FLM Loans

LDJ2009

Nottoobad wrote: »

I'd stear well clear. I'm in a horrendous position at the moment where it's all gone horribly wrong and ruined a good friendship.

One can never be 100% certain they will be able to continue making the repayments.

Are you a guarantor ?

To be honest, it's all down to the applicant and their circumstances as i know 100% that i will meet all of my repayments for the remainder of the loan term.

Apart from the monthly statements my Guarantor receives showing i have made my payments (plus the overpayments) she has had no other involvement in the loan.

As i said in a previous post, i'm not recommending guarantor loans in general as using them should be an absolute last resort because of the problems they can cause if it all goes wrong.

inmypocketnottheirs

Nottoobad wrote: »

I'd stear well clear. I'm in a horrendous position at the moment where it's all gone horribly wrong and ruined a good friendship.

One can never be 100% certain they will be able to continue making the repayments.

The whole point here is anyone who needs a guarantor loan has clearly not kept their obligations in the past.

LDJ2009

inmypocketnottheirs wrote: »

The whole point here is anyone who needs a guarantor loan has clearly not kept their obligations in the past.

Totally agree !

That's why i wasn't able to borrow through non sub-prime lenders but in my case, it was one event that led to my financial problems and despite sorting myself out within a very short space of time, my credit file was ruined.

Apart from my mortgage, i'll soon be debt free isn't a bad position to be at my age (29 cough cough ) especially as i have been pretty much in debt since i was 18

Apples2

LaurenJadeTaylor wrote: »

FLM Loans

get out and walk!!

BLT_2

LDJ2009 wrote: »

I have an FLM loan with my best friend standing as guarantor.

There isn't a chance in hell that i would not make the loan payment and she knows that. It was also her that suggested using FLM so i hadn't approached her myself (which i would never have done)

The apr i am paying is 42.6% and i am overpaying by £100 per month without penalty so the final apr will be a lot less.

The key to guarantor loans is simple, do not ask someone to be guarantor unless you are 100% that you will never miss a payment otherwise that's a friendship out of the window

My friend put a lot of trust in me by being my guarantor and i would do the same for her if she asked. My loan direct debit comes out the day i get paid so it will never be unpaid.

FLM have had some bad reviews because of how they work once a payment is missed but that's all in the credit agreement that both myself and my guarantor signed. I am not recommending them in any way but in my case, it has worked out fine.

Not sure about their bad reviews due to the way the work, they should have bad reviews for having the neck to charge 42%, talk about profiting from peoples misery.

fatbelly

LDJ2009 wrote: »

The key to guarantor loans is simple, do not ask someone to be guarantor unless you are 100% that you will never miss a payment otherwise that's a friendship out of the window

My friend put a lot of trust in me by being my guarantor and i would do the same for her if she asked. My loan direct debit comes out the day i get paid so it will never be unpaid.

But if you lose your job and find you are on JSA at £65 per week, it could be a different story.

LDJ2009

I can't quote for some reason but at the start of the loan, i gave my friend the equivalent of 2 months payments as a back up and i already had ASU cover in place that pays out after 30 days. I've been in the same job for 10 years and if anything, we're busier than ever so i'd like to think my jobs safe for the near future.

I have also been overpaying so the loan will be finished earlier than the orginal 36 months

justaintcricket

andrea_x wrote: »

I am new to this can i ask if anyone is or as recent dealings with FLM Loans i have been offered a loan it is high interest rate but i dont have a good credit rating and you dont have to pay a fee up front, like some of the companies listed to avoid. It does however , have a good early settlemat rebate figure on the interest which did suprise me. But you do have to have a guarantor for this company, just wondered if anyone has recent or is currently dealing with FLM. Any advice appreciated.

Hello, I have been a long time browser of this forum for a while and thought I would stick my 2 cents in.

I have recently got my Mum to guarantor my £3k loan from FLM. I did a fair amount of research before applying and everything has gone smoothly, customer service is great, forms and details can be done online and has been stress free. You may ask why I have had to go to them, well basically I was an 18year old who went mad with credit/didn't pay bills and was generally a strain on my bank's/parents patience. However, after 6 years of p*ssing about, I am finally able to get straight. Yes I am paying a massive interest rate and yes I understand the risks of missing a payment, but I don't intend to. It's called growing up and getting a grip, and not burying your head in the sand.

People moan about companies like FLM, but they have been a godsend to me. My credit rating is slowly improving, I have opened a new bank account (Co-Op Cashminder) and things are slowly looking up. Of course FLM and the like are going to chase you, you signed an agreement to pay them back money they gave you when nobody else would.

It's more about attitude and less about what you earn. I am more than prepared to live in 11p noodles and beans if it means I can get straight sooner rather than later.

fatbelly

Xbigman wrote: »

FLM will lend money to anyone with a guarantor who is a homeowner. They know they can force the homeowner to pay and they charge a horrendous interest rate. FLM are in a win win scenario, but only for them. Avoid.
Regards

X

Worth repeating the words of the wise one, I think.

Barnsley2010

I am currently getting a loan with these, they gave me their details over a week ago and have sent me several texts each day since, however I decided to just borrow the amount I needed for now and use debt management instead of a loan to pay all of it, my mums a guarentor and she understands my problem, I lost my part time job while I was a student and therefor couldnt pay my credit cards that id accumulated before I decided to go to uni, i'm a mature student, apparently. I intend to repay the full loan in 2 months with my student loan as I only took out a few hundred and will not get charged, I will pay about £100 interest, which is fine by me because I get to sort myself out in the mean time and not worry about missing payments and my wage being swallowed up by previous missed payments. I know how hard it is, and until you are in the situation, you have no idea how difficult it is to stay afloat and get back up to date!