Katie Price reaches deal to pay off spiralling debts

A hearing over the finances of Katie Price (pictured in 2011) was held in London today

A hearing over the finances of Katie Price (pictured in 2011) was held in London today

A hearing over the finances of Katie Price (pictured in 2011) was held in London today

Katie Price today avoided being made bankrupt after reaching an agreement with creditors over her debts. 

The former glamour model had been given time to try to reach an agreement with creditors after an earlier hearing.

And this morning, the High Court was told that the petition to make her bankrupt had been dismissed. 

The 40-year-old’s case was heard at a specialist insolvency and companies court in Central London this morning.

Estimates over her total debts have ranged from £250,000 to £500,000. 

Price, formerly known as Jordan, has tied the knot three times and has been in the headlines following the collapse of her most recent marriage to Kieran Hayler.

She also recently revealed her mother Amy Price has been diagnosed with idiopathic pulmonary fibrosis (IPF) – the same disease that killed Keith Chegwin.

Price was arrested earlier this month on suspicion of drink-driving after being found by police at 2am in a damaged car in Woolwich, South East London.

The ex-Loose Women panellist revealed in July she had reported herself to police for violating a driving ban, handed to her in February after she was caught speeding. 

The star had feared she may be forced to sell her Sussex mansion if declared bankrupt

The star had feared she may be forced to sell her Sussex mansion if declared bankrupt

The star had feared she may be forced to sell her Sussex mansion if declared bankrupt

Price has been trying to sell off her pink Fiat Ducato horsebox and a number of her animals

Price has been trying to sell off her pink Fiat Ducato horsebox and a number of her animals

Price has been trying to sell off her pink Fiat Ducato horsebox and a number of her animals

The former I’m A Celebrity… Get Me Out Of Here! star was once said to be worth more than £40million.

At a hearing in October, she was given time to negotiate a deal with the taxman over her finances by a judge at a specialist insolvency and companies court.

The case was previously adjourned following a hearing in August to allow time for the consideration of an Individual Voluntary Agreement (IVA).

An IVA is a formal agreement which lets people with debt repay their creditors at an affordable rate in a bid to avoid bankruptcy.

The ex-Loose Women panellist reported herself to police for violating a driving ban this year

The ex-Loose Women panellist reported herself to police for violating a driving ban this year

At a hearing in October, she was given time to negotiate a deal with the taxman over her finances

At a hearing in October, she was given time to negotiate a deal with the taxman over her finances

The ex-Loose Women panellist (pictured left in April 2016 and right in January 2018) reported herself to police for violating a driving ban earlier this year

Speaking after the August hearing, her representative said: ‘Katie is aware of the hearing and is working with her advisers to resolve her current financial issues.

‘She hopes to be in a position to do so and reach agreement with her creditors.’

In recent months there have been reports that the former model, a keen horse rider, had been trying to sell off her pink horsebox and a number of her animals.

Her £2million mansion, a former home of politician Francis Maude, boasts nine bedrooms, a two bedroom annexe, 12 acres of land, a pool, tennis court and stables.

She bought it for £1.35 million in October 2014, but it has since fallen into a state of disrepair, with the grounds strewn with rubbish and the pool full of dirty water.

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