According to several reports in the media this weekend, Kerry Katona has blown her mortgage money on a spending spree where in one month she has apparently spent £140,000 on spa trips, alcohol and clothes according to the News of the World.

In December, we reported how Katona faces eviction after failing to pay her mortgage and last week she was at court fighting a repossession order.  29 year old Katona lives with her children in her £1.5 million home in Wilmslow, Cheshire.

The accountants looking after her bankruptcy proceedings have reportedly been giving her an £8,000 per month allowance.

A source told the paper: “The £140,000 was a final lump sum from the accountants and that is her pot of money completely gone now. She hasn’t earned much for months but in court on Wednesday she promised to start paying her mortgage.

“Kerry has had months to sort this out but instead she has stuck her head in the sand and refused to pay. Now she actually hasn’t got the money to pay it and if she doesn’t find it from somewhere the mortgage company will send in the bailiffs.”

As any good mortgage advisor will tell their clients, if you fail to meet your mortgage repayments then you risk losing your home or property.

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