Katie Price “crazy” happy with Individual Voluntary Arrangement

In an IVA you pay off what you can afford and write off the rest of your debt.

When Katie heard the news she was so happy she announced it on her TV show My Crazy Life.

An IVA is good news for Katie.

Katie Price received the news that she has avoided bankruptcy and will be able to do an IVA.  This is great news for someone in Katie’s position as she has assets which would have been sold off if she had been made bankrupt.

An IVA, which is a legal agreement between the person in debt and their creditors, sets up a, typically, 5-year repayment plan.  The repayments are set at a level that is affordable, after taking into account how much that person needs for their living expenses and how much ‘disposable income’ is left after this for them to pay towards their debts.

Everybody’s income is different.  An IVA is tailored to each individual’s needs and what they can afford to repay. Any debts left after the 5-year repayment plan are written off and they will be debt free. 1000s of people do an IVA every year and can write off up to 80% of their debts.

Katie – Over the moon with news of her IVA

Katie danced with joy, as she revealed she had avoided bankruptcy on her Christmas special show.

A specialist insolvency and companies court in Central London heard Katie’s case. Estimates over her total debts have ranged from £250,000 to £500,000.

A tough year for Katie.

She recently revealed she had blown her entire £45million fortune and had been bidding for months to stave off bankruptcy.

Her once-lucrative business empire began falling apart after her third marriage failed and her businesses collapsed.

Earlier this year the star revealed her split from third husband Kieran Hayler, amid allegations of infidelity.

Amy, her much-loved mother, was diagnosed with terminal lung condition Idiopathic Pulmonary Fibrosis this year.  Katie also checked into rehab clinic the Priory for post-traumatic stress disorder.

“I have been battered”

Speaking candidly about the difficult year she has faced, Katie said: –

“I have been battered. It’s like everyone is obsessed with it, cos they see me as this big businesswoman.”

Feeling battered is probably a good way of describing how many people struggling with debt are feeling.   Living with debt can leave people feeling so ‘ battered’  they just don’t know which way to turn.   Sometimes they find they just can’t think about it and see no way out.

“People struggling with debt should seek help as early as possible.”

This is good advice from a leading debt charity.  Taking the first step is always difficult but it is vital.   Katie Price took advice when she realised she was in trouble. And now, as a result, she has found an answer to her debt problems, one that suits her circumstances.

We are happy for Katie. We never judge people on how they came to be in debt,  It can happen to anyone and at Ramsey Lomax, we are just happy to help.

There is help out there and solutions that can help, but you need to take the first step towards getting good debt advice.  We have listened to the stories of 1000s of people and are constantly striving to help them.  It is our mission to explore all their options and find a solution to help them become debt free. And what’s more, we have helped 1000s to achieve their goals since 2007, over 11 years of dedicated advice.

Find out how Ramsey Lomax can help you and if you qualify to write off up to 80% of your debts.