Collecting on a loan from someone with a gambling problem

[OmnicientTruth]

Does anyone have any insight on Nevada law regarding collecting a verbally contracted loan from someone who has a documented gambling problem? I loaned my bf 12k total in various increments to pursue a poker playing career. He has no documented proof of being a professional. Did I make a mistake by repeatedly loaning someone money who in retrospect clearly had a gambling problem? He's already payed me back 7k over the course of 5 years.

 

[Just Blue]

Does anyone have any insight on Nevada law regarding collecting a verbally contracted loan from someone who has a documented gambling problem? I loaned my bf 12k total in various increments to pursue a poker playing career. He has no documented proof of being a professional. Did I make a mistake by repeatedly loaning someone money who in retrospect clearly had a gambling problem? He's already payed me back 7k over the course of 5 years.

Yes, of course you made a huge error in judgement. Stop loaning him money and sue him in small claims court for the 5k he still owns you.




As an aside: You should break it off with this guy...gamblers like to take all their loved ones down with them on that "happy" journey to Rock Bottom.

 

[Taxing Matters]

Does anyone have any insight on Nevada law regarding collecting a verbally contracted loan from someone who has a documented gambling problem? I loaned my bf 12k total in various increments to pursue a poker playing career.

You should have known that such loans were very risky. There are very few true professional gamblers if by professional gambler you mean someone who consistently makes a profit from his gambling activity.

He has no documented proof of being a professional.

This tells me you didn't ask for any proof that he has a track record of making a profit by gambling. What did you ask for information from him before loaning the money?

Verbal contracts are more difficult to enforce than written ones. It'll be easier for him to deny there ever was a loan contract if it's just his word against yours. How did you pay him? Was it cash? If so, then you have the additional problem of proving that you gave him any money. In any event, if he's breached the contract and repaying as promised then you need to sue before the statute of limitations runs out. Good luck collecting any judgment you get, though, as people that have true gambling addictions tend to end up in the poor house before long.

 

[quincy]

Does anyone have any insight on Nevada law regarding collecting a verbally contracted loan from someone who has a documented gambling problem? I loaned my bf 12k total in various increments to pursue a poker playing career. He has no documented proof of being a professional. Did I make a mistake by repeatedly loaning someone money who in retrospect clearly had a gambling problem? He's already payed me back 7k over the course of 5 years.

How exactly was your boyfriend’s gambling problem documented?

Because you have nothing in writing to document the loan, your oral loan agreement has a three year statute of limitations, meaning you have three years from the date of the last payment made by your boyfriend to file a lawsuit.

As an aside: The Deputy Commissioner of Nevada’s Department of Business and Industry has recommended that all licensed debt collectors in the state suspend all collection activity. Debt collection is deemed by Nevada’s Governor to be a nonessential business. During the period of time Covid-19 remains a crisis, there will be no defaults on any civil actions, no examinations for judgment debtors, and no writs of execution issued.

 

[PayrollHRGuy]

The fact that you have been repaid seven of the twelve thousand dollars that you loaned him is in itself surprising. I'm curious about what has increased your concern now?

 

[commentator]

I honestly thought this was a joke when I first read the title. But actually, uh, yes, you made a mistake. And I have actually heard of addicted gamblers calculatedly using the play you have been played with on their friends and family.

What it is, is that gamblers really do intend to win, secretly believe they're going to win, and fully intend to pay you back when they borrow money from you. And sometimes, they borrow money from you, actually do win, and actually do pay you back, at least a little bit. And what does this do? It makes you about fifty times more likely to loan them more money the next time! It's a great investment for them. So sometimes, these people will when they're flush, borrow a little bit, pay you back, which sets you up psychologically, and then later they move in for the bigger amounts.

Remember, they always did, when borrowing the money, sincerely believe they were going to win, did intend to pay you back, yada yada. They can be very charming. And it is so reinforcing when they do pay a little bit. You have the choice of hanging around, and seeing if he pays you a little more later. That'd be the best way to insure you do get paid at least a little.

The wiser thing to do would be to try to get a judgment against this person and get him out of your life, regardless of how charming, related, whatever he is to you. Gamblers have ONE priority. Paying their debts isn't it.