flm loans

Tixy

If it was a genuine case where the loan goes out on the 24th each month and the payer is paid on the 25th it could be worth asking for the loan date to be changed. Although flm charge to move a payment and they may only agree to pull it forward 30 days rather than back 1 day - so payer may find they need to find 2 payments in 1 month.

But given its someone with a guarantor loan I wouldn't be at all surprised if its not a problem with the particular repayment date but more just that they are financially disorganised, let the payment bounce and then scrabble around to see where they can borrow money from to make the payment a day or so later. If its that sort of situation then moving the payment date won't help.

Peelerfart

Just like to point out to all the dylexics who apparantly frequent boards such as these,if you're looking for a loan of a !!!!!!, you've read it wrong.

Thanks

PF

lilly2011

FLM Loans do not appear on the Guarantor's credit file. I was a guarantor for one of these loans 2 years ago and unless things have changed, they paid the money into my account for fraud prevention. I then paid off the debt on my friends behalf so i knew it was cleared. Cards etc were then cut up and the accounts closed.

It did not show on my credit file payment history wise, but was on the credit file of the borrower. A search of my file by FLM did show though.

I was lucky as the debt with FLM was then cleared a year into a 3 year loan and payments were never missed as my friend needed a kick up the backside to clear her debt and worked 3 jobs to do so.

I would never be a guarantor again to be honest but then my own credit file took a huge knock when i lost my job.

glasgowsaver2011

FLM give a few days grace

if they have not contacted you by phone to get the money from your account you may be ok

rdchick

Peelerfart wrote: »

Just like to point out to all the dylexics who apparantly frequent boards such as these,if you're looking for a loan of a !!!!!!, you've read it wrong.

Thanks

PF

I actually read it as FML (which as any Facebooker will tell you means F*%! my life) - rather apt I think

Does make me smile though

duchesspink1

Apples2 wrote: »

Good idea in principle but I'm not sure it would make any difference. The borrower cannot afford the monthly payment anyway, moving the date later simply means he/she will run out of money earlier the next month....ergo... Payday loans here we come.

The Op states that the borrower pays every month but always pays late. I'm not sure where you're getting that they aren't paying at all or can't afford the monthly payment

Apples2

duchesspink1 wrote: »

The Op states that the borrower pays every month but always pays late. I'm not sure where you're getting that they aren't paying at all or can't afford the monthly payment

In a Calander month the OP cannot make payment, so waits until pay goes in the bank. In this case, the loan repayment suffers by being late.

Moving it to payday means the loan gets paid first, but the OP is going to run out of money before the end of the month. I'm guessing that money goes on food or other essential bills. This is normally the trigger for a low value PDL which so many fall into.

It shouldn't matter at which point in the Month the money comes out, it still comes out no matter what, but the reality is often different.
By paying late repeatedly, you have to recognise there is a gap, currently being swallowed by the late payment window, sort the late payments out and the gap simply moves elsewhere.

Cheeze83

As guarantor the only time it should go onto your credit file would be if the debt was transferred to your responsibility.

So, in the instance the applicant ran off and stopped paying and it went to court thats when it should start showing on your credit file.

That is my understanding of it (I have worked within loans companies, one of which was guarantor loan).

If you are in any doubt though, just give them a quick call, or e-mail them (personally I would email their complaints department as you'll probably get through to someone quicker and more knowledgeable!) and ask

bbfc

I am surprised that the DD has not be cancelled by either the Bank or the Lender if its continuously being bounced.

duchesspink1

Apples2 wrote: »

In a Calander month the OP cannot make payment, so waits until pay goes in the bank. In this case, the loan repayment suffers by being late.

Moving it to payday means the loan gets paid first, but the OP is going to run out of money before the end of the month. I'm guessing that money goes on food or other essential bills. This is normally the trigger for a low value PDL which so many fall into.

It shouldn't matter at which point in the Month the money comes out, it still comes out no matter what, but the reality is often different.
By paying late repeatedly, you have to recognise there is a gap, currently being swallowed by the late payment window, sort the late payments out and the gap simply moves elsewhere.

I don't see what difference this makes as to where the gap goes, the OP is only interested in making sure the loan is paid on the correct date so my advice still stands to change the date of the payment until the day that suits. it could be a matter of the person with the loan getting paid late.

You're reading way too much into someones circumstances that you know nothing about other than they don't pay on the correct day but do a few days later. We can only give advice on the info given by the OP.