The Duchess of York has never strayed too far from the headlines since her divorce from Prince Andrew in 1996. More often than not, this sustained media presence has been the result of her poor financial management and ongoing debt problems. Her most recent foray on to the front page is the result of her being filmed while allegedly offering to sell access to her ex-husband.
There was no shortage of front page fodder during her marriage to the Prince either. Although she did strive to be involved with various charitable works, the Duchess seemingly found it difficult to make the transition from independent woman to royal wife and there were numerous occasions where she came in for criticism. The main cause of such criticism was her apparent exploitation of the position of Duchess. Fergie came in for particular condemnation for selling family photos to a popular celebrity magazine. However, the most scandalous photographs emerged in 1992, apparently showing her financial advisor sucking her toes.
By 1995, the duchess had amassed about £4million worth of debt and the Queen responded by publicly tightening her purse strings. Fergie managed to solve her debt problem by striking ambassadorial deals with foreign corporations. Weightwatchers in the US, cosmetics company Avon and Waterford-Wedgwood were quick to offer deals that traded on her regal celebrity. In tackling her debt problem, the duchess managed to reinvent herself as the shrewd businesswoman and even though her foray into chat-show hosting was fleeting, she battled debt and built her media profile. She maintained this profile with a TV advert for a popular fizzy drink, a cameo role in Friends and a part in The Celebrity Apprentice.
In 2008, the duchess spent six months living with a family of six living in Hull as part of an ITV documentary on the benefits system. She was subject to yet more criticism while promoting the programme, stating that she could “live in a council house and below the benefit line.” Well, last September, she was taken to court by three creditors who were seeking settlement of outstanding debt amounting to over £20,000.
Someone in a similar situation owing £20,000 of unsecured debt may be able to qualify for an Individual Voluntary Arrangement (IVA) with Harrington Brooks as the requirement of this effective debt solution is typically a minimum of £12,000 worth of unsecured debt, divided between three or more creditors.
Although her debt problems were refuted, just a month later, as the duchess was celebrating her 50th birthday, the news emerged that Hartmoor LLC, the American company in which she was a majority shareholder, was to be closed with an outstanding debt of over $1million.
Still committed to a number of charities, the duchess is active in raising money for underprivileged children and highlighting the difficulties faced by young people caught up in conflict zones all over the world. She set up Children in Crisis in 1993, is a patron of the Teenage Cancer Trust, Tommy’s Baby Charity and the Motor Neurone Disease Association.
Sarah Fergusson’s own process of debt management is probably not a model to be encouraged but it does prove that no debt problem is beyond repair. There is a debt solution to suit every circumstance so there is no reason to let it get the better of you.
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