Monday 22nd of March 2010
Former Blackburn Rovers and Scotland football captain Colin Hendry is reported to be seeking individual voluntary arrangement (IVA) answers to reduce his debt and avoid bankruptcy.
It is believed that Mr Hendry owes online spread betting company Spreadex close to £35,000 and his old neighbour Hector McFarlane £85,000, which was taken as a short-term loan but not repaid.
And the ex-athlete is apparently keen on avoiding bankruptcy by seeking help in the form of an IVA.
A close family friend states: "Colin is working against the clock to satisfy his creditors taking the IVA route."
Opting for an IVA over bankruptcy could benefit Mr Hendry in a number of ways, as being declared bankrupt can result in a home being repossessed, prevent people from staying in or entering certain professions and the details can be published in local newspapers.
And it’s not only people facing bankruptcy that can seek IVA answers - as this form of debt help is available to Britons who are employed and have total debts of more than £15,000 owed to more than three creditors.
Written by Mark Waterman
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