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Katie Price avoids bankruptcy but only has 12 weeks to stave off financial ruin

Culled from The Sun

Katie Price avoided being declared bankrupt in court this morning after she was given three months to come up with a plan to pay off her debts, The Sun reported.

The reality star, 40, did not appear at the High Court's Rolls Building for an in-and-out hearing that saw her team submit proposals for an individual voluntary agreement (IVA).

It has been revealed that Katie Price has blown her £45m fortune

An IVA sees debtors pay back their creditors over a period of time.

Her application will be heard in 12 weeks on October 30.

If it is accepted, Katie's mansion would be safe from re-possession.

Katie was once famed for being one of the nation’s savviest businesswomen.

In her 2000s heyday, the former Page 3 girl raked in £6.2million for a string of reality shows, £3.5million for an Asda lingerie collection and sold more than three million copies of her books.

But two - soon to be three - expensive divorces and the collapse of her company proved too much for the glamour model to handle.

The Sun revealed the full extent of her financial woes earlier this month, telling how she blew her entire £45million fortune on plastic surgery, luxury holidays and a £1million farm.

Her minimal income has not been enough to cover £10,000 a month repayments on her West Sussex mansion, which is believed to be £100,000 in mortgage arrears.

The sprawling pad near Horsham has a £25,000 a year heating bill and £120,000 army of housekeepers.As her cash troubles worsened in recent months, Katie was snapped mowing her own lawn to save money while the mansion’s once-plush tennis court and swimming pool fell into disrepair.

She also started flogging her menagerie of farmyard animals including goats, sheep, horses and lamas for £2,000 a pop.

Bailiffs recently came knocking for an unpaid £3,000 bill - but she blamed it on estranged husband Kieran Hayler, 31.

Katie, who has five children with three different dads, has since moved on from her high-profile split with the former stripper by hooking up with toyboy personal trainer Kris Boyson.

Katie and her toyboy boyfriend Kris Boyson

Katie's kids

Katie's ex husband Kieran Hayler

My view: Katie Price was once known for being a savvy businesswoman, but it seems she mismanaged her money as she's always going on expensive holidays, living big, it's sad that she's going through difficulties, I hope she's able to avoid losing her home because of her children especially her disabled son. Her 1.8Million Instagram followers should help her, if they contribute £2 each, that'll go along way. One major mistake rich people, who are struggling with finances make, is to try and keep living a lie, life they clearly can't afford. Katie should sell her mansion and move into a three bed flat. And who knows if she'll go for another holiday to snap more staged pictures for money.

Should Katie Price's Instagram followers help her,? What do you think?