Can my guarantor and I use the same account details?
dan_the_chef (1 year ago)
My initial guarantor is my partner, she owns her home with a mortgage but we now share a bank account. can she still be a guarantor by giving the same details as me?
FLM Loans (5 mths ago)
No I'm afraid not. We have to have two separate account details for you and the guarantor. If FLM are unable to automatically take the monthly repayment from yourself, we have to take it from your guarantor to ensure you don't fall into arrears and make your situation worse. If you share the same account as your guarantor we wouldn't be able to take it from either and you would fall behind with your loan. No one wants that.
Comments (2)
FLM Loans (10 mths ago)
You wouldn't be able to use a guarantor who is already standing on a loan for someone else. This is because say that person couldn't make a payment, they would have to pay for them. If the same thing happened on your loan at the same time, then your guarantor would be left with two loans at the same time. This would be irresponsible to accept.
junie (10 mths ago)
Hello,
I am struggling to get a guarantor the only one that is willing to help us is my family friend who already act as a guarantor for my wife with the flm she is almost halfway thru her loan. Would it be possible to get this person to act as my guarantor.
Thanks