Former NFL players being solicited for pre-payments on concussion settlement awards

One for you......Two for me!

While we are all waiting for the appeals of the NFL Concussion Settlement to run their course, I wanted to alert you to the fact that there are some businesses that are soliciting former players and telling them they can receive a portion of their expected settlement award now - in return for less money when the actual awards become available.

My advice – don’t do it!

These companies typically take anywhere from 25% to 50% of the entire award.

Here is what one of the firms say in their solicitation:

“Many former NFL players have had a hard time working and supporting themselves due to physical and neurological impairments caused by NFL injuries. For those who are currently under financial strain, the NFL Concussion Lawsuit Settlement and potential monetary compensation stemming from it is not just a luxury, it's a necessity. The time it will take for the Appeals and claims process to run its course and for funds to be disbursed to retired NFL players that qualify is still unknown. Because of this, many retired NFL players are left in limbo to figure out how to make it financially while they wait for the legal process to conclude.

However, this news is not all discouraging; players who qualify can receive a portion of their expected settlement funding now. _____________________ is providing cash advances to former NFL players involved in the NFL Lawsuit Settlement under the current Settlement agreement while they wait for the case to resolve.”

As you can see, I have “blanked out” the name of the company – lest anyone be tempted to go this route.

Obviously, this delay in getting awards to former players and families is causing some financial hardships, but I would caution anyone from taking this drastic step - even if they are in dire need. Keep in mind, we have other options like the PAT (Player Assistance Trust) fund, the NFL Player Care Foundation and Gridiron Greats that may be able to help.

This reminds me of the problems that occurred when former players took their pensions early - some as early as age 45. Although they received their monthly checks sooner, the amount they received was reduced by as much as 54% from what it would have been had they waited until the normal retirement age of 55. For those of you who can wait until age 65 the amount goes up 260%. For example, if you were eligible for a $1,000 monthly check at age 55, the amount would increase to $2,600 at age 65.

It is disheartening to know that some former players will get lured into the “Money Now” scheme.

The NFL owners used it to perfection in the NFL Player Strike of 1982.

I wonder what would have happened if we had held out and forced the cancellation of the entire season.

We’ll never know, but one things for sure……..the lawyers got paid for their services.