Brits paying for debt advice could be placing themselves in a deeper financial black hole, it has been revealed.

According to a spokesperson from a debt advice firm, people are opting to pay for debt advice when they can receive it for free.

Jessica Brown, spokesperson for the debt related website stated that up to 48 per cent per cent of those in debt have paid for advice on how to get out of their situation.

Brown said: “People in serious debt are a vulnerable group and it is vital they get the right advice when they need it, free of charge.”

Last week, a consultation paper, entitled Debt Management Schemes, was published by the government to review the solutions for both those creditors and debtors.

The new consultation aims to help those in serious debt problems by regulating debt management firms and protecting consumers who may require debt consolidation loans.

“As such we completely support any steps by the government to provide better protection for indebted consumers, with our recommendation being the implementation of an industry code of practice,” Brown added.