Personal loans from banks and financial institutions are unsecured loans, taken out for personal reasons and not for business related or investment reasons. If you fail to make your agreed repayments on an unsecured loan, your property cannot be seized unless your lender or a debt collector acting on their behalf (or a debt collector who has purchased the debt) has a valid court order.
Your lender or debt collector is required to consider your request for flexible payment arrangements if you are experiencing hardship. You should contact them early, inform them about your changed circumstances, and ask how they can assist you to find an affordable way to manage your repayments.
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Options to manage your personal loan payments
The following links provide information about your rights and options in relation to personal loan debt.
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If your personal loan provider is threatening you or has commenced court proceedings, you should seek legal advice.