FLM Loan guarantor help!

Apples2

Wouldn't it be simpler is your own Son told you he was not going to make this payment??

Anniecakes

He had checked his bank account and seen that the DD had left but hadn't been aware that it had been returned. Yes he should have checked the day after and yes I have told him he needs to get his act together (maybe not as politely as that ) but I do think that the company should also have told me as they are the ones taking the money.

instantfruit2

Can you not cancel your debit card to prevent this from happening again?

surely that would at least give you some warning?

Apples2

instantfruit2 wrote: »

Can you not cancel your debit card to prevent this from happening again?

surely that would at least give you some warning?

Don't listen to this poster. Jeeez!!!

instantfruit2

Apples2 wrote: »

Don't listen to this poster. Jeeez!!!

Ok, forgive my ignorance

Can you actually point out why that would be a bad idea?

Apples2

instantfruit2 wrote: »

Can you actually point out why that would be a bad idea?

Errrrr... Take your pick...

Because the poster has agreed to cover any missed payments.

The poster has agreed to be a Guarantor for this loan.

Because the poster has signed up and agreed the money can be taken from her account if the payment from the applicant fails.

Because they have formed a contract which allows them to do just that.


How do you think ths stuff works? Apply for a loan, take the money, cancel all methods of repayment and just keep the money for yourself?

instantfruit2

The specific issue here, seems to be that funds were taken without warning, something the poster above claims they assured them would happen

She`s not complaining about the agreed cover, or making the payment or the contract.

Her beef seems to be that these people assured her of warning yet took the money without any, thus causing problems.


How do you think ths stuff works? Apply for a loan, take the money, cancel all methods of repayment and just keep the money for yourself?

There`s really no need to be patronizing

Apples2

There is nothing to discuss, the payment is missed, they will take from the guarantor.
This is not optional, you cannot negotiate when and how you will pay.

The Whole point of the guarantor is to ensure the payment is made on time, every time.
This is yet another good example of why guarantor loans are simply lunacy.

Anniecakes

instantfruit2 wrote: »

The specific issue here, seems to be that funds were taken without warning, something the poster above claims they assured them would happen

She`s not complaining about the agreed cover, or making the payment or the contract.

Her beef seems to be that these people assured her of warning yet took the money without any, thus causing problems.


How do you think ths stuff works? Apply for a loan, take the money, cancel all methods of repayment and just keep the money for yourself?

There`s really no need to be patronizing

This is exactly my point, if I had had warning then I could have transferred the funds into my personal account avoiding any charges from the bank. I had been ASSURED that they would let me know. I do FULLY understand what being a guarantor means and if I had an issue with this would never have agreed. Am just looking for someone who might know if it is illegal for them to dip into an account without warning when it isn't a regular payment from this account:question:

nomoneytoday

I would ask your son to pay the bank charges!