Listen to BBC Essex - John Hayes on Drivetime 4.50pm

Mike explains why he feels the true insolvency figures should be nearer the million mark and not 134,000 for 2009. He then reveals that some debt advisers steer vulnerable and desperate consumers to IVAs and debt management plans so that they can earn fees, even if this is the wrong option for the consumer. He also comments on why the industry needs to be regulated and that it could happen this year.