There are plenty of people having money related problems of late, often it is not the ‘rate’ but the ‘weight’ of the general debt that is getting them. Simply put, they have borrowed too much, sometimes its on credit cards, other times it’s a single huge mortgage or many of them. What matters is that the situation is untenable and they need to talk to a lender.

What I can say is that having a plan in place before going and speaking to the bank is a great idea, if you go along and let them control the game you will only get offered the solutions they see as being fit for you. On the other hand, if you go with a well made out plan and several options you are likely to have a higher success rate, this isn’t just my opinion, it is also something that has been said to me by several senior credit controllers across a few banks.

So have a good file with all of the necessary information, make sure that you have a plan and then see what is on offer then outline your alternatives. All negotiations are a two way street! Any readers who have had experiences of meetings with the banks – please comment! We’d love to hear how you are getting on and what pitfalls you are finding.