But things are beginning to look up for the star – who just signed a four-album solo record deal with London Records, which is part of Universal Music.
The singer shared the news on his new website, which he launched today.
"I'm going to be releasing my first single this summer with my debut album out later this year," he said.
"One of the things that pleases me the most about this record is that I've been given the opportunity to write my own songs. I'm so excited for people to hear them!"
Shane has already started penning songs and recording pop tunes in 'Music City', aka Nashville, Tennessee.
Manager Louis Walsh, who has been fiercely defensive of the 33-year-old singer during his money woes following the collapse of his property empire, says he is delighted with the new deal.
"This is a fantastic new deal for Shane, we are thrilled to be part of the team at London Records."
Louis has continuously said that Shane will be the most successful member of Westlife and said the singer has great potential as a Michael Buble-type artist.
And the rest of the Westlife lads aren't doing too badly either.
Former band mate Mark Feehily (32) is also set to go solo and has signed with Paul McCartney's manager to launch his career.
Nicky Byrne showed off his fancy footwork when he appeared on Strictly Come Dancing.
The dad-of-two also presented Football's Next Star on RTE 2 – where he tried to track down a future star Celtic player.
And Kian Egan is taking the TV world by storm – he is the most outspoken and controversial coach on RTE's hit show The Voice Of Ireland.
And he's also making waves in the UK. Having appeared on the X Factor, the Sligo star bagged a presenting gig on travelling music and food show, Rhythm N Chews.
During the course of the series, Kian travels across North America tasting local dishes and playing music.