Former NFL MVP Adrian Peterson ordered to turn over assets in order to pay off massive amount of debt

Adrian Peterson has been ordered by a Houston judge to turn in numerous assets to help pay back his debt that is estimated to be north of $12 million. This is the latest in an ongoing legal battle that started with the former All-Pro running back taking out a loan from a Pennsylvania lending company back in 2016 that was intended to pay off other lenders, according to court records (via USA Today). 

Peterson did not pay it back and it since has grown with interest that led to an $8.3 million judgement against him back in 2021. 

Peterson had reportedly planned on paying back his initial loan in March of 2017. He was seeking an advance on the $18 million contract between himself and the Vikings that never came to be after the team declined to pick up his option and thus making him a free agent. The purpose of the loan Peterson sought was to “consolidate, reduce the rate and defer payments on existing unsecured debt.” 

In a statement, Peterson said that he has tried to settle with the lending company but has been unable to do so. 

“Legal representatives have informally referred to the situation as `loan sharking’ due to the high interest rate and the predatory nature of the loan, but all attempts at an amicable settlement have been rebuffed,” Peterson’s statement said. “Peterson feels it is important to speak out, hoping that others can avoid similar financial predicaments. 

“Trusting his financial advisor, as many do, Peterson relied on assurances — under now-missing recordings  —that no personal funds would be required to settle the loan. Unfortunately, he has been left solely responsible for the financial fallout. He looks forward to resolving this matter quickly so he can move forward with his life. His ultimate goal is to help others avoid falling into similar financial traps in the future.”

Peterson, 39, made over $103 million during his 15-year NFL career, but the…

Source link : https://www.cbssports.com/nfl/news/former-nfl-mvp-adrian-peterson-ordered-to-turn-over-assets-in-order-to-pay-off-massive-amount-of-debt/

Author : Bryan DeArdo

Publish date : 2024-09-10 22:09:05

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