Vince Young Sued For Not Repaying $1.7 Million Lockout Loan
Vince Young has already admitted that he lost over $18 million and has no idea where the money went. He is suing his financial advisers but he is never going to get that money back.
It appears he was broke during the NFL lockout and took out essentially a high interest “payday loan”, but now he doesn’t have the money to pay it back.
According to court docs obtained by TMZ, Vince went to Pro Player Funding in May 2011 — during the middle of the NFL lockout — and took out a loan for $1.876,876.88. PPF is a company which specialized in “lockout loans” for NFL guys looking to cover their bills during the pay freeze.
Young’s loan was VERY high risk … with high interest rates and a clause that allowed PPF to call in the entire amount due, plus interest, if Vince missed ONE payment.
And according to court docs, that’s exactly what happened in May 2012 … right after Young left the Philadelphia Eagles and signed a new deal with the Buffalo Bills, he missed his payment.
PPF instantly went to the court and obtained a judgment against Young … ordering the NFL star to pay back the remaining balance on his loan … plus interest … totaling $1.69 million.
I think we know what VY was doing with the lockout loan money.Powered by Sidelines