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.

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