Spiralling personal debts across the UK are no longer the sole preserve of the poor and working class.

Many previously affluent middle class families now find themselves needing to take advantage of Individual Voluntary Agreements (IVA’s) in order to get their finances back on track.

The major cause of rising bankruptcy and debt problems is being caused by the rapid rise in unemployment, which has been felt in all sectors of the job market.

For many families who had taken out large personal loans and credit cards, the sudden drop in income has left them unable to keep up with repayments.

"It's amazing how quickly it happened, and a shock given that we hardly live an ostentatious lifestyle, with a sparsely furnished house and two 12-year-old cars. Our situation became untenable as we were borrowing to repay the debt we'd accrued," said one teacher who took out an IVA in order to save his family home.

According to figures released by the government over 33,000 people were declared insolvent in the second quarter of 2009.