Don't bury your head in sand if you have mortgage debt. Action on your part could mean the difference between being homeless and keeping your home.

In order to deal with your debt effectively, you will first need to need to identify what type of debt it is – whether it is a mortgage, or a secured loan, or perhaps a non-priority debt such as a catalogue purchase or bank overdraft.

You will also need to get a good understanding of your financial situation. This includes confirming exactly how much money you have coming in (this is referred to as income) and how much money you are paying out (this is referred to as outgoings). Understanding your finances also means knowing how much you owe, to whom, and how much you could afford to repay over a certain period of time.

Finally, you’ll need to be in regular contact with your lender and trying to negotiate a solution. Every option is worth exploring if it means keeping your home, so make sure you go over all your options either with the lender or with an independent adviser.

The following steps will help you get to grips with your debts:

• Understand your debts
• Organise your finances
• Keep your lender up-to-date

You may have more options available than you think – these will depend on the level of your arrears, the type, term and conditions of your mortgage product, as well as your personal circumstances. Don’t lose hope and start taking control of the situation.

Download the Mortgage Debt Advice Service Tips & Contact leaflet with information on dealing with mortgage arrears.