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Help with Debt

Secured Loan Debt Help & Advice

Write off debt now

Secured loans can be often be the stepping stone to buying some of the most important things in your life such as buying a house or a car. They’re also useful for raising larger sums of money – for example if you’re buying a car or renovating your home. However, you need to be careful.

Debts secured against your home or other valuable items are serious because the company you borrow from can take them from you if you fail to keep up with payments. They can also take all the normal debt recovery routes, which may damage your credit score and cause you high levels of stress

If your home or other items are taken, this doesn’t always mean the debt is settled; in cases where the money raised from the selling of the secured item doesn’t cover the outstanding balance, the company can still take you to court to get the rest of their money.

Benefits of secured loans

Secured loans can offer a cheaper way to raise larger amounts of money, but there are risks. The interest rate on a secured loan can often be lower because the risk to the loan provider isn’t as high because they have the right to take the secured item if you can’t keep up with your payments.

However, it’s not a good idea to take out this type of loan to help you pay off other bills such as your credit card or council tax. There’s always other options that don’t involve putting your home or other possessions at risk.

What happens if I default on a secured loan?

The loan company will normally write to you first, asking you to make a payment to cover any you’ve missed. Don’t ignore this letter, even if you can’t pay right away.

If you have missed payments and your loan provider is threatening you with repossession, you need to act quickly. Stay in contact with them and make it clear that you’re keen to sort out the problem.

If your lender does not want to offer you other payment options and is looking to proceed with court action, contact one of our advisors. We could help you find another debt solution and slow down or stop the repossession process

Keeping on top of secured loan repayments


Most payments to secured loans are a set amount, at least for certain amount of time, so it’s easy to know how much you need to pay. Set aside that amount of money each month to ensure you aren’t caught short when the payment date comes around.

Secured debts come first 

If you are struggling to pay off multiple debts, it’s smart to make sure you pay any secured loans you have first. This way, you’re less likely to reach the stage where your belongings are seized.

Speak to the company

If you’re worried that you aren’t going to be able to make a payment, contact the loan company to discuss your options. They may be able to help you make your plan more affordable to you.

Call us now for instant free debt advice on or complete the contact form.  We can start to work through your debt problems from the moment you contact us and our non-judgemental advisors are trained to give you the best, advice for your situation.

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