Settling secured debts is more challenging than settling unsecured debts because the creditor can simply seize the collateral securing the debt, such as your home or car. You can attempt to settle a secured debt, but the property may be seized anyway if the lender believes that it can be sold for more than the proposed settlement amount. Your best chance at settling a secured debt may be to offer slightly more than the market value of the property. Some lenders have alternative settlement programs for borrowers struggling to pay their secured debts.