Debt-hit Neil Morrissey 'takes out IVA'

21/08/2009

Men Behaving Badly star Neil Morrissey has entered into an Individual Voluntary Arrangement (IVA) after falling into debt.

The actor lost around £2.5 million after investments in a range of hotels and pubs underperformed, the News of the World reports.

Initially, Neil had planned to make money by setting up a property firm, which would then buy up the establishments.

However, the debts built up and he was confronted with the choice of taking out an IVA or going bankrupt.

His choice means that Neil will now enter into a strict repayment plan which will, if successful, return much of his creditors' money.

Speaking to the newspaper, Neil said: "People advise you to take the easy route [of bankruptcy] - it'll only last a year and you'll be back up and running. But I just thought there are too many good people who've lost their money on these deals, and I wanted to repay them as much as I possibly could.

"I feel morally obliged. Afterwards I'll feel better about myself. Now I'm working very, very hard every second out there to earn another penny."

Kevin Still, EuroDebt director, said "There have been several cases of celebrities becoming personally insolvent in recent times and it is refreshing that Mr. Morrissey has taken a responsible position to dealing with his debts. As a debt solution provider, EuroDebt visits thousands of people in an unmanageable debt situation and the vast majority want to deal with their debts and make a fair contribution to their creditors based upon what they can afford.

"Entering a Debt Management Plan or an IVA is not easy and both represent long-term debt solutions. We strongly believe that people who have taken responsible action and have shown the discipline to work to tight budgets and stop further borrowing should be treated differently from those that either in denial regarding their debts or who make no effort to work with their creditors to find a viable repayment arrangement."

Tags; Housing Debt and Bills, Young Family Finances, Credit Card Lifestyle,

• Share
• 
• 
• Store
• 
• Follow
•