All Categories› Poker› Poker Chat

You need to be logged in to your Sky Poker account above to post discussions and comments.

You might need to refresh your page afterwards.

Sky Poker forums will be temporarily unavailable from 11pm Wednesday July 25th.
Sky Poker Forums is upgrading its look! Stay tuned for the big reveal!

Poker winnings & student loan re-payments?

DOHHHHHHHDOHHHHHHH
edited February 2011 in Poker Chat
Anyone know what the deal is here?

Say if someone racks up 30k worth of student loan debt, and 3 weeks after he graduates, he wins $10m in Vegas, and becomes a professional poker player, never doing a proper days work in his life......

Can the student loan people ask him for money? 

(obviously he would pay it off anyway, just thinking hypotherically)

I'm sure there's loads of poker whizz kids, who have left uni with debt, and become poker players straight away, how would the authorities go about re-couping their debt? if there's no record of them actually working?

Anyone experienced this?

(don't say "pay em back anyway dohhhhh you tight gi t", I'm just trying to grasp the rules :P)


· Share on FacebookShare on Twitter

Comments

  • J-HartiganJ-Hartigan
    edited February 2011
    In Response to Poker winnings & student loan re-payments?:
    Anyone know what the deal is here? Say if someone racks up 30k worth of student loan debt, and 3 weeks after he graduates, he wins $10m in Vegas, and becomes a professional poker player, never doing a proper days work in his life...... Can the student loan people ask him for money?  (obviously he would pay it off anyway, just thinking hypotherically) I'm sure there's loads of poker whizz kids, who have left uni with debt, and become poker players straight away, how would the authorities go about re-couping their debt? if there's no record of them actually working? Anyone experienced this? (don't say "pay em back anyway dohhhhh you tight gi t", I'm just trying to grasp the rules :P)
    Posted by DOHHHHHHH
    As poker winnings are treated like any other cash return from gambling activities (tax free; not regarded as a personal income), you're probably in the clear.  Now pay 'em back anyway, you tight g it!

    · Share on FacebookShare on Twitter
  • donkeyplopdonkeyplop
    edited February 2011
    You are lucky it's a student loan and not the csa after you!!

    They would of bashed down your door and took your piggy bank by now!
    · Share on FacebookShare on Twitter
  • RedHouseRedHouse
    edited February 2011
    Think winnings are classed as unearned income, like money from stocks.
    (although calling it unearned seems harsh)
     
    So the deal is if your 'earned' income is over £15,000 a year and your 'unearned' is over £2,000 a year you pay a percentage on your unearned income.

    Don't know what happens if you have no 'earned' income but your 'unearned' is over the £15,000 threshold. Guess they send the police round looking for evidence of your drug operation.
    · Share on FacebookShare on Twitter
  • darichdarich
    edited February 2011
    I'm an idealist, but if I won £10 million and had a £30k debt, the first thing I'd do is clear it. Appreciate most people will probably snigger at this, but the country wouldn't be in such a mess, if people acted in a more responsible way.

    In reality of course, few would pay it off, but would instead prefer to moan when tax rates subsequently rise.

    As with life, as with poker forums! ;-) 
    · Share on FacebookShare on Twitter
  • ybyb
    edited February 2011
    nah poker winnings don't count as an income so it doesn't matter if you win more than £15k in a year.

    just carry on playing pokers for 25 years and it will be written off. happy days.
    · Share on FacebookShare on Twitter
  • shaun09shaun09
    edited February 2011
    Tell them you can only afford to pay £1 a month, :D
    · Share on FacebookShare on Twitter
  • debdobs_67debdobs_67
    edited February 2011
    Dohhhhhh ure a TIGHT G I T ok? xxx
    · Share on FacebookShare on Twitter
  • AcidMan27AcidMan27
    edited February 2011
    From what i've read on here i'd expect most of the winnings to go to the local takeaway food establishments.
    · Share on FacebookShare on Twitter
  • ajs4385ajs4385
    edited February 2011
    In Response to Re: Poker winnings & student loan re-payments?:
    nah poker winnings don't count as an income so it doesn't matter if you win more than £15k in a year. just carry on playing pokers for 25 years and it will be written off. happy days.
    Posted by yb
    Thats my plan

    I think my mates from uni get annoyed at my situation as I earn more than them, pay zero tax and dont have to pay student loans.
    · Share on FacebookShare on Twitter
  • ybyb
    edited February 2011
    In Response to Re: Poker winnings & student loan re-payments?:
    In Response to Re: Poker winnings & student loan re-payments? : Thats my plan I think my mates from uni get annoyed at my situation as I earn more than them, pay zero tax and dont have to pay student loans.
    Posted by ajs4385
    haters gonna hate lol
    · Share on FacebookShare on Twitter
Sign In or Register to comment.