How to talk to your bank if you are in financial difficulty

For many people, the idea of calling their bank to say they are struggling with money is deeply uncomfortable. It can feel like admitting failure, or like opening the door to something worse. But in practice, contacting your bank early — before you miss payments — is one of the most useful steps you can take. UK banks are regulated by the FCA and are required to treat customers in financial difficulty fairly and supportively.

What banks can offer you

When you contact your bank about financial difficulty, they may be able to offer a temporary payment break or reduced payment on loans or credit cards, a temporary overdraft facility or increase to an existing one, a waiver of fees or charges while you are in difficulty, a referral to a specialist support team, and signposting to free debt advice organisations. Not every option will be available to everyone, but most banks have dedicated financial difficulty or vulnerability teams whose job is to find a workable arrangement.

When to make contact

The best time to speak to your bank is before you miss a payment, not after. If you can see that you will struggle to meet a payment next month, calling now gives you and the bank more options. Once payments are missed, your credit record is already affected and the bank has fewer flexible options available. Early contact is consistently better than avoidance.

What to say

You do not need to explain your entire financial situation in detail. A simple, direct statement is enough: "I am currently in financial difficulty and I am struggling to meet my regular payments. I wanted to contact you to find out what support options are available." That is all you need to open the conversation. From there, the bank should take the lead in asking you questions and exploring options.

Keeping a record

Always take a note of who you spoke to, when, and what was agreed. If the bank agrees to a payment arrangement or waiver, ask for it in writing — by letter, email, or a message through the app. This protects you if there is any dispute later about what was agreed.

If the bank is not helpful

Banks are required under FCA rules to treat customers in financial difficulty fairly. If you feel you are not being treated with appropriate care, you can make a formal complaint through the bank's complaints process, and if that does not resolve it, escalate to the Financial Ombudsman Service at no cost to you.