Debt can happen to anyone: John Barnes on bankruptcy and the cost of poor financial advice

Debt doesn’t discriminate. It can affect anyone, regardless of success, income or public profile. Former England and Liverpool football legend John Barnes has spoken openly about debt, sharing his experience of bankruptcy and the lessons he’s learned about financial advice.

In September 2025, Barnes was declared bankrupt after building up debts of more than £1.5m. He has attributed this to ill-advised investments made during his playing career, alongside the mismanagement of his finances, particularly investments held overseas.

This was not Barnes’ first experience of financial difficulty. He was previously declared bankrupt in 2009, which he  described as the result of a ‘tax oversight’.

Speaking on a podcast, Barnes reflected on how a lack of professional guidance played a major role in his situation. Like many players of his era, he relied on informal advice rather than qualified expertise.

He compared his experience to the Kingsbridge investment scandal, which saw numerous footballers lose vast sums through risky property schemes. A group of former Premier League players have since said they lost tens of millions of pounds due to poor financial advice from people they trusted.

Barnes noted that financial guidance and support for players has improved in recent years. In the past, he explained, advice often came from “mates who knew somebody” rather than from regulated professionals with a duty of care.

The football icon also showed empathy for those facing financial hardship today, acknowledging that many ordinary people are struggling just to afford essentials like their heating bills.

Why professional financial advice matters

John Barnes’ story is a reminder that anyone can fall into debt, and that the quality of financial advice you receive can make a life-changing difference.

Using a qualified and regulated financial adviser is essential. In the UK, advisers regulated by the Financial Conduct Authority (FCA) must act in your best interests and provide access to compensation if things go wrong.

A good adviser doesn’t just focus on investments. They look at the big picture, including your income, outgoings, goals, family circumstances and long-term security, and help you make informed, sustainable decisions.

What is bankruptcy?

If a person is declared bankrupt, it means they can’t pay their debts back in full.

You might be able to declare yourself bankrupt if:

• you can’t afford to pay back what you owe
• your possessions are worth less than the amount you owe

Bankruptcy involves selling your assets and sharing the money among your creditors. 

It releases you from most of your debts, usually after a year, and if you go bankrupt, most of your creditors won’t be able to chase payments or take you to court.

But it will impact your credit rating for six years.

And if you own your home, you may have to sell it to help cover what you owe.

What debts can be included in bankruptcy?

Most debts can be written off in bankruptcy, such as:

• credit cards
• buy now pay later
• store cards
• overdrafts
• personal loans
• lines of credit

But there are some important exceptions, such as:

• mortgages (if you want to keep the house)
• criminal fines
• child maintenance arrears

If you’re struggling to repay what you owe, get in touch with us for debt advice and we can discuss all the different options to you, such as:

• setting a household budget
• finding out what benefits you’re eligible for
• debt solutions

Read our guide to bankruptcy to find out more.