I have quite a well paid job paying £930 per month. Over the past 11 years I have got into debt totally over £25k due to mostly credit cards and a loan which I took to pay off some credit cards (the loan was for £6k and I have to pay £12k back!). I have also suffered from depression for really the same amount of time and due to one reason or another thought that spending money would help me feel better..obviously it hasn't. I have been out of work since 22nd July due to my depression and have had my wages cut to half pay, then pension rate along with statutory sick pay. In July I went into arrangements with Payplan to start paying the DMP, they said I had £335 available surplus so this was paid for one month and then I paid reduced amounts of £100 as my wages had been drastically reduced and more recently £10 as it was reduced again and I really have no available surplus. Two of my creditors (as far as I'm aware as Payplan really haven't told me too much) are still adding on large chunks of interest as well as late fees and reduced payment fees. I really feel that I will never ever get out of this. It is making my health a lot worse, I have an appointment with a pychiatrist and I really have a low quality of life. I live at home with my mum who is a pensioner, we live in a council house. I do not have a car. The only asset I have is the laptop which I'm using now which I bought from a catalogue company who are one of my creditors.
What I want to know is..would bankruptcy be the best thing for me? Is the surplus I have too much to be considered for bankruptcy? I really can't live on the amount Payplan have said as I am borrowing money left right and centre without any real hope of paying it back.
Any help would be greatly appreciated, especially from those in a similar position.