Home UK Showbiz Katie Price must pay £12k a MONTH to clear her debts

Katie Price must pay £12k a MONTH to clear her debts

The former glamour model has been given a five-year payback plan

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Katie Price has been ordered to pay back approximately £12,000 a month, in order to clear her debts.

Back in October, Katie, who filed for bankruptcy over the summer, was given time to negotiate a deal with tax officials – and reportedly came to an agreement in December.

Companies House documents have now revealed that the star must pay back a total of £856,358 over the course of five years – which will clear almost half of her original £2.1 million debt.

 

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The mother-of-five will start off paying approximately £12,000 a month for the first two years, which will increase to £14,363.37 in the third, £15,296.44 in the fourth, and £16,068.36 in the fifth year.

 

A source told The Sun: “These figures show just how much financial trouble Katie is in and what a challenge she faces to turn things around.”

“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.”

 

The news comes after Katie recently enjoyed a lavish trip to Thailand with her beau Kris Boyson.