Anybody remember that NFL lockout a couple of years ago? Imagine if you were one of those players, used to living on a seven figure income (or more!), and all of a sudden, your cash flow is dried up! It would sure take some getting used to, wouldn’t it? You would probably have to change your entire lifestyle, at least for a little while, and get used to living like us normal folks. Well, not if you’re Vince Young. Claim Your 20 Free Pregnancy Tests – Click Here
Turns out, if you are ex NFL Quarterback Vince Young, and you wanna have a party, it’s okay if you don’t have any money. When Vince wanted to throw himself a birthday party during the 2011 lockout, his financial advisor arranged for him to get a high interest, seven figure loan, even though he was running low on funds.
That’s what Ronnie Peoples, president and CEO of Peoples Financial Service Inc. in Raleigh, N.C. told a court last month. Why was Peoples in court testifying about this? Oh that’s just because Vince Young defaulted on the $1.69 million dollar loan.
According to Pro Player Funding, LLC, Vince Young owes $1.7 million dollars for the loan which he defaulted on right after he signed with the Buffalo Bills. That is the sum of the $1.9 million dollar loan plus 20 percent interest.
The contract that Vince signed said that if he missed even so much as a single payment, that Pro Player had the right to collect the entire amount still owed on the loan, including interest. Well, right after Young missed his payment, that is exactly what Pro Player did, went directly to court and obtained a judgement against Vince.
However, this is where the story starts to blur a bit. Vince Young takes no responsibility for the loan, saying his financial advisor Ronnie Peoples, pressured him to take out the loan. Peoples says that yes, he did call Pro Player funding, but that was only AFTER he got word that Vince had already paid for the party. “I think we still would have been OK to go ahead and survive until the next season, but he had a birthday event coming up that he paid 300 and some thousand dollars for,” Peoples testified. “That’s what prompted that call.” From there, the whole saga pretty much breaks down into a ton of “he said, he said, he said” drama. Vince’s attorney says of the testimony by Ronnie Peoples: “I have no idea what he’s talking about with the birthday party and neither does Vince.”
Back in December, Vince testified that he “probably” signed some of the loan papers in the presence of a notary in Houston, but he doesn’t remember. He says that he had no need for a loan, and that he never sought one. Vince has filed suit that Ronnie Peoples and his former agent, Major Adams, “lost” over $5.5 million dollars of his money. Peoples says no way, that he personally discussed the loan with Vince Young at a meeting in Houston, and the loan closed the day before Young’s birthday.
Peoples says that being Vince Young’s financial advisor was a difficult and dirty job, and that he earned his $65,000 a year salary. When asked to describe Young’s financial situation back in May 2011, he replied: “not good”.
Ronnie Peoples also says that there was no way to keep up with Young’s finances, that they were often unpredictable, and sometimes ran as high as $200,000 per month! “It’s almost like I can have a $30,000 budget that I know we had to pay here, but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money,” he testified. One thing is for sure, this case is far from over, and it will be interesting to see who really takes responsibility in the end.
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