Allegedly it is Spring, although you wouldn't know with the weather we have been having... ..and it's a good time of year to do a bit of Spring cleaning. And what better place to start than with your finances?

In amongst stuffing your face with Easter eggs, it might not have escaped your attention that things have been a bit tight in the wallet and purse department recently:

• 3.2 million of us have debt spread across 5 or more credit cards
• We are spending £42 per day on our family bills
• Good mortgage deals are disappearing fast (and if you do get one you might need a 25% deposit)
• Energy bills are set to rise by another £100 before the end of the year

And for many of you, this Easter has not been filled with thoughts of daffodils, hot cross buns, Good Friday and gamboling lambs; instead there is a good chance you might have been stressing about your debts.

Speak to a debt specialist who can help If you are worried about debt or are already struggling with your finances then there is help available.

Debt management, IVAs and Trust Deeds are arrangements that can help you if you have mounting debts, on the brink of bankruptcy or fear losing your home or possessions.

Rather than offering you yet another loan, debt management companies negotiate with your creditors to be realistic about what they can expect back and then set up a single payment plan based on what you can afford after living expenses; this usually lasts for a fixed period (3-5 years).

At the end of this period you become debt free and are released from any further obligation to your creditors.

For you to qualify for an IVA (Individual Voluntary Arrangement), you must owe over £15,000 to over 3 separate companies and have at least £250 disposable income a month. In this situation you would pay what you owe back but without accumulating further interest in this period of time compared to the astronomical increases in interests from consolidation loans.

A Trust Deed is for those who live in Scotland, have over £10,000 of debt and usually lasts for a 3 year period.

With Debt Management and IVAs, the creditors often get back more money than if they forced you to go bankrupt.

And it's good news for you as these arrangements freeze what you owe, and even if you don't have enough money to pay the whole amount back, after 5 years your debt burden is released.

If you are already in debt and are having problems keeping up your payments, then you should speak to a debt specialist who can help.

Other useful resources:

Consumer Credit Counselling Service (CCCS) is a debt advice charity that offers free and impartial advice. Their helpline is open from 8am to 8pm, Monday to Friday, on 0800 138 1111.

Credit Action also offers impartial and ethical advice about all things debt related.

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