If you have had trouble managing your money, you may find yourself in debt to credit card and loan companies. It can be stressful and even embarrassing to be in this position, but the best approach is to confront the problem head on and try and work out a solution with your creditors. Failure to pay your credit card bills or general loan repayments may result in court action and bad credit ratings, but the only time you are in danger of losing your home is if you fail to keep up your mortgage repayments.

Even the most well-intentioned homeowner can fall behind with their mortgage payments. Unexpected illness, bereavement, depression, divorce or unemployment are all reasons why many people have trouble maintaining payment. Most mortgage companies are willing to give you a chance to catch up with your payments, or work out a revised schedule, but if you don't do this, or you fail to keep to the new schedule, you could be in danger of losing your home. How can you prevent this?

1. Don't ignore letters from your mortgage company

After you've missed a number of payments, your mortgage company will write to you, asking you to contact them. It might be easy to put the letter to one side, but it can do you more harm than good in the long term. Instead, call your mortgage company and ask for a meeting so that you can explain your circumstances and work out a revised payment schedule.

2. Make every effort to pay your debts

If you have other debts as well as your mortgage and you are struggling to pay everything, look at ways you can cut your expenditure to help catch up with payments. Showing that you are making an effort to pay your debts may delay the mortgage company applying for a court order to repossess your home.

3. Talk to repossession experts

If your payment problems have reached the stage where repossession is a real threat, you may need to talk to specialist lenders. They can help arrange fast finance that allows you to repay your debts and keep your home. Alternatively, they can arrange a quick house sale so that you can clear your debts completely and start again.

Face up to your money difficulties and talk to financial experts that can help you stay in your home.