Buffalo Bills QB Vince Young in high-risk loan repayment troubles – NFL News
Buffalo Bills’ quarterback Vince Young is in a worrisome financial situation in wake of a Supreme Court ruling asking him to pay back a high risk $1.7 million company loan he had borrowed in 2011.
Some sections of media have reported that the ruling has come from New York State Supreme Court after the player missed a payment of the loan due in May this year.
The loan carries a hefty interest rate of 20 percent, amounting to $619,000 in total, and with the player missing the payment, the rate has jumped over 10 percent now, further aggravating problem for him.
According to the reports, the player borrowed the money in the lockout phase in May 2011. At that time he was still with the Tennessee Titans. He signed a one-year, $3 million deal with Bills in May this year.
The media reports have cited Supreme Court documents proving the ruling made recently. The judgement is a result of the player’s signing of an affidavit that he understood terms of the deal.
Young, his agent or any other relevant person had not offered any comments in response to the ruling until filing of this report. Also, the reasons of taking this dire step by the QB are unknown to all.
The payment does not look to be so easy to be made given it carries a hefty interest rate. The interest valuing up to half a million coupled with the actual loan amount is tantamount to asking too much out of a lower-waged player to pay at once.
Only a statement from the player himself can determine how he is going to deal with the situation. A possibility of entering renegotiations of terms is most likely to make the payment conditions even more difficult given it is already a high-risk classified
loan.
The Buffalo Bills are completely silent over the development. It is not clear if the team was aware of the player’s financial troubles at the time of his signing, which seems to be a least likely case.
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