i would try to get him help. The best thing you could do for him is tell him you will keep the money he is saving and you will pay the payday loans with that and he can pay you back last after it is all done. The reason i am saying to let the payday loans go is because they are incruing massive amounts of interest. once they defult the interest really will not go up that much. When they take it to court they will try to charge like a 200-300 dollar fee which is better then paying the weekly rate. Then you tell them i will send you 500 and we are done or whatever they take it and off you go to the next one. good luck
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  4. 01-28-12 12:45 AM #39
    xinspear
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    Quote Originally Posted by UntilTheNDofTimE View Post
    How do you even get 44,000 in payday loans? Get a 1k loan from every shop in town?
    He owes me $16000+, his sister $20k+, $15k in payday loans (so he say) but he asked his sister for a $25k loan. But $10k might be to pay back my $16k.
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  5. 01-28-12 12:52 AM #40
    xinspear
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    Quote Originally Posted by wtt0315 View Post
    if he files bankruptcy he has to include you as a debtor so you can kiss your 10 k goodbye. second payday loans are different then other types of loans. Some places can say they will charge crimanlly for bad checks but they cant since it was a future set date on the check. They will try to get a judgement against him. The ones that are charging over the interest for california have no claim they cant due jack. He will get a court date and he will go to court and he will say he cant pay. The judge usually will lower the amount owed on the payday loan. My adivce is this. Dont pay any tell them to go to hell.. Save his money and dont pay any. They will one by one come after him and he should try to settle with them at that point one by one with the money he has saved. Honestly it probably will never happen if he has a gambling problem. You can probably kiss your money good bye either way and if it was my friend i would try to get him help. The best thing you could do for him is tell him you will keep the money he is saving and you will pay the payday loans with that and he can pay you back last after it is all done. The reason i am saying to let the payday loans go is because they are incruing massive amounts of interest. once they defult the interest really will not go up that much. When they take it to court they will try to charge like a 200-300 dollar fee which is better then paying the weekly rate. Then you tell them i will send you 500 and we are done or whatever they take it and off you go to the next one. good luck
    I agree, he told me how he was going to change his life around after the $10k I lend him, and how it would save him. 3 month down the road we are at the same spot but with $25k. His reasoning has been he had to get the money to save his marriage and not let his wife know, and that he could fix this problem if he could get the $25k. I am thinking he marriage is already lost a few bets after borrowing the $10k and still decided to gamble. And if the wife is fair she should help him out.
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  6. 01-28-12 01:27 AM #41
    ThaWoj
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    'my friend' has defaulted on more than 1 payday loan. they send it to a junk debt buyer/collector who tries to collect from you. they use scare tactics and illegal measures like telling you if you dont pay that day you will get arrested and will tell you you have a court case next week. its all bs. after a while they give up. they dont even put it on your credit report. most of these junk debt buyers kno they are not following the fdcpa or whatever its called so they cant do shit.

    in this case if the pdl companies knowingly are breaking cali law by loaning excess amounts/charging over the capped interest rate, they wont even pursue legal action.
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  7. 01-28-12 06:34 AM #42
    jjgold
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    Lesson learned bet with your head and not over it
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  8. 02-05-12 09:08 PM #43
    xinspear
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    Giants won!
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  9. 02-05-12 09:13 PM #44
    Extra Innings
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    tell him to divorce his family, he doesn't deserve one.
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  10. 02-08-12 07:42 AM #45
    ThaWoj
    hope i dont wake up tomorrow
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    thanks for all the points man
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  11. 02-08-12 07:46 AM #46
    jjgold
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    Never ever loan money to gamblers unless you are giving as a gift and not expecting anything back
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  12. 02-08-12 07:53 AM #47
    RyanLeafOfBets
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    Quote Originally Posted by jjgold View Post
    Never ever loan money to gamblers unless you are giving as a gift and not expecting anything back
    JJ's right
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  13. 02-08-12 07:56 AM #48
    PAULYPOKER
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    Quote Originally Posted by xinspear View Post
    My friend has a gambling problem. He owes multiple payday loans. He claim he owes $25,000 in principle. I saw one of this payday loans, it was $970 and he incurred a $190 extension fee in 2 weeks. He currently has an outstanding balance of over $44,000 from his friends and families. I personally lend him $10,000 which was suppose to pay off his payday loans 3 months ago. Now he is asking his sister for $25,000 saying that will fix the problem. We are thinking of letting him default on his loans, but wanted to know what will happen he did this. Here are a few facts: This is regarding California US. A. His spouse doesn't know of his debt. B. They own a property, I think there is very little equity in it atm. C. Some of the payday loans are breaking the law, one was charging more than $17.5 per 100 over a 2 week period. Another lent him more than $300 legal California max. D. Both resident currently has their name on the deed to the house, but only the non debt burden member has their name on the mortgage. E. California is a community property state. Questions: What happen when my friend defaults on his loan? What type of judgement would be place, as some of the loan are non California law compliant? Does his spouse has her wage also garnish in the event of bankruptcy by the other member? Does the house get foreclosed? The debt burden member only has his name on the deed, but not on mortgage, What type of repayment in principle and interest would a judgement be? What is the max wage garnishment for each spouse? Does each debtor get their own judgement after he files for bankruptcy protection? Thanks in advance.
    You should just shoot yourself now to stop the life long misery that lies ahead of you...........
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