We’d always expect the borrower to make the monthly payments and we’ll try to avoid looking to the guarantor if we can. Even if the account falls into arrears, we’ll try to come to an alternative arrangement with the borrower to get things back on track directly.
Only if this isn’t possible and the account remains behind will we need to ask the guarantor to step in, attempting payment from them once the account falls behind by 15 days. We’ll only ever ask a guarantor to pay in line with their agreement and in the best interests of the account. This prevents any negative side-effects of the account remaining behind such as the arrears increasing and the loan term extending.
Guarantors can also make payments towards the account whenever they choose, and can choose to become the ‘primary payer’ if they do want to make the regular monthly payments on behalf of the borrower.