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Tackling your debts

Even celebrities go bankrupt

Posted 25 February 2013

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When you're having money problems, it can feel like you're the only one in the world going through that, but this list of celebrity bankrupts proves you're not.

When you have money worries, it can feel like you're the only person in the world with these problems, and no one really understands.

People will tell you to cut back on spending, tighten your belt - but when you're on a very small budget, there's only so much you can cut back on.

Borrowing money can help in the short term, but in the long run it can make the situation much worse.

So, at what stage do you decide to get debt help? When you have £1,000 of debt? When you have maxed out three credit cards? When the bailiffs are at the door?

You're not alone

It can feel very isolating when you don't have enough money to get by, but the Debt Advisory Centre wants people to know that they're not alone in their money worries.

We help thousands of people to deal with debt issues, with practical help and support. Debt problems are more common that people think. Thousands of people face and overcome these problems every year, with the right help and support.

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Anyone can fall on hard times - even celebrities. Martine McCutcheon recently went public about her bankruptcy. It's reported in The Daily Mail that she owed £149,000 to HM Revenue and Customs, forcing her to enter voluntary bankruptcy.

Celebrity bankrupts

If you have money worries, don't suffer in silence - speak to someone to get debt advice. In our experience, there's never been someone we couldn't help. There's always a solution and there could be more options than you realised.

That's what these celebrities did.

  • Shane Filan - This singer in the band Westlife was bankrupted by the property crash. His bankruptcy was announced as Westlife were on a reunion tour.
  • Kerry Katona - This reality TV star and former girl band member was landed with a £417,000 tax bill, making her bankrupt.
  • Peter Stringfellow - He went bankrupt back in 1992, but has achieved financial success since then.
  • David Millar - Professional Scottish cyclist David Millar revealed in his autobiography 'Racing through the Dark' that he was effectively bankrupted by tax debt and entered into an IVA.
  • Eddie the Eagle - This British Olympic skier went bankrupt in 1992. He recently won the TV show 'Splash', a diving competition fronted by fellow Olympian Tom Daley.
  • Christopher Biggins - The regular panto actor went voluntarily bankrupt 15 years ago. He was discharged after one year. He described the experience in The Telegraph as "the best thing that ever happened to me."
  • George Best - This late football legend was made bankrupt, but he is more likely to be remembered for his talent and party lifestyle.
  • MC Hammer - This pop star was at the height of his popularity in the early nineties, but filed for bankruptcy in 1996 with debts totalling $13 million.

If you or someone you know is in financial difficulty, it's important to get the help needed. Debt Advisory Centre never turns anyone away.

 

Here's a look at the different debt solutions that Debt Advisory Centre can provide.

by Shelley Bowers

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.