TFS Personal Loans are unsecured loans, so are not secured against your property.

However, in the event of missed payments and the account remaining in arrears, your home could be at risk as part of the overall settlement agreement outlined by the courts.

If you cannot pay the loan and we have exhausted all settlement options, we may apply to the courts for a County Court Judgement (CCJ). This, in turn, could lead to an attachment of earnings against your pay or a charging order against the property you own. If the CCJ isn’t adhered to, we can request a Charging Order on any property owned by you .

This means that if a customer wants to sell or re-mortgage their house, the amount owed to TFS Loans will be paid out of the proceeds. From our perspective, we never want to get into this situation with any of our customers and we work really hard with borrowers who get into financial difficulty, to find another solution before we resort to court action.