My slang dictionary [Jonathon Green, Cassell] shows a lot of ‘shark’ and ‘sharks’ and there are two basic concepts - the trickster and the specialised ‘supplier of private loans at maximum interest’.

I will put aside my general view of the whole credit industry - including mail order - where I believe interest rates are generally far higher than good business practice requires [often up to 40% p.a. from 'respectable' organisations!] - because I am here writing about the problems to be recognised when you are in crisis and desperate for a solution.

But I want to both soften the interpretation of the term for this article, and extend it. In trying to sort out your problems you should be seeking advice and help from professionals and advisory organisations or individuals. Even within any organisation you are going to deal with an individual.

Let us assume that all of them are trying to do the best job they know how. I have no reason to doubt this. But the questions that are important are what is the job they believe they are doing, how good are they at it. And what is the import, direction and quality of their training?

After dealings with an awful lot of organisations and individuals I can say with confidence that the answer is: variable! In other words it is down to you to protect your interest, you cannot rely on even the best intentioned person knowing the answer to your problems. I have found this with a lot of advice or assertions that have come my way.

You, yes You Yourself, are the best defence against sharks.

Everybody in the credit industry wants your money. That is what they are in business for. Most seem, from my experience, to follow the best interpretations of how they should conduct their business and, with varying quality, deliver reasonably well. Quite a few like to push at the boundaries, and some seem to be almost oblivious to what is required of them.

And, even though within their sector of the industry they may be mainstream, there are some services that should be approached with great caution.

The main field of care and caution is with organisations offering debt management of varying sorts, including IVAs and bankruptcy. Never ever sign anything with such an organisation until you are perfectly clear exactly what is being offered, what the additional costs to you are and exactly what has been agreed with creditors on your behalf. And when you will be debt free.

There are a number of charities in this field too. They generally do not cause extra costs, but they may still not understand your position and offer the wrong advice. It happened to me with one, and I felt very bruised about that as I had previously been nearly gobbled up by a less than competent commercial debt manager!

That's right! I know how easy it is to jump into any available pair of open arms.

But it is the charities who see the great swathe of cases and who are best equipped to offer advice based on deep experience of people’s troubles and the reactions of the credit industry. Their advice can be very helpful so do seek it. Just remember it is advice, which you are free to take, reject or adapt to your needs.

A number of the charities will be the intermediary for a debt management plan, and this can take many different forms and, if you are happy with a proposal, is it the least costly and least strenuous way for you to meet your new obligations.

You might even agree plans with your creditors and then ask one of these charities to administer it, which usually means they accept a single payment from you each month and distribute it, according to the agreements, to your creditors.

I think almost all of them will tell you you will not get a debt written off. As general advice this is undoubtedly true. But it is an example of individuals not understanding your case. If it is good enough you will indeed get debts written off, or put on hold.

It did happen to me and so I can state it categorically, not as theory. But all creditors work to their own patterns and most of them will try to keep pressing at you, one way or another, to pay up. There are rules and regulations for them to comply with and these should be understood when you correct their behaviour. I cover this in my book.

Two other areas to apply extreme caution to are suggestions for consolidation of debt. By and large if you are having trouble servicing the current debts it is a bad idea to change horses in mid stream. You at least want to check the state of the new horse, the new terms, the fine print over penalties and the interest rate throughout the loan. And then compare it with what you already have. Within the formal credit industry you at least have some protections if the agreement breaches any rules.

But the area to avoid most of all is ‘street corner’ loans, where the interest rates are astronomic and the lenders are unlikely to be part of the formal industry. I hope you don’t even need to be told that.

And then there is family support. Often this help is offered with the very best will and intention. Over time this can change and cause upsets that make for great difficulties. Even if a family member or members does help you it is up to you to make clear what the agreement between you is and to make a formal document of some sort so you both, or all, know exactly what your obligations are and what the lender expects.

Don’t leave it to chance and a handshake. It will probably take you years to sort out your debts, and both you and they need to be clear about how the loan is to be repaid, or left to be dealt with later. It is a grim thought, but remember too that the person who owns the debt later may not be the one you borrowed from. Something in writing is your best explanation of what was agreed.

If you manage to sidestep the shark threat you are probably set fair to solve the problem with your head held high and congratulations for your skill replacing the original ‘How on earth did you get into such a mess?’.