what happens if u cant pay your secured loans

bobsky_2

what happens if you cant pay your secured loans?

what do I need to do?

do I tell the lender etc?

dancingfairy

Hi. If you don't pay a secured loan you could loose your house. I would phone National Debtline or the CCCS or visit your local CAB and get advice urgently (preferably before speaking to your lender so you know what your rights/options are).
It also depends on whether this is a short term problem or whether it is more longstanding I suppose.
Do not panic - all is not lost - if you are paying unsecured debts ie credit cards, unsecured loans etc you should not be paying these above your secured loan but get advice as there may be other options available for you.
Good Luck
df

bottleofred

Hi Bobsky.

You should definately contact the cccs, debtline or your local citizens advice asap as they will give you better information than I ever could.

Good luck