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Some 26,030 people went insolvent in England and Wales in the third quarter, although this number is still 7% lower than the same period a year ago, according to Insolvency Service figures.

The rise was driven by a sharp increase in individual voluntary arrangements (IVAs), which are agreements with creditors to pay back all or part of the debts, usually over a period lasting around five years.

The two other types of formal personal insolvency - bankruptcies and debt relief orders (DROs) - continued to drift downwards.