Know Somebody in Debt?
Earn up to £500 for recommending a Money Debt and Credit debt solution through the Zagzig app.
Download from the App Store
Download from Google Play

Sign up on Zagzig
 
Feefo Logo
Debt Management Plan "So far I do not know the full idea of what will happen yet though I know what was said to me. Impossible to rate the whole thing.
Thanks"
4 209
Feefo Logo
Loans "Friendly, understanding and very helpfull." 5 209
Feefo Logo
Loans "Very nice and polite account manager" 4 209
Feefo Logo
IVA "Kevin was very helpful, understanding and talked through the process in a easy manner to understand" 4 209
Feefo Logo
Debt Management Plan "Very understanding and helpful. I feel confident that my affairs are being handled professionally." 5 209
Feefo Logo
Debt Management Plan "Great customer service and very helpful" 5 209
Feefo Logo
Loans "Grate" 5 209
Feefo Logo
IVA "Very helpful and friendly staff, would recomend to anybody" 4 209
Feefo Logo
IVA "Money Debt & Credit have been professional, supportive and extremely helpful ever since I first contacted them over 3 years ago" 5 209
Feefo Logo
Debt Management Plan "I find the company very helpful." 4 209

Britain’s Got Talent dancer’s £1m property debt

Posted by hannah on 28/03/2012

A Britain’s Got Talent hopeful is promising to dance his way out of  debts of £1 million from a failed property business.

Dancer and street entertainer Liam Collins, 33, was a 2009 finalist in the top rating TV show.

He also ran a student letting business in the north-east with a relative that grew to a property empire of around 30 homes - but admits a series of ‘naive’ business decisions and mounting expenses led to financial disaster.

To stave off demands from creditors, Collins and his partner offered more security against their own homes, a bankruptcy hearing in Newcastle was told.

One investor is seeking to make Collins bankrupt, but Collins is trying to do a deal with more than 20 investors to hand back the letting properties and to enter a personal IVA (individual voluntary administration).

Collins insists he wants to repay his debts.

“We borrowed money to buy properties to let them in student areas, but eventually the lending was withdrawn and the market crashed,” he told the Newcastle Evening Chronicle.

“We are not declaring ourselves bankrupt, but one of the investors is making us bankrupt. We’ve made big mistakes in business but we’ve not defrauded anyone. If it takes me 50 years of dancing then I’ll pay back the money. We are incredibly sorry.”

An IVA is an alternative to bankruptcy for some borrowers.

To qualify for the debt solution, a borrowers has to show:

• More then £12,000 is owed
• The money is owed to three or more creditors
• The borrower has an income
• 25% of the borrowing plus costs can be repaid
• The borrower has no assets that would repay the debt in full

For borrowers who own their own home, an IVA does not mean the property is lost, but if equity can be released to pay some of the debts, then it’s likely a remortgage will be required.

--- ENDS ---

Notes to editors:

  • Money Debt and Credit is one of the UK's fastest growing financial solution companies.
  • The company was founded in 2006 on the belief that every client has the right to appropriate financial advice. Since then we've gone from strength to strength and have helped thousands of people with a variety of financial solutions.
  • We offer a range of services including Financial Management Plans, IVA s, Loans, Mortgages, Full & Final Settlements, Bankruptcy, Investments and Pensions.
  • Specialties: IVA s, Financial Management Plans, Loans, Mortgages, Trust Deeds, Full and Final Settlements, Bankruptcy

For more information or debt advice contact:

Money Debt and Credit
45 Clarendon Road, Watford, WD17 1SZ
Tel. 0800 16 999 46

Image: David Castillo Dominici

Leave your comment

Author

Email (never displayed)

Website

Comment  

HTML is NOT allowed. Use regular line breaks and those will be respected.