Debt problems are nothing to be ashamed as most people have a time in their life when they struggle with their finances – even the rich and famous.
Take reality TV star Kerry Katona – she’s facing money troubles again after the fee for living in the jungle for I’m A Celebrity Get Me Out of Here! paid her way out of bankruptcy.
The Sun newspaper reports she has a £70,000 tax bill to pay at the end of the month and owes her agent an eye-watering £350,000 of unpaid commission.
Kerry, 31, can’t seem to pull herself out of her financial mess no matter how much money she earns.
Meanwhile, Soraya Lowell, 40, who gave up her cleaning job when she scooped £1.2 million as the world’s bingo jackpot winner is also facing bankruptcy.
After four years spending – including leaving her council house for a £150,000 home in Hamilton, Scotland – Mrs Lowell and her husband are facing court action to recover just over £13,000 in unpaid council tax.
Mrs Lowell stuck to a non-binding promise she made with friend and bingo partner Agnes O’Neill to split any winnings 50:50.
Soraya said: “A deal’s a deal. I’d never go back on it.”
The couple also invested in an ice cream van, but their licence to trade expired in October.
At the bankruptcy hearing at Hamilton Sheriff Court, the court was told the couple had met debt advisers and applied to join a debt repayment scheme.
The case was adjourned pending more details of the financial management plan.
The same debt solutions are available to everyone, regardless of their celebrity or the amount of money they owe.
Bankruptcy, or sequestration in Scotland, is often the last resort.
The key to resolving debt problem s is to recognise early on that you have a financial problem. The sooner you speak to an adviser, the better as you will find a wider range of options available to ease your finances.
These range from rescheduling debts under a financial management plan, debt relief orders (DRO), individual voluntary arrangement s (IVA) or bankruptcy.
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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, 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: Kerry Katona Online