Washington running back Adrian Peterson allegedly owes $7.5 million to a lender from which he originally borrowed $5.2 million. Next week, the legal fight over the debt heads to court.
As explained by Daniel Kaplan of TheAthletic.com, Peterson hopes to explore whether the lender previously forgave $2 million of the loan, based on a tax filing that seems to indicate the partial forgiveness. Peterson’s lawyers hope to explore evidence and documents that could confirm the reduction in the debt.
Peterson also wants credit for a $1 million loss-of-value policy that the lender purchased in 2016, his last year in Minnesota. A knee injury limited his season to just a handful of games, and the Vikings allowed him to become a free agent. He signed with the Saints for only $3.5 million, but the insurance company has refused to make payment. If the payment is ever made to the insurance company, Peterson hopes to have his debt reduced by that amount.
The spike in the debt from $5.2 million to $7.5 million illustrates the consequences of a default. As explained by Kaplan, Peterson’s default triggered a 22-percent annual interest rate, which means that he’s currently racking up $2,311.11 in extra debt each and every day.