Katie Price's debt of £2.1 Million Could Cost Her West Sussex Mansion
- Katie Price could be forced to sell her West Sussex mansion due to her £2.1 million debt.
- In the agreement, she should only pay 41 per cent of her debt in monthly statements over five years.
- She was jailed and her close friend loaned her a sum of £22,000 to bail her out.
- Her court hearing lasted less than two minutes in companies court located in Central London.
- She was banned three months from driving and fined for being convicted in drink and drive case.
Katie Price forced that she could sell her country mansion in Sussex to clear her debt of £2.1m (2764975.50 million).
The 40 years old former glamor model last year narrowly avoided the bankruptcy. As per The Sun, "documents filed at Companies House reveal an agreement Katie signed with creditors when her company, Jordan Trading, went into liquidation."
The filed agreements state that if the 40 years do not manage to pay off her debt within four years, the mansion would be kept under the auction.
The agreement further revealed that the star should only pay back 41 per cent of her total debt i.e. £856,358 or $1127528.04 over five years in monthly installments.
Till date, she has only paid £27.969($36.81) to the creditors in the year shows the files of February 2018.
Furthermore, a verified source told the publications: 'These figures show just how much financial trouble Katie is in and what a challenge she faces to turn things around.'
Moreover Source added: ‘Having said that, most people will wonder how she has managed to avoid bankruptcy with an agreement which lets her get away without paying 59 per cent of what she owes.’
Other verified source, an Insiders reported that 'what a challenge she faces to turn things around. Most people would wonder how she managed to avoid bankruptcy with an agreement that lets her get away without paying 59 per cent of what she has.'
At the beginning of December 2018, she was jailed for the for not paying the debt and a close friend of star allegedly gave a sum of £22,000 ($28966.41) to bail her out.
Interestingly, her court hearing lasted less than two minutes. As a matter of fact, Katie's case was heard at a specialist insolvency and companies court located in Central London, which opened up that her total debt ranged in between £250,000 to £500,000.
Furthermore, Katie was fined £1,500 for being held of being drunk in charge of a motor vehicle and three months driving ban.