Friend owes Party money - info needed(longish)

[DeezNuts]

I have a friend that is up to his neck in debt. My friend has been on a huge downswing, partially due to his bad play and partially to constantly playing blackjack on party, but this is all besides the point.

He recently transferred $4500(in a couple of transactions over the same day) onto Party using IGM-Pay, which immediately put the money in his account. He then proceeded to ride the rollercoaster known as online blackjack, but in the end, lost it all. He had no money in his checking account, so one of the checks(for $1500) hit his checking account, and he now has a -$1500 account balance(I didn't know this was possible). After this check hit, Wells Fargo bounced the next check back to party(for $3k). Party has called my friend asking for the money, saying it will go up by $400 if he doesn't pay in 3 days. The problem is, he doesn't have it. He is $20k in CC debt, maxed out. As stated before, he also has a negative balance in his checking account.

He is already considering things like Bankruptcy to lose all of his debt, I'm not quite sure if this would solve any of his problems anyways, as I don't really know how this works either. I've already lent him a few grand, any more I give him would be money in the toilet, as he shows no signs of turning it all around.

I am currently advising him to forget about the Party debt and pay off his checking account negative balance so that he can make rent and utilities. He can do this by selling various things that he bought(aeron chair, tv) while on a large upswing that he had while Party was chock full of fish.

My question is: What can party do as an overseas company that lacks any real authority in the US if my friend doesn't pay? Can they ruin his credit, send hired goons to break his kneecaps, etc? I just don't see a company that deals in an illegal(or murky at best) industry in the US would be able to do anything to him.

Any help appreciated. Thanks in advance.

DN

[balkii]

YFSSCKH

[Gildwulf]

Holy crap, I thought this kind of stuff only happened in movies.

Your friend is totally screwed but I don't think Party can do anything to collect the debt except sell it to people who can break his legs.

[TheRock69]

His last concern should be paying party back, because it is their fault for accepting money that does not exist. If you were playing in B&M and said you wanted $4500 with a check they would laugh. His main concern should be getting out of red in checking account and making sure the credit cards arent late or over limit, becuase the cc companies will jack the APR to 30% or so. Finally he should get help and never play poker or gambling again.

Another thing is that some states gambling debt is uncollectable so that might be something to look into, but will destroy your credit.

[betadecay]

[ QUOTE ]
, because it is their fault for accepting money that does not exist.

[/ QUOTE ]

This is not very bright. I'm sure party recognizes it is going to deal with bunk IGM scams and they figure that into their model. I think most of the people that use IGM to bounce checks donk it up at the BJ or casino, so party does not really "lose" that money. If it's donked up at the poker tables that's another issue. Either way that does not change the fact that the guy stole 3000 dolloars from Party.

[DeezNuts]

[ QUOTE ]
[ QUOTE ]
, because it is their fault for accepting money that does not exist.

[/ QUOTE ]

This is not very bright. I'm sure party recognizes it is going to deal with bunk IGM scams and they figure that into their model. I think most of the people that use IGM to bounce checks donk it up at the BJ or casino, so party does not really "lose" that money. If it's donked up at the poker tables that's another issue. Either way that does not change the fact that the guy stole 3000 dolloars from Party.

[/ QUOTE ]

They make up for it in ZJ's share.

Just kidding, I know that this ethical issue would come up. I don't ccompletely condone not paying up, but he is desperate and rarely do I feel bad for a gambling corporation like Party getting stiffed.

Let's just say...I understand.

DN <font color="white"> </font>

[Caldarooni]

I think he should talk to Party and set up some kind of payment plan. I dont think its a situation that should just be ignored.

[TheRock69]

[ QUOTE ]
[ QUOTE ]
, because it is their fault for accepting money that does not exist.

[/ QUOTE ]

This is not very bright. I'm sure party recognizes it is going to deal with bunk IGM scams and they figure that into their model. I think most of the people that use IGM to bounce checks donk it up at the BJ or casino, so party does not really "lose" that money. If it's donked up at the poker tables that's another issue. Either way that does not change the fact that the guy stole 3000 dolloars from Party.

[/ QUOTE ]

Party knows the risk of having instant e-checks. Their risk is small compared to their reward. Players who are on a gambling "high" want to play immediatly and will play reckless and bet higher then normal. If they had to wait couple days for the checks to be accepted the depressed/stressed player would have time to cool down and not blow huge sums of money instantly with out thinking on BJ.

[lefty rosen]

A legit company can only hire a collection agency. They can't do much more than brow beat you. So your friend is in the clear there. If this was the mob then things would be different.

[AggroFish]

Something tells me this is you, but lets assume it's a friend. That doesnt mean you shouldnt take care of it, it just means you can buy some time on that one. I have an old co-worker that funded an acct. pretty much the same way and nothing has come of it so far.

First, take care of the negative balance with wells, if he ever wants to have a checking account. As far as the cards go, cut em up and make the minimum payments before going the BK route...that will follow him for 10 years.

AND TELL HIM TO TAKE HIS BROKE ASS TO A GA MEETING!