Secured Debt

Secured Loan Debt

Secured Debt

If you are having trouble paying debts that are beginning to get out of control, then contact IVA4Me for help.

 

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What is Secured Debt?

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 way of paying the debt. 

 

The second is often referred to as Hire Purchase, whereby the consumer takes out a loan to purchase goods e.g. a car. If there borrower can no longer pay the loan, then it is the item they purchased that can be ‘repossessed’.

 

Takes a look through our secured debt articles to find out more.

Secured Debt Examples?

Secured Debt FAQs

Secured Loan Debt FAQs

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

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Struggling with Debt?
Secured Loan 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. 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

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Personal Loan Debt
Secured Loan Debt FAQs

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

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Secured Loan Debt
Mortgage & Rent Arrears FAQs

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. If you fall into rent arrears then you should try to clear these as soon as possible. Even if that is at

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