According to reports, Michael Vick is facing a $1.2 million lawsuit over unpaid debts. He received a loan in 2018 and according to creditors, Vick never paid his debt and now, they’ve dragged him to a Broward County circuit court.
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The former NFL quarterback found himself getting wrapped up in numerous financial troubles after his career, with the player previously being $17.8 million in debt in 2008. Reports surfaced noting Vick is now facing a $1.2 million lawsuit over unpaid debts.
Vick received a loan in Maryland in 2018, and now creditors are saying Vick never paid the loan off. As a result, the creditors are having their case heard in a Broward County circuit court.
Arthur Jones—a lawyer for Vick, said, “Michael Vick takes these matters seriously and is aware of the proceedings and will be sure that all parties who are entitled to receive payment will be paid. However, usurious calculations which produce absurd results should not be countenanced by the courts of Florida. Therefore, all appropriate defenses will certainly be utilized. Further comment on any shenanigans which lead to situations like this may be made available at a later date.”
According to the Miami Herald, Florida law protects Michael Vick and his family’s South Florida home. However, items and assets like sports memorabilia, jewelry, and cars could be up for the taking. The Herald also noted Atlantic Solutions sold the former NFL player’s debt to SMA Hub. The company then divided the interest from his loans and split it into six people, with the group going after him with the lawsuit.
Here is a breakdown of the loan and how the payments have ballooned.
The 2018 loan was reportedly $400,000 from Atlantic Solutions, which was the bridge between Vick and NV Partners. The former NFL player’s debt was sold from Atlantic Solutions to SMA Hub, which divided the interest from the loans among six people he allegedly never paid. The Washington Post published a story in 2020 that detailed the agreement was for the company to receive “up to three years of Vick’s earnings, including those he receives as a television football analyst.”
The former quarterback reportedly said he’d pay the company back $100,000 by March 1, 2020. Vick reportedly had nearly $2 million in debt, but if the initial $100,000 went through, his total repayment would be cut to $1.3 million in the settlement plan between Atlantic Solutions and Vick. However, Daniel Wright, NV Partners’ attorney, told the Herald that Vick “has paid nothing.” Vick recently landed a new job for athlete management firm Levels Sports Group as its head of athletic development. The 42-year-old has been rehabbing his image following his two-year prison stint, which began in 2007, for dog-fighting. He had also filed for bankruptcy. The latest suit against Vick comes from two loans with Atlantic Solutions.
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