Lottery winner in debt after blowing £10m jackpot

I think he is foolish as he spent it all but then "you cant take it with you". Bet he has some good memories...
 
I feel a bit sorry for the guy to be honest. He made a bad choice in following his heart and investing in the footbal club he supported, it didnt work out, now he is left with nothing. Imagine that! He was set up for life, now he is in more debt than he will probably earn for the rest of his working life.
 
Much better to die owing a Bank £2M than to die with £millions in the bank imo.

Still, grade 1 plonker award to that man!

£750k to his ex??? !!! :eek::confused:
 
£4 million to a football club! What a complete muppet. If he'd kept that money, I'd imagine he wouldn't be in the situation he is now, despite his other expendeture.

£200k for a wedding is a bit wrong too. That kind of money would easily clear my mortgage and set me up financially for a long time in the future.

If I won the lottery my plan would be the following

*Clear Mortgage and continue living in existing house for the time being.
*Buy reasonable houses for family/close friends and clear off any debts they had
*Take some extended leave from work and do some IT Certifications
*Maybe treat myself to a nice second hand car (no more expensive than £10k)
*Go on a few holidays from time to time, but not break the bank - eg spend no more than 2-3k on each holiday.
 
iBot said:
Probably so she doesnt whine to the courts and risk loosing more.
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If they had been divorced before he won the lottery then surely she's not entitled to any of the cash? The divorce would have been concerned only with assets both of them had at the time. So if he had won the lottery before the divorce but kept it quiet his now ex-wife could have sued for some of it. But if he won it after, she's got no rights to ask for any of it.
 
MarcLister said:
If they had been divorced before he won the lottery then surely she's not entitled to any of the cash? The divorce would have been concerned only with assets both of them had at the time. So if he had won the lottery before the divorce but kept it quiet his now ex-wife could have sued for some of it. But if he won it after, she's got no rights to ask for any of it.
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Probably wanted her to look after the kids while he was courting miss £250k wedding
 
Presume he was lead into giving the club the money with the hole lavish lifestyle and seat at the ground and name in the programme.

If he had invested £4 million in homes in 2004 he would at least have £6 million now.
 
Shouldn't the lottery have a drip feed option for this amount of money, 1 million a year? It would let you get over the "Wow, i'm rich, spend, spend, spend" phase.

My parents set up insurance things for me, my brother and sisters when we were kids so that when we turned 17 we'd have a little money to play with. I spent most of it on nonsense (videos, clothes, cds). Would I be any different now if I was given £10 million. I could blow an easy million on a dream garage without much thought.
 
joey1211 said:
Shouldn't the lottery have a drip feed option for this amount of money, 1 million a year? It would let you get over the "Wow, i'm rich, spend, spend, spend" phase.
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I don't think it's the Lottery's responsibility to protect idiots from themselves.

£4million in Livingston FC hahahahaha.
 
Depending on the amount you can accept a reduced prize one off free or the whole amount over x years i think.

Like if you won 10mil they'd offer you 7 now or 500k a month for the next x years i think.
 
iBot said:
Like if you won 10mil they'd offer you 7 now or 500k a month for the next x years i think.
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Would you get the interest from the whole sum though? You could request a payment plan from the bank, only allowing you to withdrawl x per month.
 
j00ni said:
edit: for the record I think you are all being a bit harsh on him - sure he hasn't exactly been sensible, but he has given the majority of his winnings to others (including 5% to charity), which I find commendable
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5%.. big whoop.

I can guarantee that if I won ten million, a *lot* more than 5% would go to charity..

Sure, it'd be a charity that I create and look after, but no-one needs ten million.

The guy's a fool. If he gave that 5% to an IFA, he'd still have most of it left ;)
 
I wonder if this is representative of a lot of working class people. Presumably those with little money don't know the real value of it. So when they get loads it's like a dream - tokens - almost unreal cash. They have an amazing time and then it's all gone. I'm sure there's a statistic somewhere that it's mostly working class people who play the lottery since it's the easiest way out of their situation, the emergency exit, whereas fewer middle class people do.

I've seen documentalries about people who have won £7m and then got their name stippled in the bottom of their swimming pool or had bodyguards follow them everywhere [?]. It's like they feel they have to spend all of it. No sense.
 
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