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Guarantor Loans FAQs (Guarantor)

Guarantor Loans FAQ Guarantor Loans FAQs (Guarantor) What are my responsibilities as a Guarantor?

What are my responsibilities as a Guarantor?

As the Guarantor on a TFS Loan you are responsible for paying any missed monthly installments of the loan that are not paid by the Borrower. In the event that the Borrower stops paying the loan, you would need to cover the amount outstanding. This is why we ensure, during the application process, that you are able to do this and are fully aware of this commitment before you agree to be a Guarantor.

We will, of course, work with the borrower first, to try to ensure they don’t miss payments. We only come to you as a last resort and we will only ever ask you to pay in line with the agreement.

Take a look at our Guarantor Hub ‘What does being a guarantor mean?’. We have illustrated the questions that you should ask yourself before you decide to be a Guarantor on a loan. We have also produced an article about questions you should ask and an article about who can become a Guarantor.

More questions for Guarantor Loans FAQs (Guarantor)
Do you check my income and affordability?Can I be a Guarantor for more than one person?Can a Guarantor be retired?Can I stop being a Guarantor?What would happen if neither the Borrower nor myself could pay?What would happen if the borrower went bankrupt, entered into a Debt Management Plan (DMP), an IVA or passed away?How is the information held by Fraud Prevention Agencies used? See all Guarantor Loans FAQs (Guarantor)

 

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Broom House, 39 – 43 London Road, Hadleigh, Essex, SS7 2QL, Company Registered in England No. 6542065.

TFS Loans Ltd is authorised and regulated by the Financial Conduct Authority. 724439

 

Loans are subject to status and affordability. *Consolidating debts may increase the term and the total amount payable.

Before entering into any credit agreement please make sure you can afford the monthly repayments, we recommend that you seek independent advice if you are unsure of any of the terms of our agreement. There may be other taxes or costs, not paid through us or charged by us, that you have to pay in connection with the agreement.

Late repayments can cause you serious money problems. For help go to www.moneyadviceservice.org.uk

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