Quite simply, unsecured debt is any debt that is not tied ('secured') to an asset. Loans tied to an asset are secured loans. For example, if you have a car loan or a mortgage, the car or house acts as security for the loan. If you default on your loan, the lender can repossess the asset to recoup some of their losses. If a borrower stops making car payments, the lender can seize the car and sell it to earn back some of the value in the loan. The same goes for a mortgage: the bank can repossess the home if a borrower stops making mortgage payments.
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If you've read our previous blogs or seen some of our recent success stories, you will know that we specialize in helping people and families who have been caught up in the negative equity trap. It's in our name, after all! But what if you find yourself in financial trouble but don't have negative equity? What if your financial worries are caused by unsecured debts such as credit cards or overdrafts?
Some advisors may tell you that formal insolvency (i.e. bankruptcy or debt management plan/IVA) is the only way to clear up these debts if you can't afford to pay them back, however that may not be your only option.
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