£95k mortgage (23 years to run), with a 25k secured loan on the house which we have just over 9 years left to pay.
£17k credit card debts all in my name and I have a car costing me £200 a month.
Can't cope with the financial stresses of wondering whether there's going to be enough left in the pot to pay the mortgage every month, so to begin with I have stopped paying the credit cards, but in all honesty I need rid of the car as well.
Been advised in relation to a DMP with nominal £1 payments to all creditors, but in my view this seems pretty pointless, as I really do not want this round my neck for the rest of my life.
There's no real equity in the house, well there was at the time we got the secured loan last year, but only had about £10k in it and I think with the current state of the housing market, that amount will have diminished some.
I am wanting to know whether going bankrupt is my best option. I have been told so far that I will lose the car, whether its on finance or not, and we don't have to lose the house.
Any advances on this?