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Old 01-22-2014   #81
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Default Re: In lawsuit, Vince Young claims millions of his money missing

From the above linked article...
Quote:
According to a financing source, these interest rates range from 18 percent to 24 percent, and upon default, they can rise as high as 36 percent.
Quote:
Legal and financial sources with ties to players say many affiliated with the high-risk loan industry are soliciting individuals close to cash-strapped players.

"[They] are your gray-area guys who aren't agents, aren't managers, aren't financial advisors," the financial adviser said of the loan industry middlemen. "And [they’re] getting fees of $100,000-$150,000 for getting players to sign off on the loans."

In order to ensure payment on the loans, financial sources say lenders are also requiring that players purchase insurance policies which guarantee payment in the event a player gets hurt. Sources say the premiums on those policies may reach as much as $200,000, which also provide additional kickbacks for middlemen.

I'll make 'em an offer they can't refuse...
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Old 01-22-2014   #82
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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Originally Posted by Stemp View Post
I read somewhere that he now owes $2.5M. That's a big jump in just under 3 years.
It's not as bad as many New York Banking Credit card rates which approach 30%. This is why I will never deal with Citigroup or Chase again. They play gotcha with their penalties and interest by pulling shenanigans with moving their payment centers making regular payers 'late' and boosting interest and penalties.
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Old 01-22-2014   #83
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Question Re: In lawsuit, Vince Young claims millions of his money missing

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Originally Posted by Marshall View Post
It's not as bad as many New York Banking Credit card rates which approach 30%. This is why I will never deal with Citigroup or Chase again. They play gotcha with their penalties and interest by pulling shenanigans with moving their payment centers making regular payers 'late' and boosting interest and penalties.
Funny I haven't paid interest on any credit card purchases in many years. I also haven't mailed in a payment in a really long time but I'd think the switching of payment addresses isn't nearly the problem you might make it out to be
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Old 02-01-2014   #84
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Default Re: In lawsuit, Vince Young claims millions of his money missing

It worked...

Vince Young asks judge to dismiss bankruptcy petition
Quote:
Attorneys for Vince Young said Friday that the former NFL quarterback has settled his legal dispute with a New York lender and asked a federal judge to dismiss Young’s voluntary Chapter 11 bankruptcy petition filed two weeks ago.

According to the six-page motion filed with U.S. Bankruptcy Judge David R. Jones, Young filed for bankruptcy protection Jan. 17 primarily to forestall debt collection efforts by Pro Player Funding, a New York lender that had a judgment with interest totaling about $2.5 million against Young stemming from a loan taken in his name during the 2011 NFL lockout.

Young has reached a resolution with Pro Player Funding, according to the motion, and therefore is asking for the Chapter 11 case to be dismissed...
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