In honor of our troops (IHOOT) Informative - Bad loan
LAUREL, MARYLAND -- There is an organization name IHOOT, what they do is assist troops after war with housing, phones, jobs, seeing eye dogs etc.. Basically they offer free services to all troops, in particular disabled ones. They also have fundraising events and activities in order to get the troops together, show them a good time and allow them to network with others in the military and elsewhere.
In July 2009 there was a Tigers Woods golf tournament at the Congressional Country Club in Maryland. For the tournament IHOOT needed funds in order to rent one of the skyboxes so that again the troops could come network, eat, drink and be merry. They could not raise the funds to rent the box so they solicited loans from others.
I loaned IHOOT and [snip], the principal $65,000,with interest to rent the box. The funds were due on October 1, 2009.
Long story short they reneged on the loan, here we are in February and I still have not received any funds.
I thought I was doing a very honorable thing by loaning the funds. I was at the event and met a number of disabled vets that seemed very appreciative for the event. It truly is a shame that this foundation, IHOOT has used the vets and military in such a disrespectful manner. I truly will not help military personnel again in the future, because you just don't know if the money is used for legitimate purposes.