Why do you need my guarantor's bank details?

Carrie111 (1 year ago)

I've been told that you need my guarantor's bank details, why is this?

FLM Loans (9 mths ago)

Hi there,

 

We need your guarantor's bank details so that if there is ever a problem with you making a payment we will be able to set up a direct debit with your guarantor. This wouldn't happen if you had simply missed your payment one month, this would be if there was a long term issue. We would never set up a direct debit with your guarantor without them knowing first.

 

We also pay the loan into your guarantor's account, this is because we want to confirm that they know exactly what is going on and they're completely happy with standing guarantor for you.

 

Hope this helps

Comments (6)

isaac jalali (9 mths ago)

my guarantor will not give their bank details to anybody....is there anything i can do as i would really like the loan

FLM Loans (9 mths ago)

We have to have your guarator's bank details to proceed. You can reassure your guarantor that we will not take any money out of their bank account unless you fail to make your monthly repayment.

Without your guarantor's bank details we cannot payout the loan, so please try and tell them the reason we need them, otherwise you will have to find a new guarantor I'm afraid :(

col8905 (8 mths ago)

I have read that you require both bank and debit card details from the guarantor. My guarantor's bank account doesnt have a debit card but does have direct debit facility. She holds a prepaid debit card with cashplus. Could this be accepted as the debit card as well as her bank for direct debit?

FLM Loans (8 mths ago)

Yes thats fine, all FLM ask for from you guarantor is a bank account which has a direct debit facility, and credit or debit card details. These do not have to match the bank account. Your guarantors bank account and debit card should be fine :)

Hope this has helped!

megan (6 mths ago)

Hi, i have €200 left on my loan which was €1000 for a course i'm not even doing anymore and i repay by €50 per month instalments, my father is my guarantor on the loan and i am really finding it hard repaying the loan. If i do not repay the loan can they take the money out of my fathers account? Or is it even possible to be taken to court over €200?
Please help!

FLM Loans (6 mths ago)

Hi megan,

As per the agreement, every monthly payment must be made in full on time until the loan is settled in full. If you are unable to maintain the payment every month, then we will take the payment from your guarantor as orginally agreed. Upon this loan, your guarantor has the responsibility of making any payments that you were unable to make on time. Therefore we will approach your guarantor for any payment that is not made on time by you.

Thanks


Tags: bank details, guarantor's bank details, missed payment, what do you need from my guarantor, what is required, why do you need