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Can I pay my loan off early?
Yes, absolutely. You’re free to reduce or clear your loan early at any point, just get in touch with us and we will calculate a settlement figure for you.
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What happens if I miss a payment?
If think you are likely to miss a payment or have missed a payment, get in touch with us as soon as possible. The sooner we know there’s a problem, the sooner we can start to help. Our friendly Customer Care Team are here for you, so don’t be afraid to contact them on 01628 280 113 or email [email protected]. Our opening times are:
Monday 9am - 7pm Tuesday to Friday 9am - 5pm Saturday 9am - 1pm Alternatively, if you’re worried about things and want more information about how to manage your money, there are a number of free and independent organisations which can help.
Step Change www.stepchange.org 0800 138 1111 Money Advice Service www.moneyadviceservice.org.uk 0800 138 7777 National Debt Line www.nationaldebtline.org 0808 808 4000 -
What happens if I can’t keep up with repayments?
If you find yourself in a difficult situation at any time, make sure you get in contact with us. We will try and work out a solution with you over the phone. Your account manager will make every effort to find a way to overcome the problem without having to contact your Guarantor. However, if we cannot come to a resolution, it is only then your Guarantor will be asked to make that month’s payment.
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What do I do if I run into financial difficulty?
In the first instance, call us and we will do our very best to try and help you. The sooner we know there’s a problem, the sooner we can start to help. Our friendly Customer Assistance Team will make every effort to come to a resolution, so don’t be afraid to contact them on 01628 280 113 or email [email protected].
Alternatively, if you’re worried about things and want more information about how to manage your money, there are a number of free and independent organisations which can help.
Step Change www.stepchange.org 0800 138 1111 Money Advice Service www.moneyadviceservice.org.uk 0800 138 7777 National Debt Line www.nationaldebtline.org 0808 808 4000
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Will I be expected to make repayments?
Only if we do not receive repayments on time from the account holder. We make sure a borrower can afford the loan beforehand, but if their circumstances change and they cannot make that month’s payment, we will ask you to pay it instead. You will only become liable for the full balance if the borrower stops paying completely.
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How long do I remain as the Guarantor?
For the full length of the agreement or until the balance has been paid in full.
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Will the loan affect my credit rating?
No – providing the borrower (or if needed you) make the monthly repayments until the loan is repaid, there will be no effect on your credit rating. The loan is registered in the applicant’s name – not yours.
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Will the loan be registered in my name to credit reference agencies?
The loan is registered in the applicant’s name – not yours. Our initial check that verifies you as a suitable Guarantor is NOT recorded or visible on your credit file. We undertake a soft search on your credit file but this won’t affect your credit score.
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If the borrower misses a payment, do you let me know?
Yes of course, we will always keep you up-to-date on how the loan is being managed by the borrower.
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As a Guarantor, if my circumstances change do I need to inform you?
Yes, please contact our TrustTwo Customer Service team on 01628 280 113.
If you have any questions not answered in this page, please contact us directly.