Tori Spelling and Dean McDermott are reportedly struggling with a significant financial burden, owing over $200,000 on a loan that dates back more than a decade. According to Page Six, the couple took out a $400,000 loan from City National Bank in 2012, which they promised to repay with interest. However, recent court documents filed on May 20 reveal that they have not fulfilled their repayment obligations.
The documents indicate that Spelling is responsible for a sum of $219,796.66, while McDermott owes $202,066.10. This substantial debt has led to legal challenges for the couple, with the bank taking decisive action to recover the owed amounts. “When a judgment has been paid or settled in full, a satisfaction of judgment is required in court and none has been filed in this case,” City National Bank’s attorney, Joshua Friedman, told Us Weekly.
City National Bank initially took legal action against Spelling and McDermott in December 2016. The lawsuit was based on several claims, including violation of the contract, money had and received, misstatement of accounts, and unjust enrichment. At the time of the lawsuit, the couple owed a total of $188,803.38.
In a further attempt to secure repayment, the bank issued a writ of execution in 2019. It was claimed that significant interest had accumulated on the six-figure debt, which still had not been addressed by either Spelling or McDermott.
The ongoing financial struggles and legal entanglements have put Spelling and McDermott in a precarious position, as they face the repercussions of failing to manage their loan repayment effectively. This situation underscores the importance of financial responsibility and the potential consequences of accumulating debt without timely resolution.