Jump to content
House Price Crash Forum
OnlyMe

Bank Funded Bet Addict

Recommended Posts

They're still at it. You can see the game here - keep on loading the son up with debt full in the knowledge that the parents would bail him and the bank out.

http://www.thesun.co.uk/article/0,,2-2005550070,00.html

A COUPLE were ignored when they begged banks to stop lending their son cash as he racked up £80,000 of gambling debts.

Anne and Robert Arnold found Tom, 22, had been given a £5,000 home improvement loan to feed his addiction in spite of the plea.

And Tom got the “DIY” cash from Lloyds TSB even though he still lives with his parents.

.....

Anne, 52, found out when he was £20,000 in debt. She bailed him out and got a promise from Lloyds that they would tip her off if he sank into financial strife again.

.....

But her son continued betting and the banks remained silent until the lad was forced to tell his parents.

This time cabbie Robert, 48, remortgaged their home with Lloyds TSB for £42,000 to cover what he owed.

Edited by OnlyMe

Share this post


Link to post
Share on other sites
he racked up £80,000 of gambling debts.

Tom ...still lives with his parents.

Probably trying to win enough to afford his own home. And yes, his parents shouldn't have kept bailing him out.

Share this post


Link to post
Share on other sites
You can see the game here - keep on loading the son up with debt full in the knowledge that the parents would bail him and the bank out.

I doubt banks are that organised... it's not as though the person authorising the loan is likely to know the debtor or their parents these days. The real problem is that the parents _do_ bail him out: why would he stop borrowing money if he never has to pay it back?

Any kid of mine who runs up 80k in gambling debts better expect to find themselves in bankruptcy court.

Share this post


Link to post
Share on other sites

why couldnt he file for bankruptcy... seems to me the parents are doing more harm than good

Ah, need to read on further into the article, it gets worse.

The couple face hefty repayments into old age and could lose their home. Anne isn’t working because of a bad back.

But Tom still continued to gamble and is now another £38,000 in debt, which his parents are refusing to cover.

Last night Robert, of Wimbledon South London, said: “It’s disgusting. I’ve banked with Lloyds for 30 years. The bank agreed it would not lend him money but in less than a year they have done the same again.”

Share this post


Link to post
Share on other sites

dont you need assets?

No, the whole point of bankruptcy is it is mostly for people with unmanageable amounts of debt and few if any assets. If someone has assets they can be sold to pay off the debt, and a repayment plan arranged to pay off the remainder; bankruptcy is not necessary in that circumstance.

Share this post


Link to post
Share on other sites

Anne, 52, found out when he was £20,000 in debt. She bailed him out and got a promise from Lloyds that they would tip her off if he sank into financial strife again.

.....

But her son continued betting and the banks remained silent until the lad was forced to tell his parents.

I'm not sure why the bank is getting the blame here. The son is an adult, and it would be quite wrong, and probably illegal, for the bank to tell anyone else about his financial affairs without his consent.

Share this post


Link to post
Share on other sites

I'm not sure why the bank is getting the blame here. The son is an adult, and it would be quite wrong, and probably illegal, for the bank to tell anyone else about his financial affairs without his consent.

The bank agreed it would not lend him money but in less than a year they have done the same again.”

Share this post


Link to post
Share on other sites

The bank agreed it would not lend him money but in less than a year they have done the same again.”

OK, they had no business making such an agreement with his parents. So what they did wrong was allowing his parents to get involved at all, not then going on to lend him more money.

Share this post


Link to post
Share on other sites

Gambling debts are not looked on favourably by bankruptcy if at all.

Also he has taken a loan out from the bank and probably lied about what he was using it for. I.e. 'DIY'.

The family does sound a bit retarded though.

Share this post


Link to post
Share on other sites

Gambling debts are not looked on favourably by bankruptcy if at all.

Also he has taken a loan out from the bank and probably lied about what he was using it for. I.e. 'DIY'.

The family does sound a bit retarded though.

If the parents had any sense they would refuse to help him and let him be declared bankrupt.

At least he wouldn't be able to borrow any more money.

Share this post


Link to post
Share on other sites
Gambling debts are not looked on favourably by bankruptcy if at all.

Good point: he may be one of the ones who's made to wait years before they can get another loan.

Which, in the circumstances, probably wouldn't be a bad thing.

Share this post


Link to post
Share on other sites

Any kid of mine...

At 22 you're no longer a kid, even at 18 you're not really a kid, maybe a naive adult at best.

They should have solved the problem at its root and tackled the gambling problem, bailing him out and not making any corrective action is misguided at best.

If somebody wants to borrow money they will do so readily, Lloyds aren't a branch of social services.

Share this post


Link to post
Share on other sites

Tom should go back to LloydsTSB and ask for another £50K - they'll probably give it to him.

He should then go home and place a £50K bet with his parents that Shergar will be found on the moon on Christmas day.

On boxing day he hands the £50K to his parents.

On the 27th he should file for bankruptcy.

It might just work, so long as he doesn't spend the money before Christmas or Shergar really is on the moon.

:lol::lol::lol::lol::lol::lol:

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.