The number of personal insolvencies is likely to reach 30,000 for the first three months of the year, it has been suggested.
Insolvencies could top 125,000 for the year, Carl Jackson, national head of Tenon Recovery, told the Independent, which would be double the figure seen in 2005.
"The figures for the first quarter of 2009 showed record highs of personal insolvencies, and it is likely this will again be the case when the latest statistics are announced," he commented.
Mr Jackson believes the true extent of the figures may not yet be apparent as there is often a 12-month time lag between people losing their jobs and falling behind with debt repayments.
He also anticipates that debt relief orders will see a surge in popularity as people look for ways to deal with severe debt management problems, with individual voluntary arrangements likewise being an option.
Recent figures from Credit Action show that total UK personal debt at the end of June stood at £1,458 billion and secured lending on dwellings at the end of the same month stood at £1,227 billion.