Former soap star Mike Reid, known on screen as frank Butcher, had a debt management burden of close to £900,000 when he died last year, according to reports.
Reid was for years one of the best-loved actors in the country when he starred in Eastenders, but it now seems that he found it difficult to keep his real-life financial affairs in order.
The actor’s family and friends apparently had no idea that he had such serious
debt management problems but after a pain-staking accountancy inquiry it was established that his arrears were significant and his assets were only just able to cover them.
A legal source told the Sun: “When someone dies their assets are added up before their debts are deducted to come up with the final ‘net’ figure.”
“He never seemed to be short of money but I don’t know what sorts of debts he had,” added a friend of the late actor.
Meanwhile, a report from MoneyExpert this week suggested that most consumers in the UK are looking to cut down their expenditure as their debt problems continue to worsen.