Please stay away from flm loans

RichGold

Apples2 wrote: »

Did you have ANY idea what taking a loan out meant?

Quote of the week

bryanbukowski

Here we go again. Listen, YOU WENT AS GUARANTOR, WHICH MEANS IT'S YOUR LOAN. How many times are we going to have to explain that all this company are trying to do is get their money back, and they're well within their rights to do that any way they can. If you can't get your daughter to stick to her side of an agreement then I'm afraid this is your debt and you will need to pay it.

Tip for everyone, understand what being a Guarantor entails before agreeing and you will save all this heartache.

ukmartian

for your information..i have NEVER refused to pay the debt ...i understood what a guarantor was ......however i never anticipated being made redundant from a 20 year job .....FLM have taken their money from my daughter's account (see the statements ) but i have been barraged with E mails and text messages for the last 5 days requesting payment and they are adding default payments ....They were authorised to take the loan balance but they say the bank turned them down ...lies.....Then we find they only took the monthly payment ..more interest on the account..they have even said they will send the bailiffs in and called us liers .....

SnowTiger

bryanbukowski wrote: »

Tip for everyone, understand what being a Guarantor entails before agreeing and you will save all this heartache.

I think that's the problem. People seem to think they're simply providing a reference - yea the borrower is a good bloke or woman. They simply don't realise that they're effectively taking out a loan but someone else gets the money.

dreavi

This is exactly why my parents refused to be the guarantors for either mine nor my siblings loans. Not that I've asked but my sister needed one when she bought her house.

My parents worked damn hard to afford their lifestyle and retirement and they are not risking it now so their kid can have a house that much quicker

If you act as a Guarantor its now your responsibilty to stump up the cash, FLM or whoever dont care about your status or your livelihood they want their money..

bryanbukowski

ukmartian wrote: »

but i have been barraged with E mails and text messages for the last 5 days requesting payment and they are adding default paymentsQUOTE]

To be honest if I went guarantor for a loan, and the person broke their promise and started to miss payments, I would want the company to contact me and tell me. Imagine if they'll didn't tell you and then 3 months later you got a letter saying that late charges had been added because payments weren't made. Think you would be more cheesed off.

glasgowsaver2011

There will always be a market for these companies

Gimasutch1991

Apples2 wrote: »

What on Earth did you guys think you were a guarantor for??

You agreed that WHEN the applicant stops paying, they could take the money from you

Took the words out of my mouth, if you don't pay or the person you are a gaurantor for don't pay of course they are going to get annoyed and not try and help especially if you are only a little while in and don't pay. At the end of the day read the T&C's
If you don't like it don't sign up!
Simple

poppasmurf_bewdley

I can't help but think that whoever named this company had a macabre sense of humour. Naming it FLM loans - transpose one letter and you have FML Loans, very apt indeed!

Lisaloo1986

Personally, i had no problems with FLM. It was my own fault that i got into debt and spent frivolously, and my only way out was with a company like FLM. I have since finished the loan and now my finances are better than ever.
However, i have to add that with all these garuntors getting a bee in their bonnet about having to pay if the borrower gets into financial difficulty or refuses to pay, well, that is what you agreed to. My garuntor was fully aware and took two weeks to really think about what they were doing, and worked out that if i failed to pay they could afford to. No texting hassle, no constant phonecalls, my experience was quite different. FLM gave me a lifeline and any loan with any company is a huge risk, anybody can have a crisis and hit financial difficulty, however i doubt many people think about it when they see the £ signs! Also of course they would pay the loan into the garuntors account, how are they to know if all is above board!? It also gives the garuntor that one last chance to say no, because they can pay it straight back! Sometimes you just have to suck it up and stop complaining!