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Testimonials
“We are extremely satisfied with the level of service and professionalism combined with a friendly attitude of all the staff we spoke to, and would like to thank everyone at Harrington Brooks very much.”
Mr and Mrs B, Liverpool
“We were really pleased with the efficient way that Harrington Brooks handled our enquiry and by the speed in which our mortgage was finalised.”
Mr and Mrs S, Birmingham
“I found the staff at Harrington Brooks were all very polite, helpful and understanding. I couldn’t fault the level of service we received from start to finish.”
Mr J, Warrington
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Secured and unsecured Debts: do you know the difference?
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You apply for a loan with a lender but perhaps you do not know what type of loan it is. There are two main types of debts: secured and unsecured. Do you know which is which? Knowing the difference may help you to prioritize your debts better.
Secured debts
These debts -- owed to a financial institution -- are tied to one of your assets. A lien is placed on the assets, which means the lender may remove the asset when you fall behind on payments. The lender will try to find out if the asset will cover the debt. If the value of the asset does not match that of the debt, the lender may ask you to pay the difference in value. Property and vehicle loans are some of the common types of secured debts. There are also secured credit cards for those with poor credit.
Unsecured debts
Lenders do not need security on unsecured debts. These types of debts are normally credit cards, student loans, medical bills and court-ordered child support. Should you not be able to make repayments on these bills, the company has few options. They may not confiscate any of your assets; however, there are other actions they may take. They may hire a debt collection agency. This agency will try to get you to pay the money. This method may work but if it doesn't, the lender may sue you in court. The court will enforce a garnish order: your salary will be used to pay the amount you owe. Should this not be applicable, the judge may rule that one of your assets be sold, or that a lien is put on an asset until you repay the debt.
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