What will you ask my guarantor?
Lizzy (1 year ago)
What questions will you ask my guarantor when you call? What will you tell my guarantor about my loan?
FLM Loans (5 mths ago)
The main thing we ask your guarantor is that they're happy to stand for you. We need them to agree that if you fail to make the repayment, we will take the money from them. It's their responsibility to make sure you don't fall into arrears and trouble.
Other things we'll confirm with them...
- The loan amount
- The repayment term
- Their basic details
- Their income and expenditure
- Their personal bank details
- Their responsibility as a guarantor
- The date of the repayment
Comments (38)
FLM Loans (11 mths ago)
Hi Kate,
When a FLM loan is set up, we set up a direct debit on your account to collect the monthly payments on the agreed due date.
We will only collect payments from your guarantor if your direct debit fails and we are unable to collect payment from your debit card.
Hope this helps
cha31 (10 mths ago)
may i know first if my guarantor is eligible to back my loan application before uploading the signed agreement to prevent any hassle from her?
FLM Loans (10 mths ago)
Hi there,
We're not able to complete the necessary checks without permission from your guarantor. This is why we need the form to be signed as their signature is permission for us to complete these checks to ensure they're able to stand as your guarantor.
Hope this helps
conf1rm1ng (10 mths ago)
I was told i did not need a guarantor for £500 only a signiture by yes loans
FLM Loans (10 mths ago)
FLM is a guarantor based lender so any loan we pay out requires a guarantor, perhaps Yes loans were talking about another lender.
johnm (9 mths ago)
what if I dont have a debit card,can I make my repayments by standing order or some other means?
FLM Loans (9 mths ago)
We prefer to collect your payments by Direct Debit each month so as long as your account has that capability that's fine. An applicant doesn't necessarily have to have a debit card (although it is always better if you have) but a guarantor must have a debit card of their own.
val2903 (9 mths ago)
how will you contact my guarantor? my letter or by phone? thanks
FLM Loans (9 mths ago)
We need to complete a verbal contract with yourself and your guarantor once we receive the paperwork. We will need to phone them to do this. After that we will only contact them if there is a problem by email or text
mg16 (9 mths ago)
what happens if my guarantor looses their job and can t pay the loan
FLM Loans (9 mths ago)
Well primarily it is your responsibility to pay the loan, your guarantor is to support you and make any payments that you're unable to. If your guarantor's circumstances change then it is even more important for you to make your payments on time as you will not have your guarantor to rely on.
darren (9 mths ago)
hi jon,
you didnt really answer the last question which i feel is quite a relevent one; what does happen if both the applicant's and the guarantor's circumstances change and neither can make the payment?
does that affect the guarantor or the applicant directly or both?
FLM Loans (9 mths ago)
If BOTH you and your guarantor's circumstances change and you're unable to pay the loan then we would work with you both to make sure the payments are made on time. Both of you would need to work together to make sure that the loan is paid so that situations aren't made worse.
sam22 (9 mths ago)
as i have applied for my top up loan my guarantor i had last time .his wife is the one whos debit card have paid my monthly payments from their bank.they have over 800pd coming in with pensions and allowances would she be able to be my guarantor this time
FLM Loans (9 mths ago)
It's difficult to say without completing all the necessary checks! Your guarantor must still be a homeowner with a good credit history, a good income and at least 23 years old (but no older than 70 when the loan ends). Only after we have completed all the checks would we be able to give you an answer.
tiego9999 (9 mths ago)
Hi, i was told today that my loan application would be paid if not today, tomorrow, just needed to call my garantor, but she was asked to scan her debit card and send it to you, why is this?she wont be able to do this untill next week, because she is on holidays. Is there a way around it? And she was told that the loan it self will be transfered into her account, why? Thank you.
FLM Loans (9 mths ago)
Occasionally our checks will be inconclusive in which case we will need a scanned copy of a debit card or bank statement to prove that the details that are being provided do belong to your guarantor. We also transfer the funds to your guarantor's account for extra security to make sure that your guarantor understands completely what's going on.
Tom1977 (9 mths ago)
Can I change my guarantor during the term of the loan?
FLM Loans (9 mths ago)
Once your guarantor has agreed to the terms and conditions of the loan, they are agreeing to stand as your guarantor for the whole term. This means you aren't able to change guarantors once your loan is paid out.
jodie (9 mths ago)
I have signed a form to agree to becoming a guarantour, the borrower said it was declined. How can I be sure that the loan has not gone through? Should I have received a phone call or a letter? I have changed my mind about doing it now & hope that the agreement hasn't been made without me knowing, thanks
FLM Loans (9 mths ago)
We complete a verbal contract with both parties before the loan is paid out. Also, we pay the funds into your account as a security precaution so you would definitely know if the loan had gone through.
David (9 mths ago)
In what circumstances is the loan amount paid to the guarantor and not the applicant?
FLM Loans (9 mths ago)
The funds are always paid to the guarantor first. This is to protect the guarantor and to make sure they are 100% happy to do what they have agreed to do. They then transfer the funds to you.
yasar (8 mths ago)
hi so when all the application is complete does the money get transferred to my account or the guarontors account? it says up there that it will go to the guarantors account first for security but i dont know what that is about can you explain please this is so confusing and silly
FLM Loans (8 mths ago)
We transfer the funds to your guarantors account first because we want to make sure that the guarantor knows exactly what is going on. If someone hasn't agreed to be guarantor, and their details are being used without them knowing we pay the funds to their account first so they know exactly what is going on. Then they transfer the funds to you.
scott (8 mths ago)
Hi my friend is asking me to be a guarantor, ive given my sort code and account details. Why do you also need my card number & security pin?
FLM Loans (8 mths ago)
We don't need your pin number, but we would need your card details so that we can collect payments from you in future if necessary if the borrower didn't pay. We wouldn't collect payments from a guarantor by direct debit as this would take too long to set up meaning the payment would be late. That's why we keep your card securely stored in case a payment is late in future.
David (8 mths ago)
You've said above that you complete a "verbal contract" with each party.
Are there any exceptions to this rule?
FLM Loans (8 mths ago)
No, we always complete a verbal contract with both applicant and guarantor. This is how we confirm that both of you understand the way the loan works, and provides a contract that confirms the legalities of accepting the terms of the agreement.
Joan2211 (7 mths ago)
Hi Jon Newman,
I have lost my job and my gurantor has also lost his job which means neither of us are in a position to repay the loan. What criteria do you have in place to address the issues, support or help do you offer in this circumstance. Please outline options? Do you offer a reduced payment plan, interest omitted etc?
FLM Loans (7 mths ago)
Hi Joan2211,
As per our agreement, the full instalments must be made on time under any circumstances. We will credit any reduced payments but will not stop approaching you and your guarantor until the full payment is received. Also, all interests will be occurring as usual. If one payment is not received in full on the due date, your account will fall into arrears. If your account stays in arrears for more than 3 days, you will have late payment charges added to your balance, which will accrue more interest too.
Therefore please do your best to make sure that all payments are always made on time.
Thanks
wammy (5 mths ago)
i have a guarantor but i don't want them knowing how much im borrowing and my guarantor doesnt want my loan going into their account is there anyway out of this situation
FLM Loans (5 mths ago)
I'm afraid not. The main thing we ask of a guarantor is that they are happy to stand for you and agree that if you fail to make the repayment, they will take on responsibility for the loan. They have to agree to the loan amount and every loan must be paid into the guarantor's account, even if it's a top up. Part of the reason we do this is to make sure that the guarantor is aware of the loan and completely happy to stand as guarantor again. Transferring the money to them is how we confirm that they are.
nat4 (4 mths ago)
where do the letters go to the borrower or the guarantor ?
FLM Loans (4 mths ago)
Both you and your guarantor will receive a letter when your loan is paid out confirm the repayments, with a copy of the agreement and terms and conditions enclosed.
We will also send paper statements to you and your guarantor separately unless either of you opt out of paper statements. To opy out, paste this link into your browser:
http://community.flmloans.co.uk/answer-centre/question/view/i-dont-want-paper-statements
Sharron (2 mths ago)
Hi,
I have repaid my loan on time now for over 2years, never missed a payment, I am thinking of topping my loan up and using the same guarantor , would my funds still be paid into her account?
FLM Loans (2 mths ago)
Hi Sharron,
Yes. If you apply for a top up, the application process will be the same as before. So the loan will still be paid out to your guarantor's bank account.
Thanks
katepotate (11 mths ago)
doesnt the direct debit come out of my account?....surely not the guarantors....