How Can I Get Help on Paying Off a Secured Loan?

There are a number of ways that you can get help in paying off a secured homeowner loan, depending on why you want to repay the loan.

You may wish to repay the secured homeowner loan as you are having financial difficulties. For example, you may have lost your job or simply be struggling to cope with all your various debts. In this situation, you should always try and pay your ‘priority’ debts (your mortgage and secured loans) above your other debts. If you don’t, you could lose your home.

Debt management companies and charitable organisations can help you if you are struggling with your financial commitments. You may be able to come to an agreement with your creditors to pay a lower amount to your loans until you are back on your feet.

Alternatively, you may wish to repay your secured homeowner loan and other debts through a consolidation loan. Many people elect to take out a personal loan in order to repay their credit card and secured homeowner debts.

As well as simplifying your outgoings (you have one single loan payment instead of several smaller payments to various companies) you will often find that your monthly repayment is more affordable. Repaying a secured homeowner loan this way also means that the lender will release their legal ‘charge’ over your home.

In this instance, speak to your bank or financial advisor or head online to a loan comparison site to find the best consolidation loan for you.

Finally, you may want to repay your secured homeowner loan as you are selling your home. In this instance, you should seek advice from the lender about how you go about repaying (or ‘redeeming’) your secured loan. Your conveyancing solicitor should have details of all the loans that are secured on your property (mortgage, secured loans) and they will ensure that each of the secured homeowner loans are repaid in full when your property is sold.

To use your home to raise money at a competitive APR, please fill this homeowner loan form.