Michael Vick defaulted on a credit line for $2.5m carrying a balance of $2.3m from a Canadian Bank.  The bank called in the debt when Vick lost his job.  The loan covenants required payment of the debt in the advent of a detrimental change in his employment.

Getting indefinitely suspended from the NFL, sacked by Nike, and facing multiple prison sentences, its probably safe to say that his employment prospects are not terribly hot.  Regardless, he borrowed the money in January and when the debt was called in at the beginning of September, he did not pay.  He’s now in default and his creditors in addition to the law are going to be after him.

List of People after Vick

• Federal Prosecutors
• Federal Drug Testers
• Virginia attorney Poindexter
• North Carolina Sheriff investigating a possibly related murder
• Atlanta Falcons looking for a refund
• The NFL still refuses to burn their Vick bridge however

Vick defaults on $2.5M loan from Canadian bank, suit says | ajc.com