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.

We often get asked whether Secured Debt can be written off. The answer to this is NO. Or at least it is highly unlikely.

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.

A secured debt can fall into two main categories:

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 repayments 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.