Katie Price dodged bankruptcy after ‘close friend loaned her £22,000’

Katie Price came dangerously close to being declared bankrupt this week.

However, after she managed to agree an Individual Voluntary Agreement (IVA) at the High Court on Tuesday, it appears the model’s change in fortunes is down to a generous friend.

According to The Sun , a wealthy pal stumped up £22,000 as a loan to the mother-of-five to help her get her finances back on track.

A source told the paper: "They agreed to lend her the money to pay off her debts. It’s not a gift, it’s just until Katie gets back on her feet and is back to her best.

Katie Price dodged bankruptcy after 'close friend loaned her £22,000'

One of Katie’s pals have apparently lent her the money
(Image: Quest Red)

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"She’s really grateful and will work hard to pay it off. She’s looking forward to a relaxed Christmas at home with all this behind her."

In the run up to her latest court appearance, Katie herself wasn’t feeling optimistic about her prospects and even spoke about her money troubles in a trailer for her reality show My Crazy Life.

In the promo a week ago, the 40-year-old said: "I will be out of bankruptcy in a year. It’s not that bad. I’ve got nothing to be ashamed of anymore. Loads of people go through it like me. It’s just a matter of going through the motions. This is what has to be."

Katie Price dodged bankruptcy after 'close friend loaned her £22,000'

Katie will discuss her money troubles in her reality show My Crazy Life
(Image: Quest Red)

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However, following her court hearing, Katie re-shot scenes celebrating her positive news.

She said: "I do actually have some good news. You know I like to prove people wrong?

"Well, they are wrong. I had my court today and guess what I am not going bankrupt. So I am starting a new year, new beginnings, no bankruptcy. So that is why today is good, nothing can go wrong."

Katie Price dodged bankruptcy after 'close friend loaned her £22,000'

Katie has agreed an IVA with her creditors
(Image: Quest Red)

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Katie’s IVA was confirmed this week, but details of the deal weren’t made public.

A spokesperson for the HMRC confirmed they were owed money by the reality star, but were awaiting a small amount than some of her other creditors.

Judge Jonathan Middleton ordered the mother-of-five to pay court costs of £881.

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