Kerry Katona is supporting her friend Katie Price following her recent bankruptcy declaration and has urged her not to ‘feel too guilty’ about her financial state.
The former glamour model was declared bankrupt last Tuesday after she spent her £45 million fortune and failed to pay back the agreed £12,000-a-month to her creditors.
Now Katie, 41, has turned to former Atomic Kitten Kerry, 39, who clawed her way back from her own money woes and bankruptcy declaration, for advice.
Chin up: Kerry Katona is supporting her friend Katie Price following her recent bankruptcy declaration and has urged her not to ‘feel too guilty’ about her financial state
Kerry insisted just needs to focus on herself and her five kids and ‘surround herself with good people who she trusts’.
Writing in her New! magazine column, Kerry said: ‘She’s just been made bankrupt, but she should take this opportunity to start afresh.
‘My advice would be to surround herself with good people who she trusts and try not to feel too guilty.
‘All my money was stolen from me, so it’s a slightly different situation to blowing £45 million, but hopefully Katie will go easy on herself, as bankruptcy is a truly horrible experience,’ she added.
Money trouble: The former glamour model was declared bankrupt last Tuesday after she spent her £45million fortune and failed to pay back the agreed £12,000-a-month to her creditors
Kerry was declared bankrupt in 2008 after failing to pay the final £86,000 of a £417,000 tax bill.
She then went through the difficult process for a second time in 2013 after a series of further financial setbacks.
They included the loss of both her lucrative contract with supermarket Iceland and a magazine column, as well as receiving a repossession order on her £1.5million home.
Friendly tips: Kerry advised Katie: ‘My advice would be to surround herself with good people who she trusts and try not to feel too guilty
Katie’s money saga is set to be documented in her reality TV show My Crazy Life in emotional scenes which sees Katie admit she has no choice but to be declared bankrupt and lay much of the blame for the loss of her fortune on her exes, who include former husbands Alex Reid, Peter Andre and Kieran Hayler.
It comes after the star demanded last week that pop star Peter, 46, and Kieran, 32, pay her back for the £2 million she claimed she spent on them.
An insider told The Sun Online: ‘[Katie’s] told both of them [Peter and Kieran] that she expects some cash from them as she bankrolled them for years when they were married.
Not quite the same: But Kerry did cuttingly contrast her situation with Katie’s by saying, ‘All my money was stolen from me, so it’s a slightly different situation to blowing £45 million’
‘Now the shoe’s on the other foot, she doesn’t see why they wouldn’t help her out.
‘It’s payback time. She says she spent a fortune falling in love with the wrong men – now it’s time to get what she’s owed.’
Three-times divorced and mother-of-five Katie, was married to Peter from 2005 until they expensively divorced in 2010.
During their marriage they had two children together, Junior, 14, and Princess, 12.
I know what it’s like: Kerry was declared bankrupt in 2008 after failing to pay the final £86,000 of a £417,000 tax bill and then went through the process for a second time in 2013
But after the former couple’s split, Katie accused Peter of conducting a smear campaign against her and later settled with him for an undisclosed amount.
The fall-out is thought to have cost the former Footballers’ Wives star £2million in legal costs.
Katie also spent money on plastic surgery, £1 million on a farm for Kieran, who she married in 2013, and luxury holidays.
The star also spent £77,000 on an Audi for Kieran’s 30th birthday.
Katie and Kieran had two children together before splitting in 2018.
Antagonism: It comes after Katie demanded that ex-husbands Peter Andre and Kieran Hayler pay her for the £2million she claimed she spent on them (pictured: Katie and Peter in 2006)
Last Monday, a day before the star’s bankruptcy declaration, Katie told commuters she blamed Peter for her financial issues and claimed she turned down reality shows, such as Strictly Come Dancing, which could have helped pay off her debts.
On the train between King’s Cross and Ebbsfleet, she said: ‘Tomorrow, I’m being declared bankrupt. Even though I’m not bothered.
‘I’ve known it’s coming, going bankrupt, because I took him (Andre) to court. He’s the worst person ever.’
She added: ‘I f****** can’t wait. I’m better off. I know I shouldn’t say it.
It’s good for me. It’s better than paying two-and-a-half grand a month to f****** HMRC. I’m not worried.’
In the past: Katie also spent money on plastic surgery, £1million on a farm for Kieran, 32, who she married in 2013, and luxury holidays