What Happens if I Don’t Pay a Secured Loan?
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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 that you are treating them as a priority, then repossession can often be avoided.
If you are struggling with Secured Debt, then taking out a debt solution like an IVA could free up enough money for you to pay your secured debts.