Friday 27th of November 2009
Bankrupt DJ Mike Read has had to sell a record and music memorabilia collection worth over £1 million so that he can repay debts.
Having to sell a home and other possessions could be a concern for those of you in debt and you may instead want to avoid the route of bankruptcy and clear your financial commitments another way, such as through an individual voluntary arrangement (IVA).
The former Radio 1 DJ is set to sell his collection at an auction, which includes personal letters from artists including Michael Jackson and The Beatles, as well as signed singles from the likes of The Rolling Stones, the Daily Record reports.
"It must be heartbreaking. It is a life’s work," valuation agent Robert David says.
Indeed, being declared bankrupt can be a serious, long and difficult process and should you choose this option, you can lose your home and other cherished possessions.
An IVA - while still an agreement that can last around five years - protects a family home if repayments are kept up and could prevent the need for family collections needing to be sold should you find interest repayments much more manageable.
By Rachel Powell
