Secured Loan Debt FAQs

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. Most, if not all lenders will agree to this, but many will require an early repayment penalty charge. This makes up …

Can You Settle a Secured Loan? Read More »

We often get asked whether Secured Debt can be written off. The answer to this is NO. Or at least it is highly unlikely. It is worth remembering, that the whole purpose of securing a debt against property or another asset is that it allows the asset to be repossessed and sold should you fail …

Can You Write Off a Secured Loan? Read More »

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. For the lender, repossessing your property is an absolute, last option. If you work with your lender and show them …

What Happens if I Don’t Pay a Secured Loan? Read More »

A secured debt can fall into two main categories:  The first involves the borrower putting forward an asset of theirs, usually their house or property, as collateral for the loan. This means that should the borrower no longer be able to pay the loan, the lender can ‘possess’ the property and use its sale as a …

What is a Secured Loan? Read More »

Since the loan is usually for a large amount and tied to an asset, a lender is unlikely to write off the debt. If you are struggling with your repaymentsm it’s important to contact your lender to see what help they may be able to give. It is essential that you don’t just stop paying. …

Can Secured Loans Be Written Off? Read More »