Dear Ms. Vicki,
I was dating an Army specialist. I took out a motorbike loan for him, and he is deploying next month.
He is not making the loan payments in a timely manner, and I am concerned about the loan once he deploys.
He doesn't want to communicate with me or find a solution. I was going to report the bike as stolen, but I don't to get him in trouble with the law and have this affect his career.
I just want him to be responsible. Do you have any suggestions as to what I should do next?
-- KK
Dear KK,
Your letter is very important because it teaches everyone a valuable lesson -- don't take out loans to finance personal items for other people.
If their credit was good, they could have secured a loan in their own name. They did not because their credit is very poor. Furthermore, their credit is poor probably because they don't pay their debts on time.
Here's the hard lesson: If they don't pay other debtors and lenders, they won't pay a friend either. This guy has probably deployed by now, making it even more difficult for you to contact him.
Honestly, I don't think he ever had any intention of paying the loan. He only wanted the motorcycle and to get whatever else you were willing to give him.
I hope you had him sign a promissory note agreeing to pay the loan. If not, it will be difficult for you to collect on the payment.
If I were you, I would do two things.
First, I would try to contact his company commander or his first sergeant and let them know he has reneged on payment. They may or may not help even if you have proof. It's worth a try.
Second, you might have to wait until he returns, but you can take him to small claims court if he doesn't pay the loan.
Right now, the loan is in your name and the bank will expect you to pay. I'm not bashing you, but don't ever do this again. You are putting your own finances in jeopardy.
-- Ms. Vicki
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