Secured Loans


A secured loan is a loan taken against an asset such as a property, where the creditor/lender can legally sell your house or asset to obtain their money back if you struggle to repay.

Borrowing money against an asset to pay off debts can be risky and not an ideal way to pay off your debts. Your home or property may be repossessed if you fail to pay the loan.

If you are struggling to pay a secured loan or have difficulty paying outstanding debts, please call PayPlan immediately. We offer free debt advice.

You can contact us free on 0800 280 2816

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Can I stop my house from being repossessed?

If you have been notified that your house is due to be repossessed, you need to get advice immediately. You may be able to postpone or stop this process.

Call PayPlan free for impartial advice on 0800 280 2816.

Before it goes to court you should try and contact your mortgage lender for further information.

If you are behind with your mortgage or loan payments, there are some prevention options available.

Keep in touch with your mortgage lender

  • Explain your situation fully – be clear and honest
  • Don’t ignore the issues or any correspondence from them
  • See if they will negotiate
  • Provide financial information to your mortgage provider.

If your lender is unwilling to agree to a repayment plan and are still proceeding with court action, PayPlan can help. 

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What happens to a secured loan if my house is repossessed?

If your house is repossessed, your lender will try and sell the property to recoup the money you owe. If the money from the sale of the property doesn’t cover the full loan amount, your lender can take you to court to try and retrieve the rest of the money from you.

Secured loan shortfall

Once the property has been sold the lender will take what is owed to them, plus any costs for solicitors or estate agents. Having done this they will then repay any other lenders who have loans secured on the property. In many cases, there is not enough money to pay everything. The difference is known as a mortgage shortfall and you may be liable for this amount.

For more information about mortgage shortfall click here