Famous Actor Admits to Turning to Individual Involuntary Agreement

If you are one of many UK citizens dealing with debt of all kind and wondering where to turn, then you can take solace in the fact that you are at least not alone.

Famous UK actor Neil Morrissey has admitted that he owes credit companies a total of 2.6 million pounds and has thus had to turn to an individual voluntary agreement. Morrissey poured money into a business venture that involved a chain of luxury hotels, but the idea did not pan out and Morrissey is now paying the price.

The actor ran into major problems when the company behind the hotel chain fell into administration. It took the hotel far longer to get their ideas in motion that originally planned and there are a number of people that are facing serious debt due to it, including Morrissey.

Many people are impressed with Morrissey’s decision to take the high road and avoid bankruptcy. He says he intends on paying back his creditors in full, and that is why he has taken the path of an IVA. He told local newspapers that bankruptcy is the easy way out and that he instead decided to take blame for his decisions and work his way out of things so that everyone could get back they money that they were owed.

Morrissey has officially begun undertaking in an individual voluntary agreement and in agreeing to do so has promised to pay back as much money as he can. All of his spare cash will go directly to creditors, but once he has paid them back he will have a lot more financial freedom than if he had taken the route of bankruptcy.

An IVA may seem like the hard way to go about things if you are facing serious debt, but in the long run it is a much more beneficial decision than simply calling quits and declaring bankruptcy.