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FAQs for Borrowers

Is my home at risk?

TFS Guarantor Loans are unsecured loans, so are not secured against your property.

However, in the event of missed payments by both yourself and your Guarantor and the account remaining in arrears, your home could be at risk as part of the overall settlement agreement outlined by the courts.

If both you and your Guarantor cannot pay the loan and we have exhausted all settlement options, we may apply to the courts for a County Court Judgement (CCJ). This, in turn, could lead to an attachment of earnings against your pay or a charging order against the property you own.

If the CCJ isn’t adhered to, we can request a Charging Order on any property owned by the borrower or guarantor. This means that if a customer wants to sell or re-mortgage their house, the amount owed to TFS Loans will be paid out of the proceeds. From our perspective, we never want to get into this situation with any of our customers and we work really hard with borrowers and guarantors who get into financial difficulty, to find another solution before we resort to court action.

If you guarantor needs more information, they can visit our Guarantor Hub, to find out everything they need to know about being a guarantor.

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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