Talk to your lender as soon as possible. Ideally, you’d want to be speaking to your lender even before any arrears build up.

This way, the lender will recognise that you’re keen to maintain your payments, but your circumstances at this time may require some degree of flexibility on their part. Explain your situation and reasons behind your financial worries – you could be surprised with the level of consideration your lender may show.

Lenders are generally willing to discuss options and proposals, even if you are already behind with your payments, and will usually try help you find a solution that will work both ways.

If negotiations fail, your lender will need to prove to the court that they have given you every chance to keep your home before resorting to legal action. If the lender rushes to repossess your home without giving you a chance to save it, you will want to check whether the conditions of the ‘pre-action protocol for possession proceedings’ were properly met.

You may have started communication with your lender over the phone, but you will want to confirm what was agreed in writing later, or even ask for further details. Any decisions or agreements that were reached over the phone should always be confirmed in writing, to avoid any misunderstandings at a later stage.

Use our letter generator to help you draft letters to your creditors.

Don't be put off because you think your case is hopeless. There is often a solution, no matter how complicated the situation may seem. If you haven't decided what you are going to do about the problem, explain to your lender that you are going to get specialist advice about your options. This may give you more time to get to grips with your debts.