Individual insolvencies have hit a new record in England and Wales.

There were 33,073 personal insolvencies in the second quarter of 2009, said the government’s Insolvency Service. That’s a 9% rise on the first three months of the year, and 27% more than at the same time last year.

Meanwhile loan sharks are on the rise as a huge number of people look to replace conventional forms of borrowing that have dried up with cash from illegitimate lenders. The New Local Government Network report said Stoke, Gateshead, Lincoln and Manchester were among the places most likely to be targeted by loan sharks.