Can You Settle a Secured Loan?
If your financial situation improves significantly, then you may want to settle some or all of your debts earlier than planned. You should be able to do this, as long as your lender agrees.
Secured Debt FAQs
Can You Write Off a Secured Loan?
We often get asked whether Secured Debt can be written off. The answer to this is NO. Or at least it is highly unlikely.
What Happens if I Don’t Pay a Secured Loan?
A secured loan is attached to your property, so if you are struggling to make your repayments, then your lender could apply to the courts to have your property repossessed to pay back the debt.
How Can I Get Out of My Rent Arrears?
Your rent should be considered a priority within your monthly budget, but if you do fall into arrears with your landlord, you could be at risk of eviction if you do not act.
Can a Landlord Evict Me For Rent Arrears?
If you have rent arrears, then your landlord may try to have you evicted. This is referred to as ‘seeking possession’ and requires a court order. It is against the law to try and get you to leave your home without going to court first.
How Long Can You Be in Mortgage Arrears?
If you find yourself struggling to pay your mortgage repayments and you fall behind, then you have fallen into mortgage arrears. How long will you be allowed to stay in arrears?
Do Logbook Loans Appear on a Credit File?
Logbook loans are a form of credit that is accessible to people with a low credit rating; as long as they own their own car.
Does Hire Purchase Count As a Loan?
Hire Purchase is a type of borrowing, so technically it is a type of loan, but there are one or two differences between it and a secured loan.
What Is The Difference Between Secured and Unsecured Debt?
When taking out a finance agreement, there is often a choice as to whether you would like the debt to be secured or unsecured. Read on to find out what the difference is.
Is a Car Secured Debt?
Car loans can be secured or unsecured depending on the nature of the loan you take out. Read on to find out more…