If your situation has permanently changed and you're certain you won't be able to afford payments on your house, car or other asset, you can contact your creditor and arrange to surrender the asset to them. They'll then sell the asset and put the proceeds against your debt.
While creditors try to sell goods for a reasonable price, it's possible that:
- Your goods will sell for less than their expected market value; and
- You'll still be left owing money after the item has been sold; and
- You'll need to make a repayment arrangement or otherwise settle the remaining debt.