The latest figures show a slight fall in personal insolvencies, with 24,553 people declaring themselves insolvent in the second quarter of the year. This is a 2% fall on the first quarter, and over 8% less than the same period in 2007.

Although the figures appear to be bucking the predicted trend, it’s thought that the credit crunch may be paradoxically responsible - credit has been harder to find, and people are more conscious of the effects of borrowing, leading to fewer people taking on more than they can afford.

It remains to be seen whether this effect will last, although most experts still expect a surge in insolvencies over the coming months and years.

The latest figures show yet another record high for individual insolvencies, with over 26,000 people entering insolvency in the second quarter of 2006 - the highest figureon record, and a leap of 66% compared to the same period last year.

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Debt advice and IVA company Debt Free Direct is upbeat about its future, saying that it expects to beat its forecasted profit of nearly £10m by at least 10%, a fact which highlights the increase in people seeking help for serious debt problems.

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The latest figures from the Department of Constitutional Affairs (DCA) show that bankruptcy cases continue to rise in number, with court petitions up 10% in April to June 2006 compared to the same period in 2005.

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Citizens Advice have called for a new form of insolvency to be made available to people on low incomes, after new figures show many of their clients are facing the prospect of a lifetime of servicing unpayable debt.

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A new report by poll firm YouGov claims that the number of UK bankruptcies could be set to explode, with up to a million people ‘quite likely’ or ‘certain’ to declare themselves bankrupt in the near future.

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The latest figures from the Dept of Trade and Industry show yet another steep rise in the personal insolvency rate, with the first quarter of 2006 seeing 13% more then the last quarter of 2005, and a huge 73% rise over the same period 12 months ago.

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Over 20,000 people became insolvent in the last 3 months of 2005, according to new government figures, representing a rise of 57% over the same period in 2004. In total, 70,000 insolvencies were recorded over the year.

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