Ed Mitchell is the much publicized news reader who fell from a lofty height - from interviewing Prime Ministers to sleeping on the streets. And it was his debt and insolvency that triggered the beginning of the end of his marriage and life as he knew it.

Insolvency on the increase

The worrying thing for many Britons is that debt is spiralling fast. More of us will be facing major problems from house repossession, insolvency and bankruptcy. And these issues all impact heavily on relationships, breaking up marriages and dividing families. Insolvency is set to increase in 2008, but often insolvency and debt can go hand in hand with other problems as Ed Mitchell's wife states – it wasn't just a case of overspending that led to his insolvency but his drinking and gambling problems.

Alcoholism, addiction and debt

Many ordinary people are at risk from insolvency simply because the cost of housing and our lifestyles can leave many of us walking on a thin tightrope of affordability. But when a man goes from a £100,000 salary to living on a park bench, without implementing a successful IVA or debt management strategy, it's no wonder there's something more behind the story.

More to insolvency than easy credit

Ed Mitchell's wife, Judy told a tabloid newspaper that her ex-husband's insolvency was not merely the result of easy credit offered by finance companies. As the Daily Mail reported, "Mitchell, an Army officer's son, was revealed, by those closest to him, as a man in total denial; an alcoholic and gambler whose twin addictions destroyed his career, marriage and family. His 82-year-old mother Joyce insisted she had thrown him out of her own home only three months ago because of his drinking and unwillingness to get a job. 'I've never been so unhappy,' she said." As well as the drinking, his wife discovered a gambling problem too: "I realised gambling was a big part of the problem. I suppose he had started trying to gamble our way out of debt."

Underlying problems triggered insolvency

Alcoholism and gambling problems frequently lead to insolvency and debt, but it can be easy to slip up in life and make mistakes. For Ed Mitchell, his alcoholism triggered the end of his career and marriage, the insolvency if anything was a wake-up call. If you are concerned about a relative or yourself, it's crucial you seek help. Insolvency can be damaging but there are debt management strategies that can help you get back on track.

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.