JoJo12 (4 yrs ago)
I have decided that I dont want to be a guarantor anymore, what are my options?
FLM Loans (3 yrs ago)
Once an agreement is signed this is legally binding. We cannot remove or change a guarantor until the loan is paid off in full.
However, the applicant can apply for a top-up once 12 repayments have been made. At this point the applicant can change guarantors as long as the new total loan amount doesn't exceed £3000. To top-up to a higher amount, the applicant would need to remain with their existing guarantor.
Also, with all new loan agreements that get paid out we offer a 14 day cooling off period. This is from the point it gets paid into the guarantors account. Click here to read more about the cooling off period.