FLM Loan guarantor help!

InstantFruit

Hello

I`m looking for some advice.

I am the guarantor for someone for a loan from FLM

Now, perhaps I was a bit naive when I did this, but it turns out the loan (and the responsibilty) is mine. I didnt realise this is how it works, and yes I know thats my fault for not researching etc.

Thing is, the person who took out this loan assured me they intended paying it off within 2-3 months. Obviously they are not, and with the interest payments they are paying less than £5 a month off the loan amout - its going to take years to pay this and during this time the debt hangs over my head.

Yes I know this is my fault, but I feel the need to do something about it.

Is there anything I can do to extract myself from this situation?!

Thanks

DermotFlanigan

I was forwarded to FLM from yesloans.com. Bloody scammers the lot of them. How much is it and is the person a relative?

DermotFlanigan

And upon a quick google, the only way you can get rid of this burden is to have the person to pay it off by the looks of things..

InstantFruit

No the person is not a relative.

I cant believe how stupid I`ve been on this, I have no debts or loans (well, I didnt have, I have now!)

I'm a bit concerned

ILW

What were you lead to believe that being a guarantor involved?
And by whom?

InstantFruit

ILW wrote: »

What were you lead to believe that being a guarantor involved?
And by whom?

I was led to believe it was equal to a charactor referance.

Yes I`m stupid.

This on top of assurances that it was a temp loan, due to cash flow, and would be paid off in 2-3 months. Payments are being made at the minimum rate, ie. £4.80 after interest, the loan is £1500

This was a friend! not a relative.

DermotFlanigan

Not much of a friend by the looks of it. Have you asked why he/she isn't paying it off as promised?

Jennikay

InstantFruit wrote: »

I was led to believe it was equal to a charactor referance.

Yes I`m stupid.

This on top of assurances that it was a temp loan, due to cash flow, and would be paid off in 2-3 months. Payments are being made at the minimum rate, ie. £4.80 after interest, the loan is £1500

This was a friend! not a relative.

Did you sign the forms etc? Normally guarantor forms have at the top in bold 'Signing this form means you are undertaking responsibility for someone else's debts'...

On the up side, he's keeping up the minimum repayments and you don't have DCAs knocking on your door.

InstantFruit

matthewandemma wrote: »

Not much of a friend by the looks of it. Have you asked why he/she isn't paying it off as promised?

I will do in 2 hours time, I`ve invited them around to chat about it

InstantFruit

Jennikay wrote: »

Did you sign the forms etc? Normally guarantor forms have at the top in bold 'Signing this form means you are undertaking responsibility for someone else's debts'...

On the up side, he's keeping up the minimum repayments and you don't have DCAs knocking on your door.

Yes, I signed a form, on my doorstep, he brought the form around and waved it at me asking for the signature

Yes, I`m stupid.

fozmcfc

The main thing it is being paid off, which means you aren't getting numerous phonecalls and letter off FLM telling you, you need to pay.

There isn't anything you can really do other than ask you friend what is going on.

Basically as long as they are paying £1500 of debt isn't really going to have much effect on you. If they stop paying then it's a different matter.

Let us know how you get on.