By the end of the summer at least 1.4 million households come to the end of their fixed rate mortgages and many more people are struggling with a number of secured and unsecured loans, debt firms are getting set for business boom in September.

Debt companies are expected to be unusually busy then as the doors to personal and corporate bankruptcies are thrown open.

There is currently immense pressure on individuals and businesses although the number of insolvencies in both cases has been relatively under control, said chief executive of Scottish debt solutions firm Invocas, Stephen Lightley.

But he warned that the situation might change from September.

In the same vein Britain’s largest insolvency company Begbies Taylor has suggested that more than 20,000 businesses will find themselves in serious financial crisis this year.

Corporate bankruptcy work, said the firm, has risen by a third in the first six months of this year – a lot more than 2007.

While debt companies experience boom, Mr Lightley warned that banks may suffer more as a result of their debt management arrangement with customers, which could expose them to serious trouble in their retail divisions.