FLM Help.....

sjohnson87

Me and my partner are in a bit of a sticky situation with flm,last year we took a 3000pound loan with them, and agree to pay 108 back every month, so far we have never been late with a payment, last month my partner was made redundent, therefore we have struggled to pay decembers payment which was due on the 30th, so its 9 days late, we rang them up to explain and they werent very understanding and demanded the money, but we have no money coming in until the 14th, which would make it 2 weeks late.
We explained this but they turned round and said if we didnt pay asap they would take the money from our guarantor(partners mum), but she doesnt have any money to her name as she is waiting for the saled of her house to go through which should hopefully be in the next fews,
FLM turned round and said, they can stop the sale of my partners mum house because we havent paid our instalment for december, can they do this??
we are paying the instalment next friday, so surely by the time they have done all the paper work and i suspect getting a court order to do do it, we would have already paid???
Can anybody shed any light?? I have heard bad things about flm, but at the time it was our only option, since missing our payment on the 30th they have bombarded us with at least 5 texts/emails/callls a day,
surely they have got to be reasonable if people genuinly have downfalls once in a while??

Hax

I can't answer on what they can and can't do with regards to the sale of your partner's mother's house.

But with regards to this part:

sjohnson87 wrote: »

I have heard bad things about flm, but at the time it was our only option, since missing our payment on the 30th they have bombarded us with at least 5 texts/emails/callls a day,
surely they have got to be reasonable if people genuinly have downfalls once in a while??

The whole idea of someone being a guarantor is to make payments on a loan should the applicant be unable to. This comes into effect as soon as the first payment is missed.

So, if you "genuinly have downfalls once in a while" - then your guarantor has agreed to pick up the pieces.

[Deleted User]

they cant stop the sale afaik just pay next week and ignore their threats

Riche1976

I was a guarantor and the once or twice the person with the loan was slightly late they were constant phone calls to me. Even when I told them to go away as he would be paying in the morning.... a load of ****'s!! Telling you is one thing but they go for full harrasment, threaten then with police if they continue.

awu98

threatening them with the police won't do any good, it's a non-starter really.

Secondly, they can't stop the sale of the house going through, and I would have been insisting on speaking to a supervisor.

My advice is that there is precious little that you / mum can do bar getting one of those payday loans, or just holding fire until the 14th. Call and offer making a pre-dated debit card payment? worst case senario, they either dont take any action before the 14th, or you get a late fee, plus any fees for the second payment bouncing (if it's a direct debit)

Hax

Riche1976 wrote: »

I was a guarantor and the once or twice the person with the loan was slightly late they were constant phone calls to me.

What do you expect? They've not received payment as the borrower has defaulted on their side of the agreement. And then, you are refusing to act as guarantor and maintain the payments - thereby defaulting on your part of the agreement.

To my mind, what should have happened is you should have paid the missed payment - as far as the lender is concerned, it's a missed payment until it is paid - at that point, it becomes a "late" payment.

This is, after all, what you agreed to do by being a guarantor - you were supposed to be guaranteeing continuity in the payments. Then, when they get the money, the borrower should reimburse what you have paid out on their behalf.

As for them harassing you - it's not surprising - the borrower hasn't made payment as agreed and then you are refusing to act as guarantor.

I'm not saying I agree with their "tactics" - just that I can understand them.

redpete

sjohnson87 wrote: »

FLM turned round and said, they can stop the sale of my partners mum house because we havent paid our instalment for december, can they do this??

As the loan is not secured on any property they can't do anything about the sale of your mum's house.

surely they have got to be reasonable if people genuinly have downfalls once in a while??

Making unfounded threats is not reasonable. Expecting a guarantor to pay when the principle borrower doesn't pay is reasonable - it's what the guarantor agreed to do. How would your mum get the funds to pay if your situation doesn't improve for a few months and the sale of the house doesn't happen?

ILW

redpete wrote: »

As the loan is not secured on any property they can't do anything about the sale of your mum's house.

In theory they could go for a charging order, but that would take a lot longer than a couple of weeks.

Riche1976

Hax wrote: »

What do you expect? They've not received payment as the borrower has defaulted on their side of the agreement. And then, you are refusing to act as guarantor and maintain the payments - thereby defaulting on your part of the agreement.

To my mind, what should have happened is you should have paid the missed payment - as far as the lender is concerned, it's a missed payment until it is paid - at that point, it becomes a "late" payment.

This is, after all, what you agreed to do by being a guarantor - you were supposed to be guaranteeing continuity in the payments. Then, when they get the money, the borrower should reimburse what you have paid out on their behalf.

As for them harassing you - it's not surprising - the borrower hasn't made payment as agreed and then you are refusing to act as guarantor.

I'm not saying I agree with their "tactics" - just that I can understand them.

I disagree, on one occasion FLM were informed he was having difficulties and that payment would follow the following day, a little leway wouldn't have hurt, correction, a tiny bit of leway! They don't call once then give you time to sort anything out, they call again and again and again... within hours, rude too! I agree with some of your comments to a point. I needed to speak to the person who took the loan out and find out if it was true and he had missed his payment, I'm sorry but I don't give out my credit card details randomly and I don't take the word of an adverse credit company without satisfying myself first that it's true and checking who's fault it was! As a final note I'd add that when I signed up to be a guarantor it was for the total amount, not to be harrased ten times just 24 hours after a failed DD... I maintain my comment... load of t****ers!

bryanbukowski

Hmm, think I'm in agreement with me'old mate Hax here. Not sure what you expected to happen when you decided (foolishly or not) to stand as a guarantor for this person. Companies are always going to do what they can to get their money back. You say that you agreed to cover the whole loan term, not random missed payments each month, but isn't that the same thing? What would you rather, they don’t let you know when they've missed a payment, the charges added build up and you're left with a huge final loan figure at the end of the term? Doesn't make much sense to me.

Two bits of advice, never stand as guarantor for anyone unless you really, really, really know they're going to pay it back each month (even then I would still be sceptical) and two, if you are going to do it, keep as much in the loop as possible. The last thing you want is a nasty surprise when the person fuc*s off and leaves you with all the debt.

Apples2

There are some on here who have absolutely no clue what being a guarantor means.

You can't agree to become a guarantor, but only on your own terms, when you feel like it!

If the withdrawal attempt fails, it should automatically default to the guarantors account to ensure the payment is made on time......every time.

On one hand flm are giving you a few days grace whilst the argument unfolds.
On the other hand, this is flm so they are doing it to pile up a bagful of additional charges.

Good borrowers don't do business with flm.