The latest increase in personal insolvencies is being driven by people voluntarily entering bankruptcy or an Individual Voluntary Arrangement, instead of creditors instigating proceedings, says Grant Thornton.
The Office of Fair Trading has warned companies selling insolvency agreements to over-indebted consumers not to use misleading advertising to attract new business, says the Financial Times .
A website which aims to informally regulate the IVA industry has been launched by a group of accountants and lawyers.
More than 10,000 people a month are expected to declare themselves insolvent this year as a culture of unsustainable debt grows among the "buy now, pay never" generation, says the Times .