FLM Loans

James54

Hi all,

My son got a loan from this company without me knowing. He has put me down as the guarantor but I only found out as he missed a payment and it came off my account. Should they not have contacted me asking if I would be the guarantor or should I have not received mail/email from them?

Thanks

Rossy.

James54 wrote: »

Hi all,

My son got a loan from this company without me knowing. He has put me down as the guarantor but I only found out as he missed a payment and it came off my account. Should they not have contacted me asking if I would be the guarantor or should I have not received mail/email from them?

Thanks

You should have as i was desperately seeking a mini loan last month from these people, i chose my boss as guarantor and he had to sign the agreement and then they called him to confirm he was happy to be my guarantor and confirm all his details.

The proposal agreement state that a monthly statement will be sent out to a guarantor to confirm payments are being recieved on the account so i would question FLM about what details they hold about you if i'm honest as something is not right.

They also state on the proposal that any shortfalls in the repayments are liable by the guarantor (obviously) but they say you are given plenty of notice on non payment so that the borrower can actually rectify the missed payment.

Luckily i realised i was making a massive mistake and decided to pull out with no penalties and never actually took out the loan (53.7APR) !!

good luck with sorting this out, sorry i can't help more

BLT_2

James54 wrote: »

Hi all,

My son got a loan from this company without me knowing. He has put me down as the guarantor but I only found out as he missed a payment and it came off my account. Should they not have contacted me asking if I would be the guarantor or should I have not received mail/email from them?

Thanks

Do you live at the same address, does he have access to your mail? I strongly suspect that he has signed the guarantor form on your behalf. In which case you are in a cleft stick. If you report this to the company then your son is guilty of financial fraud with all the criminal implications that brings.