When you pay off your loan, you can reclaim your item. And if you need more time, no worries. We often can offer you an extension or renewal, as permitted by law. Of course, you can also forfeit your collateral in which case there is nothing further you need to do. Not paying off your loan is a perfectly acceptable course of action. It will not affect your credit score. To retrieve your item, just pay off your loan. It’s that simple.