My IPhone used to work fine with hotspoting, but since the last update it does not issue IP adresses to the connected devices, hence no 3G sharing and no Internet. How do I go about this, is there some reset?
Verify that your carrier supports Personal Hotspot for your device and that you have Personal Hotspot enabled on your cellular plan:
From Here > http://support.apple.com/kb/HT3574
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