Katie Price was dangerously close to bankruptcy this week.

However, after signing an Individual Voluntary Agreement (IVA) agreement on Tuesday in the High Court, it seems that the model is being changed by a generous friend.

According to The Sun, a wealthy buddy had lent £ 22,000 on loan to the quintuple mother to help her get her finances back on track.

A source told the newspaper, "They agreed to provide her with the money to pay off her debts, it's not a gift, it's only until Katie gets back on her feet and back to her best.

One of Katie's friends apparently lent her the money

"She is really grateful and will work hard to pay it off, looking forward to a relaxed Christmas with everything she has behind her."

In the run-up to her recent court appearance, Katie herself was not optimistic about her prospects and even talked about her problems with the money in a trailer for her reality show My Crazy Life.

In the promo a week ago, the 40-year-old said, "I'll go bankrupt in a year, it's not so bad, I do not have to be ashamed, many people go through like me, it's just a matter of going through the motions . That has to be. "

Katie will discuss her money problems in her reality show My Crazy Life

However, after hearing them in court, Katie once again shot scenes celebrating her positive news.

She said, "I have really good news, you know that I like to prove that people are wrong?

"Well, you're wrong, I had my court today and can guess what I'm not going bankrupt, so I'm starting a new year, a fresh start, not a bankruptcy, so today's good, nothing can go wrong."

Katie has an IVA with her creditors

Katie's IVA was confirmed this week, but details of the deal have not been released.

A spokesman for the HMRC confirmed that the reality star was owing him money, but was waiting for a small amount than some of her other creditors.

Judge Jonathan Middleton ordered the mother of five to pay legal expenses of £ 881.

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Katie Price life