What if there is a problem with paying my loan off?

Sandra.W (1 year ago)

Just in case i encounter problems in the future, whats the best advice you can give?

FLM Loans (5 mths ago)

  1. If you are experiencing problems with paying your loan, the advice from the government is don't ignore it. Contact the loan company to discuss the problem.
  2. We have entered into a loan agreement with you in good faith; we have lent you our money and expect this to be repaid in line with the terms and conditions.
  3. You will need to maintain your payments, and if you can't, your guarantor will.
  4. If you don't contact us we will attempt contact with you daily by phone, email or text. You may feel that this is persistent but we believe we have a duty to contact you to resolve the arrears as soon as possible. We dont consider this to be disproportionate or excessive under the circumstances.
  5. We will always write to you as applicant and the guarantor to keep you both updated.
  6. Always talk to your guarantor if you think you are going to struggle to make the repayments, dont hide away from it.

Comments (6)

amykirk (1 year ago)

i have a loan with you and have not set up a direct debit as i pay by paypoint so why does my guarantors statement show you are trying to take a direct debit every month?

FLM Loans (1 year ago)

Hi amykirk,

We initially would have set up a direct debit with you when the loan was initially taken out. As you pay by paypoint this is not needed, but our system still expects a direct debit to come in, even if the mandate is not live.
To change this, please give our collections team a call so they can update your method of payment.

omokomo (5 mths ago)

What happens if I can't make my payment?

FLM Loans (5 mths ago)

The loan repayment has to come out on the date you confirmed when the loan was agreed. Make sure you have the funds available each month because we will have to try and take the payment on its due date. Please do what you can to make sure that the full amount is going to be available, because we are going to have to try and take it. If it's not available, we'll have to attempt it from your guarantors account. Try and move some money around if you can, maybe look at reducing your outgoings for the month?

Steve. (2 mths ago)

As a guarantor, can I make a payment by cheque to clear any arrears incurred? If so, who do I make the cheque out to?

FLM Loans (2 mths ago)

Hi Steve,

Yes, you can indeed make a payment to us by cheque. Just send it to the following address:

Walton House
56 - 58 Richmond Hill
Bournemouth
BH2 6EX

Please quote your agreement number or full name and full address on the back of your cheque, so that we can locate your account and present the payment as soon as possible.

Thanks


Tags: help with payment, loan agreement, loan payment, online payment, problem with paying, repayment