Sonny finally pays up - Page 2
Old 05-31-2011, 06:51 AM   #21 (permalink)
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Originally Posted by Shifty.py View Post
So you are all on the side of loaning company that tricks young athletes into loans they don't really need and then asks huge interest?
Company that by definition knows court system, pays the lawyers and will get a win every time?
Usury is what it is

And giving the kid a Taurus... ugh

Respect to MLSE for attempt to protect their players.
It"s more than just predatory loans. It"s the rules around college athletes that makes such deals viable in the first place. It"s definitely an ugly side to this story. But that doesn't mean Sonny has no responsibility in all of this. He made a dumb decision, got used, and then compounded that problem needlessly.

There are plenty of people that fall into real traps that they can't get out of, and it ends up ruining their lives. Sonny had the means to make this go away in a hurry. It wasn't just going to go away by itself - those people in real financial trouble would be able to attest to that.
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Old 05-31-2011, 10:53 AM   #22 (permalink)
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Originally Posted by Shifty.py View Post
So you are all on the side of loaning company that tricks young athletes into loans they don't really need and then asks huge interest?
Company that by definition knows court system, pays the lawyers and will get a win every time?
Usury is what it is

And giving the kid a Taurus... ugh

Respect to MLSE for attempt to protect their players.
I guess my question is this: why do you assume that he was tricked? What we know for sure is that he signed an agreement and failed to live up to that agreement (in fact, seemed to make an effort to not fulfill his end of the deal). If you have more information than that, you should share it.

I'd also say that 8% is not that bad on an unsecured loan for a presumably low-credit individual, going by industry standards at the time.
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Old 05-31-2011, 01:02 PM   #23 (permalink)
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Yep - if only credit cards only charged eight percent.

I do think that there is a exploitative element with such dealings, but I also think the NCAA feeds into that with their restrictions.

One question I would have would be whether MLSE would be contravening salary cap restrictions by taking on the debt themselves. The league is pretty tight about any adjacent benefits received by players.
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Old 05-31-2011, 09:48 PM   #24 (permalink)
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Originally Posted by Shifty.py View Post
So you are all on the side of loaning company that tricks young athletes into loans they don't really need and then asks huge interest?
Company that by definition knows court system, pays the lawyers and will get a win every time?
Usury is what it is

And giving the kid a Taurus... ugh

Respect to MLSE for attempt to protect their players.
What does it have to do with the terms of the loan, which sound like a credit card? He didn't make a single payment and DIDN'T SHOW UP FOR A COURT DATE REPEATEDLY.
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