Tuesday 10th of August 2010
Bankruptcy could be one of the options facing the Duchess of York, after it was suggested she has accrued millions of pounds of debt.
According to reports, Sarah Ferguson may have been as much as £5 million in the red following a number of failed business ventures.
Her spokesman commented on Sunday (August 8th): “There are a number of options open to the duchess, of which bankruptcy is one. But it would be premature to say she is going into bankruptcy as the situation is being managed.”
But it could be an IVA is a more suitable form of insolvency for somebody in her position, as it offers you the chance to erase unsecured debt by merging all of your repayments into one monthly outlay.
The measure also freezes the interest on the cash you owe, potentially making it more manageable to get back into the black.
However, it requires a lot of hard work and discipline over a period of five years and should be carefully considered when assessing your options.
By Kimberley Parsons
- 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
- Football player declared bankrupt over £8k
