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Monday 14th October 2019

Katie Price 'made to pay back £12k a month to clear debts'

Her money woes aren't over

Katie Price narrowly avoided bankruptcy last year, but now she has reportedly been ordered to pay a whopping £12,000 a month to clear her debts.

The court-ordered repayment plan comes as Katie owes creditors around £2.1 million, according to reports.

In December, the mum-of-five agreed to an Individual Voluntary Arrangement (IVA), which is set up to help her pay back what she owes.

Katie, who is dating Kris Boyson, has been dealing with money woes (Credit: GTres / SplashNews.com)

According to The Sun Online, Katie agreed to repay £856,358 over five years.

She is expected to hand over £12,302.25 a month at first, but it will increase to £16,068.36 a month in the fifth year.

A source told the publication: "These figures show just how much financial trouble Katie is in and what a challenge she faces to turn things around."

However, despite her financial troubles, Katie has spent around £25,000 on holidays recently, according to The Sun Online.

She recently got back from a luxury break in Thailand with her boyfriend Kris, 30, which was her sixth holiday in eight months.

Read more: Katie Price's boyfriend Kris Boyson tells her she needs to 'lose weight' before calling her a 'tramp'

The former glamour model, who was once worth around £45 million, has also recently had her Sussex mansion decorated after it fell into disrepair.

The 40-year-old is also planning to buy a new car, following her driving ban after she was found guilty of being in charge of a vehicle while over the limit.

These figures show just how much financial trouble Katie is in.

After her ban was issued last month, The Sun reports that she said: "It adds on to my disqualification that I'm already on which means I get my driving license back on the 24th of May... which means I can go car shopping. Let's ban the pink car."

She recently attended court (Credit: SplashNews.com)

Read more: Katie Price pleads not guilty to threatening behaviour charge in court

Katie managed to avoid bankruptcy last year after a friend lent her money to clear an unpaid £22,000 tax bill.

She also sold some of her beloved animals to help ease the financial burden.

She said she was determined to bounce back, revealing on her reality show: "All this stuff about the bankruptcy, I had my call today and guess what? I'm not going bankrupt so I'm starting a new year. New beginnings, new year, no bankruptcy."

Ent Daily has contacted a representative for Katie for comment.

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