2. Send a 'hold action' letter to your creditors Send your creditors a hold action letter to let them know that you are dealing with your debts. Also ask them for time to plan what to do next. Banks and building societies usually agree to this. Some creditors may not agree, but it is still good to let them know that you are dealing with your situation. You don’t have to speak to your creditors to do this. See our Hold action on your account sample letter on page 6. You usually need to send a letter to all of your creditors. This is because if you miss one out, that creditor may think that you are choosing not to pay. However, if you haven’t written to a creditor or made a payment towards a particular debt for several years, contact us for advice before you send the hold action letter. Who are my creditors? Your creditors include organisations and people that you owe money to, such as banks, councils, debt collectors or family and friends. 3. Check whether you gave a 'continuous payment authority' for any payday loan debts If you have a payday loan, you will also need to check whether you have given a continuous payment authority (CPA) to the loan company. This is where you give the loan company permission to take money using your debit card or credit card. You may not realise you have given this permission. You can stop a CPA by telling the bank or the payday loan company to stop making the payment. See our Payday loans fact sheet for how to cancel a CPA and for sample letters to use. Page 5