FLM Loan guarantor help!

CH27

Worst case scenario is that your friend stops paying.
Can you afford to clear the loan if that happens?

chalkie99

This thread really needs to be a "sticky" as a prime example (or should that be "sub-prime example" ) of what is involved in being a guarantor for all those people who post here about getting a loan which requires one and never really seem to grasp what it means.

InstantFruit

Hi

Well, thanks for everyones input, really appreciated

Seems I have few options.

Spoke to the guy, he seems to have been as ignorant of the situtaion as I was. I`ll take that at face value.

I`ve pointed out that initially he wanted to pay this off in 2-3 months, but is now saying 7-8 months and this is not good enough.

To be honest, I am concerned about the paypments, guess I¬ll just have to cope with that. I could manage a monthly payment if it came to it, but I could not manage the total amount.

I've learnt deeply from this. One of the ironic things is that I consider myself to be good with money. I have no debts myself at all, dont owe anyone anything (well, now I do, Doh!)


I have one more desperate straw to clutch at:-

Is there any form of documentation I could get this guy to sign, basically confirming that the debt is his?! What I`m thinking is that if action was taken against me I could use this mythical documention to then take action against him.

Its probably unlikely, but I feel very quite exposed in my current situation so feel the need to do something to protect myself.


Thanks again for all your input!

Jennikay

You pretty much can't do anything except persuade him to get a top up and change guarantor in the process:
http://community.flmloans.co.uk/answer-centre/question/view/can-i-change-my-guarantor

Apart from that, fingers crossed he pays the loan off and in future read everything you have to sign

Apples2

Seems quite clear to me.

by Lizzy on Tue Jun 01st, 2010 12:10 pm
What questions will you ask my guarantor? What will you tell them about my loan? Thanks
by Jon Newman last updated 34 days ago.
The main thing we ask your guarantor is that they're happy to stand for you. We need them to agree that if you fail to make the repayment, we will take the money from them. It's their responsibility to make sure you don't fall into arrears and trouble.

Other things we'll confirm with them...

- The loan amount
- The repayment term
- Their basic details
- Their income and expenditure
- Their personal bank details
- Their responsibility as a guarantor
- The date of the repayment

by jodie 10 days ago.
I have signed a form to agree to becoming a guarantour, the borrower said it was declined. How can I be sure that the loan has not gone through? Should I have received a phone call or a letter? I have changed my mind about doing it now & hope that the agreement hasn't been made without me knowing, thanks




by Jon Newman 10 days ago.
We complete a verbal contract with both parties before the loan is paid out. Also, we pay the funds into your account as a security precaution so you would definitely know if the loan had gone through.

by Jon Newman 10 days ago.
The funds are always paid to the guarantor first. This is to protect the guarantor and to make sure they are 100% happy to do what they have agreed to do. They then transfer the funds to you.

by yasar 9 days ago.
hi so when all the application is complete does the money get transferred to my account or the guarontors account? it says up there that it will go to the guarantors account first for security but i dont know what that is about can you explain please this is so confusing and silly




by Jon Newman 9 days ago.
We transfer the funds to your guarantors account first because we want to make sure that the guarantor knows exactly what is going on. If someone hasn't agreed to be guarantor, and their details are being used without them knowing we pay the funds to their account first so they know exactly what is going on. Then they transfer the funds to you.

instantfruit2

Yes, evidently I`m !!!!!!ed.

Have read and re-read the site, nowt I can do.


In the meantime, does my notion of getting him to sign something offer me any protection whatsoever?!


(oh, had to re-register, my last account wouldnt let me in)

jonesMUFCforever

instantfruit2 wrote: »

Yes, evidently I`m !!!!!!ed.

Have read and re-read the site, nowt I can do.


In the meantime, does my notion of getting him to sign something offer me any protection whatsoever?!


(oh, had to re-register, my last account wouldnt let me in)

You have already signed a piece of paper - look where it has got you - do you honestly think him signing another piece of paper for you going to change anything one iota??
Save up and be prepared to take the hit is my honest opinion - credit worthy customers do not require guarantors, what does that say about your so called friend?

instantfruit2

jonesMUFCforever wrote: »

You have already signed a piece of paper - look where it has got you - do you honestly think him signing another piece of paper for you going to change anything one iota??

Ermmm.. guess not then. :mad:

I`ll seek redress without paper then.



Thanks again for everyones help.

Emmzi

if you are required to pay that process will generate enough paper for you to take friend to court.

save it all!!

Anniecakes

Hi, I have acted as a guarantor for my son with FLM. He has just defaulted on a payment and they took the money from my account, whilst I understand that I have agreed to this they gave me no notification and as a result I now have bank charges. I specifically asked if they would notify me before I agreed to be guarantor and they said they would, they are now saying that this is a complementary service and they are not obliged to notify me. I have asked for a copy of the transcript of the call as proof that I was told this, but I have a funny feeling they won't be able to locate it!!! I fully believe that a company must make you aware that they will be taking from your account, am I correct in this belief? their solution was that they would just tranfer the loan to my account so that I would be aware the payments were coming out of it- unbelievable!