Does the guarantor cover the monthly payment or total balance
rob17 (9 mths ago)
The Gurantor cover's the monthy payment should anything happen but does the gurantor include anything for the outstanding balance should anything happen to me if i'm cover covered by payment protection with yourselves rob...
FLM Loans (9 mths ago)
Hi rob17,
If you were unable to pay for some reason, then yes your guarantor would be responsible for making the payment on your behalf. The next month however, we would expect you to continue making the repayments as normal.
However, if something were to happen to you and you were unable to make any repayments then your guarantor would become liable for the full loan until completely paid.
We don't offer any kind of Payment Protection as your guarantor provides the insurance that the loan will be paid should you not be able to.
I hope this helps