FLM Loans Guarantor FAQ

If you have an enquiry with regards to your loan application, read these frequently asked questions.

If you have any questions left unanswered, please contact us.

By standing as Guarantor you are agreeing to take responsibility for the loan if the applicant fails to keep to the agreed repayments. If the loan is paid on time you will have to do nothing more than be involved in the application process, however you should not agree to stand as Guarantor unless you are completely comfortable with the idea that you may have to make repayments if the applicant does not.

You should have been given a pink form to complete and sign. This is the ‘Guarantee and Indemnity’ form where you give your consent to act as Guarantor. On this form there is also a Direct Debit Mandate, which must be completed and signed by you. The pink form should be sent back to us together with the blue form that is completed by the Applicant.
Both Guarantor and Applicant also need to include bank statements, passport/driving license photocopy, and debit card front/back photocopy.
Direct Debit may be used to collect money from you in the event that payments are missed by the applicant.

As a guarantor you are responsible for meeting repayments in the event that the applicant defaults on a loan. We may use the debit card details or the direct debit to collect the payment from you in the event that it is impossible for us to collect from the applicant.

The Guarantee and Indemnity that you have signed (pink form) is subject to the Consumer Credit Act 1974.

Yes, we will send you monthly statements so that you know that the loan is being repaid correctly. If there is a problem we will also contact you by telephone, text or mail.

No, if you are already standing as Guarantor for one FLM loan you cannot stand as Guarantor for another until the first has been paid off.

No, if you are already standing as Guarantor for an FLM loan you cannot apply for your own loan until the first has been paid off.

You can change your mind at any time until the loan has been paid out. When the loan is paid out it will be paid out into your bank account. It is then your responsibility to pass the money on to the Applicant. Once you have done this you cannot change your mind and will be responsible for the repayments on the loan and any other charges until the loan has been paid off.

Unlike almost all other lenders FLM Loans are completely flexible about this issue. You can make overpayments and reduce your payment period at any time. The only thing we insist on is that you make at least the normal monthly payment agreed to on your application form.

FLM is regulated by the Information Commissioner's Office under the Data Protection Act. We will always treat your information in a secure and confidential way. More details on how we will treat your information is contained on the privacy section of this website and in the terms and conditions of your agreement with us which can be downloaded from the downloads page.

01202 297824. Please note that we cannot accept FLM Loans credit agreements that we receive through the fax. Copied documentation is fine.

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