As per the other posters, there is nothing you can dowith the loan company.
The only action you can now take is with your boyfriends friend.
It is important to follow through everything thoroughly.
First you need to sit him (the friend) down seriously, and ask him what the problem is with paying the loan, has he lost his job?
Tell him that you are taking it very seriously and explain the impact it is having on you. If he thinks you are wealthy enough to cover it without impact to you, and that as you dont get credit the poor rating wont matter, he is less likely to care. If you are doing without stuff, not sleeping with worry, and concerned about future mortgages, then it may jog him into some action.
Establish if there is anything that can be done to help him, ie, if he cant afford the whole payment so he is paying nowt, get him to pay you what he can, so you arent forking out the entire amount.
Agree with him when he is going to start paying and how much, and how he is going to repay you what he owes you. Get him to accept it is a loan, from you, and that he needs to pay it back at some point.
Even if you cant get an agreement, it is important to have a conversation and try to get something out of it.
When the conversation ends, recap what was agreed/said, no matter how it goes. Tell him you are going to write down what you discussed, so you all know where you stand Then send him a copy,preferably so he has to sign for it.
To be continued:
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