Neil Morrisey, the star of Men Behaving Badly has opted for an IVA to help relieve his multi-million pound debt problems.

After a property scheme that he had invested in collapsed, the actor and TV star was forced to seek debt help after losing £2.5 million pounds.

The voice of Bob the Builder had invested in a string of hotels and pubs, but suffered once the property market collapsed, has said that he intends to pay his creditors in full and that he would not file for bankruptcy.

After seeking debt advice, Morrissey decided to enter into an individual voluntary arrangement (IVA), which means that once he has covered his living costs, all of his earnings will go towards his creditors. IVAs are usually repaid within a five year period.

He said: “People advise you to take the easy route (bankruptcy) – it’ll only last a year and you’ll be back up and running. But I just thought there are too many good people who’ve lost their money on these deals, and I wanted to repay them as much as I possibly could.

“I feel morally obliged. Afterwards I’ll feel better about myself. Now I’m working very, very hard every second out there to earn another penny. I don’t sit around and get depressed about things. It’s not my character.”

Ivan Cooper, Chairman at debt advice firm Chiltern, said: “IVAs can be a useful way to help people that have developed debt problems from avoiding bankruptcy proceedings, whilst stil repaying their outstanding debts.”

Morrissey set up a property company five years ago that bought a number of pubs and hotels around the country, including Brown’s Hotel in Laugharne, where Welsh poet Dylan Thomas was a regular.

The company overstretched itself and collapsed, forcing Morrissey’s business partner to file for bankruptcy.