Escape Debt with Gambling: A Dangerous Cycle

[Davidvictorson]

Why I am saying all this because one of my friend has become a victim of a loan shark and to repay the loan he has now shifted to online gambling.

I am sorry to sound harsh but it is either your friend doesn't have good advisors around him or he chooses not to listen to the advice from his friends. Because if he does, then he'll know that the worse way to pay back a loan is through gambling. The best way to repay a loan is to liquidate an asset. We all have something that is precious that can be liquidated to repay a loan. Another way is to get a job that pays daily or biweekly. He can work as a helper in a construction site and get paid at the end of each day's work.

I haven't replied to him and I am not answering his call as I feel I would be doing injustice if I say yes. I am confused and do not know what to do, what do you guys suggest?

Do not help your friend out of this mess. He has to own up to it and fix it himself if not there will be no lesson learned at the end of it. It is not being wicked it is because you love that he has to learn this lesson the hard way. Stay strong and do not allow yourself to be emotionally blackmailed.

[ajiz138]

You try to tell him that you can't help pay off the huge debt, even if you play the account, you won't necessarily win because we know the casino house will win.

People who are in debt because of gambling, their last resort is to ask for help from their close friends, so you will feel pressured because you keep asking how to pay off the debt, maybe he is also waiting to feel that you feel sorry for him, maybe you can say like a beggar who keeps asking for help even though in this case it is quite complicated.

[Marykeller]

There are characters some friends would display at times, you will begin to feel furious about it, of why they are involving you in their mess when they have already done a stupid deed. They won't involve you when the deed hasn't been done but will involve you when they have problems.

What I hate most about helping friends in need is that, once you start coming to their rescue when they need financial aid, it never stops, the help continues until you dare to say no, not to help them. Apart from that, they keep pressuring you to help.

I haven't replied to him and I am not answering his call as I feel I would be doing injustice if I say yes. I am confused and do not know what to do, what do you guys suggest?

You want you to help him by giving him money. Is that correct? Or you want you to borrow him money? If he is a good friend and you are able to give him the money without borrowing him, you can. I mean just give him an amount of money that you can afford to give a friend in a way that you can afford to lose such money too when gambling. Definitely he will lose it at last, just know that. I just want you to know that. He is an addict and addicts always lose. If the person is my friend, I will not borrow him or give him any money for gambling.

I can give him the money from my pocket and forget it. The problem will remain the same as next time he would expect me to again bail him out. It is not a viable condition he needs to learn about finance the hard way which I am ok with. What he is now asking is another gamble with his life and his family and that is making me insecure as he would either kill himself if this thing does not work out or he would massacre his family and then kill himself. His desperation is real as those loan sharks are now pressurizing him to make the full repayment before the due date or pay them extra within the time frame. I do not want to be part of such situation but I have to help him and that is kind of a messy deal that I am in.

Your friend is making this kind of threat to you because you have been coming to his rescue on several occasions and you can't say no to him because you have been helping and he thinks you can help him again this time.

I am not suggesting you not to help your friend but I want you to learn how to say no, to certain things. Not everything that requires a helping hand always.

[Juse14]

I haven't replied to him and I am not answering his call as I feel I would be doing injustice if I say yes. I am confused and do not know what to do, what do you guys suggest?

The name of gambling is full of uncertainty, so only fools who gamble beyond the budget limit are ready to lose it, and place bets from borrowed money. Moreover, if you take a loan from a loan shark, the interest rate is very high, it can reach 20-30%. It's really stupid because this will only increase the losses experienced. Connecting with loan sharks will only make us suffer more.
"lending money to a gambling addict is the same as encouraging his bad behavior to continue." And I think you have the right to refuse this request, because we are not super heroes who can help everyone. so you don't need to hesitate to reject it and say "sorry I can't help you." although maybe later your friends will feel disappointed and then hate you. because sometimes we also need to be a little selfish for our own good. "Stop...!! feeling bad" because we also need to pay attention to ourselves.

[electronicash]

if you pay his account and lose, you will be blamed by your friend for losing the money. and he may just drag you to the loansharks being your fault. it is in his interest to escape from the loansharks and he may find you part of his escape plan.

while you can help him by just giving him the right advice, just leave the account alone. always be ahead of what the other guy is thinking. while gambling the money meant to pay debt, loanshark learning about you gamble the money will make them furious.

[salad daging]

I have friends who are victims of loan sharks with high interest rates even though without collateral and disbursing money more easily still have high interest rates that do not make sense, because in an emergency they are forced to borrow from loan sharks, why not borrow from banks because they do not want the collateral they want, so one of the last resort is loan sharks.

It is wrong to lend money to loan sharks with high interest rates and then use the money for gambling games, so you can say that people are stupid, only thinking about their own addiction without thinking about the risk of losing all their money because we know that gambling is luck so you will not be sure when you win.

Avoid people like this because it will be a burden for you, I know you have a generous heart because you want to help him maybe but still when people are already involved from gambling it will be difficult to advise him.

[bitvalak]

It's better to avoid it, you will never know how big your potential gambling win is even though you know there are bugs there that you can exploit to find a win.
Let your friend fend for himself with his responsibilities, you have no obligation to help him unless you don't mind interfering with the problems he is facing.
People like this will usually give you trouble in the future, because they feel like they have someone they can rely on for difficult situations.

[Quidat]

You try to tell him that you can't help pay off the huge debt, even if you play the account, you won't necessarily win because we know the casino house will win.

People who are in debt because of gambling, their last resort is to ask for help from their close friends, so you will feel pressured because you keep asking how to pay off the debt, maybe he is also waiting to feel that you feel sorry for him, maybe you can say like a beggar who keeps asking for help even though in this case it is quite complicated.

On calls of desperation then it isnt really shocking that people would really be sticking into those options on which they could see that it is the fastest and easiest way on which they have been
able to missed up on thinking about the risks involved specially with gambling.Yes, it could possibly give out that opportunity knowing that gambling could give out that instant and possible
big amounts once you do be able to win but thinking up realistically then this is something that odds is always against you. House do always win at the end or simply that
gambling isnt something that you could be always having the luck on winning up the game. So i would say that it isnt really that worth on taking up the risks.

[coolcoinz]

It depends on how close you two are because you can either help or not. I honestly don't know what I'd do.

I find the situation a bit funny though since he found a bug in the casino and is trying to scam them to get back the money he lost and despite knowing that bug and taking money from the casino, he's still down a lot. He won't make it. Even if they haven't noticed what he's doing, they will by the time he gets everything back and block his withdrawals, so he can try but I think that he will still be at a loss when dust settles.

[topbitcoin]

..........
I haven't replied to him and I am not answering his call as I feel I would be doing injustice if I say yes. I am confused and do not know what to do, what do you guys suggest?

What you and your friends are facing is a quite complex and challenging situation. What's more, your friend is associated with a loan shark, where when you borrow money from a loan shark at a higher interest rate, this can drag your friend into a debt cycle that is difficult to resolve, especially if the money borrowed is used for gambling and placing bets. And maybe at first glance helping your friend to pay off his debt is a good and noble act, but following the advice to use a trick with the aim of cheating the online gambling system, is not a good enough solution. Because this could get you and your friends into quite serious problems.

In this case you must be able to say honestly what you feel, if you feel unable to help then just say so. It is important to remain honest with yourself and your friends in understanding your limitations in providing assistance. Because you are not a god who can answer all the requests of his servants. Providing emotional support and sound advice is in my opinion the best thing you can do.

[Ultegra134]

First of all, it stinks to be in that position because, on the one hand, you feel bad for him and want to help him, but on the other hand, you don't want to get involved. From my understanding, he's asking you to take advantage of a bug at a casino and cash out as much money as possible. Am I right? I would strongly advise against this as it's likely to get you in trouble, and I'm almost certain that it's also written in their TOS that they don't tolerate taking advantage of such bugs.

I personally wouldn't help him; he dug his own hole, and it'd be safer to not get involved; he'll drag you down as well. Don't lend him any money either; it's a guaranteed loss.

[suzanne5223]

what do you guys suggest?

The person in the subject problem started from an inpatient habit which I believe is what led him/her to request a loan from a loan shark and see gambling as a means for him/her to pay the loan when the technical concept of winning in gambling is not guaranteed based on the house edge.
If you borrow him/her the money requested to pay the loan, I want you to keep in mind that he won't pay you back. However, you need to advise him/her about being cool, and calm and making the right decision in a situation not to add more problems.

[Sandra_hakeem]

I was earlier skeptical and denied his request but he insisted that I take a look. I did and found that the games are not that tough to be rigged if done correctly but when I checked the account balance and found out that he had already invested a good amount of money to make a win and lost a substantial it I was furious with him.Now, he wants me to help him so that he can pay off his debt at the earliest. I have already told him that gambling is a dangerous cycle and it can lead him to more debt. Still, he insists that I help him and is willing to take a risk.

skepticism was one of the most proficient weapons you would have used to stoop below the request.. but sadly, you weren't even convinced that he was definitely on the wrong path.... What more should I have listened to after he ruined his own little cash before my very eyes?
Trying to wager on casinos with the high hopes of winning and paying off some debts would be the dumbest choices to make... If you've got a little cash, why not try to round up everything and see how you'd repay people's loan?

Sandra 🧑‍🦰

[AmoreJaz]

First of all, it stinks to be in that position because, on the one hand, you feel bad for him and want to help him, but on the other hand, you don't want to get involved. From my understanding, he's asking you to take advantage of a bug at a casino and cash out as much money as possible. Am I right? I would strongly advise against this as it's likely to get you in trouble, and I'm almost certain that it's also written in their TOS that they don't tolerate taking advantage of such bugs.

I personally wouldn't help him; he dug his own hole, and it'd be safer to not get involved; he'll drag you down as well. Don't lend him any money either; it's a guaranteed loss.

as he already knows his friend, then, be firm with his decision. tell him straight that he won't be helping him do what he wanted to do. because if he will see you that you are strong with your position, maybe he won't bother you anymore. you already know that taking advantage of the bug inside the casino may possibly lead you to trouble. so before it happens, why not stop him for this and not connive with his plans?

It depends on how close you two are because you can either help or not. I honestly don't know what I'd do.

I find the situation a bit funny though since he found a bug in the casino and is trying to scam them to get back the money he lost and despite knowing that bug and taking money from the casino, he's still down a lot. He won't make it. Even if they haven't noticed what he's doing, they will by the time he gets everything back and block his withdrawals, so he can try but I think that he will still be at a loss when dust settles.

he's traversing a dangerous path here. and high likely that if the OP will try to jump on what his friend asked him to do, will possibly lead to some trouble that he may regret. so better not to go on such path that you think will give you a headache later on.

[goaldigger]

It's better to avoid it, you will never know how big your potential gambling win is even though you know there are bugs there that you can exploit to find a win.
Let your friend fend for himself with his responsibilities, you have no obligation to help him unless you don't mind interfering with the problems he is facing.
People like this will usually give you trouble in the future, because they feel like they have someone they can rely on for difficult situations.

This is why I also limit myself on helping my friends because I don't want to feel that I'm responsible for them, and I can only suggest what to do next. Debt is your biggest enemy in achieving financial freedom and if you are going to gamble for the hope of winning big, then you are just increasing the risk of getting into more debt where you can be trap. Gambling is not a good source of money honestly because in gambling there's no assurance that you can get back your capital because of the big risk and a lower probability to win.

[Weawant]

The name of gambling is full of uncertainty, so only fools who gamble beyond the budget limit are ready to lose it, and place bets from borrowed money. Moreover, if you take a loan from a loan shark, the interest rate is very high, it can reach 20-30%. It's really stupid because this will only increase the losses experienced. Connecting with loan sharks will only make us suffer more.
"lending money to a gambling addict is the same as encouraging his bad behavior to continue." And I think you have the right to refuse this request, because we are not super heroes who can help everyone. so you don't need to hesitate to reject it and say "sorry I can't help you." although maybe later your friends will feel disappointed and then hate you. because sometimes we also need to be a little selfish for our own good. "Stop...!! feeling bad" because we also need to pay attention to ourselves.

Firstly why would some one even go and get loan from a loan shark only to use such to gamble a d hope that they will be able to payback probably from the profit they will be making from their gambling profits, it's very unreasonable to even think of such a thing that you will gamble with money you borrowed and then be able to repay.

Gambling even with the best strategy doesn't guarantee a 20-30% profit so I don't understand how some one will risk such when they know they will not be able to make it because gambling doesn't give assurance in any of such forms so why then will you take such risk, it's absolutely foolish a d not reasonable to get a loan for the purpose of gambling, if it's to invest in a profitable and promising business that can be acceptable but for gambling it's totally out of it.

[carlfebz2]

The name of gambling is full of uncertainty, so only fools who gamble beyond the budget limit are ready to lose it, and place bets from borrowed money. Moreover, if you take a loan from a loan shark, the interest rate is very high, it can reach 20-30%. It's really stupid because this will only increase the losses experienced. Connecting with loan sharks will only make us suffer more.
"lending money to a gambling addict is the same as encouraging his bad behavior to continue." And I think you have the right to refuse this request, because we are not super heroes who can help everyone. so you don't need to hesitate to reject it and say "sorry I can't help you." although maybe later your friends will feel disappointed and then hate you. because sometimes we also need to be a little selfish for our own good. "Stop...!! feeling bad" because we also need to pay attention to ourselves.

Firstly why would some one even go and get loan from a loan shark only to use such to gamble a d hope that they will be able to payback probably from the profit they will be making from their gambling profits, it's very unreasonable to even think of such a thing that you will gamble with money you borrowed and then be able to repay.

Gambling even with the best strategy doesn't guarantee a 20-30% profit so I don't understand how some one will risk such when they know they will not be able to make it because gambling doesn't give assurance in any of such forms so why then will you take such risk, it's absolutely foolish a d not reasonable to get a loan for the purpose of gambling, if it's to invest in a profitable and promising business that can be acceptable but for gambling it's totally out of it.

Actually these are the most foolish things that you would be doing.

1. Gamble with loan money
2. Selling out property to gamble
3. Risking your savings or emergency funds
4. All in with your monthly salary

On the time that you would really be doing such actions then you are just basically putting up yourself on such great trouble.
This is why it would really be that important that you should really be that be wary on the things that you are dealing with and act accordingly
on which you do know that you cant really be able to make yourself having such bad decisions.

[Agbamoni]

Hope at the end of the day he blames you for the loss. Before you make any decision, you have to be sure that you know how close you are with your friend. so that your good deeds wont later in the future bring about hatred and enemity between the both of you. Infact what i would prefer if was in the situation is that i will tell him that if anything goes wrong i won't be responsible for the loss as he is willing to take the risk though me, he has to take the consequences if i am unable to make wins in the bet. A signed agreement would be appreciated and some witnesses so that it will back the agreement that has been made.

[bangjoe]

I haven't replied to him and I am not answering his call as I feel I would be doing injustice if I say yes. I am confused and do not know what to do, what do you guys suggest?

My advice, call your friend back, and tell them that you can't help them right now. Because this is too risky and can lead you to more complicated problems that can harm yourself. And here it's not that I forbid you from doing good, but you also need to pay attention to yourself. and never forget that you also need help, your own problems need to be solved. You can't make everyone happy by continuing to help them when they have problems, and you are not responsible for that, because you yourself need to be happy. Stop making your life difficult by involving yourself in other people's problems.

"You can and may be a helper, but never forget how important it is to set boundaries to do this for your own good."

[serjent05]

I haven't replied to him and I am not answering his call as I feel I would be doing injustice if I say yes. I am confused and do not know what to do, what do you guys suggest?

Just stand on what you believe in.  Since the thing your friend asking is against your norms, you can frankly tell him that you can't help him and you are not into that kind of activity.  If he is your friend, he will understand you and will not pester you to do things against your standard.  Just be true to yourself and don't just do things because your friend asked you to.  You know you are right that it is not good to cheat or do bad things just to make a friend happy, so be firm with it.