Legal Question in Credit and Debt Law in Kentucky

Collecting money owed on loan I signed on for someone else

A couple of years ago I signed for furniture for a man I was dating at the time. It was 0% interest for 1 year. The man got the furniture and said he would pay me the loan before the end of that year. He was not able to do that, so the amount of the furniture about doubled due to finance charges over that year. He was paying me for about 11 months the minimum amount due. However, due to late fees and finance charges the balance went up instead of lowering. There is still approximately $4300 dollars still owed and he has stopped paying me. I do not have the money to pay the bill and I don't have the furniture either. Is there anything I can do to take measures to force him to pay me this money on a loan I signed for in good faith?


Asked on 2/20/02, 3:37 pm

1 Answer from Attorneys
John Cook Dunn & Cook

Re: Collecting money owed on loan I signed on for someone else

Your only recourse is to sue your old boyfriend, but if you had to sign for him to get the furniture in the first place, it is unlikely that he is in any kind of financial position to make good even if you win. He could also argue that the furniture was a gift and not a loan, and if you do not have any written evidence to the contrary, this is speculative at best. Finally, even if you got the furniture back now, its fair market value would be considerably lower than what you owe on it, which would leave a substantial amount still owed. Unfortunately, you do not have a lot of options here.

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Answered on 3/01/02, 7:46 am


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