Thousands of Brits have struggled with debt issues during the recession, with some even seeing their home repossessed or being forced into bankruptcy.  If you are feeling the pinch and are seeing your finances spiral out of control, you may be looking around for what help is available to you – if you are, be cautious of paying for any assistance.

An option that is increasingly used by people trying to pay off debts is an IVA or an individual voluntary arrangement. These are designed to help those struggling with money issues to service the level of debt they can afford to pay and also to reduce the level of pressure from creditors. Though these are popular and often prove effective, many of the money management firms out there will charge for the service. If this is an option you are investigating – try and investigate the free help and advice you can get from people like the Money Advice Trust and Credit Action.

If repossession is becoming a real concern, you may want to look at protecting any equity you have in your home. Speak to your mortgage provider at your earliest opportunity to see if you can’t reduce your payments, or if you do have to sell quickly, seek the help of a property buying firm to help you complete the process fast.