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You might have been saving for a holiday or wedding, to pay your mortgage or credit card bills, to fund your retirement or to buy a home - but if you're one of the hundreds of thousands of people who find their money frozen as a result of recent bank collapses, you may be wondering what to do until you get your hands on it again.

The Financial Services Compensation Scheme expects to start repayments to savers with IceSave in mid-November but people with money trapped in some offshore bank accounts or saved via bonds and other financial products may have to wait much longer, if they are repaid at all. You need a plan – so here’s some help to get you started.

Talk to anyone you owe

Whether it's a few hundred pounds left to pay to the holiday company or thousands to the taxman, don’t even think about skipping payments.

If you ignore your problems, you’ll probably incur late payment fees or penalties and your credit report – the history of your credit accounts, such as credit cards, loans and mortgages – will record that you’ve missed repayments. Lenders check your credit report when you apply to them and they’ll see that you’ve been unreliable in the past, which could make it harder for you to get the deals you need in the future. You can see your Experian credit report for free - it contains a useful list of lenders you owe, so you don’t forget anyone.

Then go online and take a screenshot of your frozen account details, or contact your broker or any middleman you dealt with and ask for a statement. You’ll need it to prove that you really do have the money when you explain your situation and renegotiate payments.

Expect some sympathy…

If you owe money on a bank loan or credit card, your lender should be sympathetic and willing to find ways around it – possibly by freezing interest or allowing reduced repayments until your money is returned.

"We are committed to dealing sensitively with people who find themselves in straitened circumstances," says Jemma Smith of APACS, the UK’s payment association. "If you were caught out by a collapsed bank, I would expect lenders to be sympathetic. However, any requests for fresh lines of credit would have to be approached on a case-by-case basis."

Her Majesty’s Revenue and Customs are also likely to be helpful if you had earmarked money to pay a tax bill. “HMRC can and does help customers facing temporary difficulties by allowing them additional time to pay,” advises a spokesman. “We do this on a case-by-case basis and will respond sympathetically to customers who are affected by events beyond their control.”

…but you won't win them all

Unfortunately, you may not get to enjoy that winter sun you’d been relying on to cheer you up. The Association of British Travel Agents (ABTA) suggests you talk to your holiday company immediately if you realise that you may not be able to pay in full.

"Each firm has its own booking conditions and they may be able to offer a certain amount of leeway," says a spokesman. "But bear in mind that if you simply can't afford it, you should cancel the holiday sooner rather than later as cancellation fees rise the longer you leave them unpaid."

There's no point in digging out your travel insurance policy, either. According to the Association of British Insurers, you would only be covered for financial hardship as a result of redundancy - not the unexpected collapse of a bank.

Don't bank on property

If you are scheduled to exchange or complete on a new home and now can't get at your money, you have to hope that the vendor is sympathetic. Talking is also the way ahead if you’d saved money to pay off your mortgage - the Council of Mortgage Lenders says it does not have any policies in place that would cover this type of circumstance and that "decisions of this nature would be a matter for individual lenders".

That could mean rescheduling the end of the mortgage or taking an interest-free payment holiday. In both cases, you're likely to have to pay more in the long term but won't get into short-term trouble or damage your credit status.

Tidy up your finances

Don’t forget to stop any direct debits or regular transfers into your frozen account – then look at ways you can cut back temporarily.

Your credit report is a good starting point, as it presents a snapshot of what you’ve borrowed, so you can see if there are any debts you can roll up into a single, cheaper loan, close down accounts you don’t use and check for any errors that might put lenders off extending the amount you owe while you wait for your cash. Try using price comparison websites to find the best deals.

Be aware that taking out new credit – or extending the repayment period in order to cut the amount you repay every month – will mean that you pay more over time and take longer to clear what you owe. Do your sums before committing to a new deal and only sign on the dotted line if you’re sure it’s the best way ahead.

Don’t despair

Even if you’re worried that you can’t survive until your money comes through – or fear that you may lose some of it – there’s help out there. If you need support, you can turn to a counselling service offering free financial advice. Try Citizens Advice at www.citizensadvice.org.uk, the Consumer Credit Counselling Service at www.cccs.co.uk or National Debtline at www.nationaldebtline.co.uk.

Keep working at your finances

Keep in touch with your lenders, update them on your situation and try to stay within your budget until your savings are available again. Regular checks on your credit report will help you to see how well you are coping and allow you to monitor changes that could affect your credit status. You can check your Experian credit report as often as you like during a free trial of CreditExpert, the UK’s leading online credit monitoring and identity fraud protection service.