Ken owed 188,500 after personally guaranteeing the borrowings of a failed furniture business. He had no hope of repaying the debt from the 2,165 a month he now earns as a lorry driver, of which 952 goes on maintenance payments for his three children. They live with his ex-wife while Ken, who is 49, lives with his parents.
Relief finally arrived last year in the form of insolvency. Under a debt settlement arrangement hammered out with his creditors, they have agreed to accept 162 a month for the next five years in full and final settlement of Kens debts about 2c in the euro.
His case was one of several outlined in the 2017 annual report published last week by the Insolvency Service of
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