Friday 22nd of January 2010
Actor Christopher Biggins reveals that 15 years ago he was declared bankrupt after he racked up a significant debt.
Speaking to the Telegraph, he says while he was not earning in between jobs he continued to spend as if he had a regular income and the debt eventually caught up with him.
But going bankrupt had some serious consequences for the celebrity and he found that only one bank would take him on - Allied Irish.
"Afterwards, you’re only allowed one credit card and one bank account and that introduced extra discipline into my life," he tells the newspaper.
He adds that he now only has one credit card and he pays it off every month.
People who have the same problem as Biggins had - splashing out when they do not have the finances to back such spending up - could find that if their debt piles up to an uncontrollable level then they too could risk going bankrupt.
As well as facing doors being closed in their face by lenders, individuals who go bankrupt could risk losing their home and, in certain professions in the financial services sector, losing their job.
By Hayley Jones
- Alternatives to bankruptcy available, expert notes
- Bankruptcy 'should be a last resort' to tackle debt management issues
- Bankruptcy 'has improved attitude towards debt'
- Insolvency levels rising, figures show
- Negative equity leading to bankruptcy increase, says expert
- Middle-aged women 'more likely to go bankrupt'
