I am not wanting to sound as if i am taking this decision lightly....this problem has been playing on my mind for years now as everyone knows feeling trapped with heavy debt is not nice especially when you cant see an end to it. All advice is welcome

Hello Geezer.... I didnt really mean backpacking...i meant working away seems like a perfect time if im BK in the UK, maybe OZ in a stress free job..i am lucky enough to have family that would fund the flight, would the OR look down on me working out of the UK whille "in" BK?

The managed loan is over a long long time....ive read up on them and it seems there not overly keen on people actually paying them off as they can make a mint. HSBC for you! I do see the point your making Debt Info..and its the right one. But if theres one thing ive learnt in the past 27years doing the right thing dosent always equate to making the best decison... Although ive spent money badly i definetly would not consider it to be wildly...every one has a different set of circumstances.. Ive a friend who went Bankrupt around 7 years ago, she is now a home owner so i guess it must be possible. Thanks for your advise

Hello Guys, Thanks for your welcome. Debt Info, I totally agree that option A is the right and moral thing to do, my worry is this..... My work has very low job security and is in a fragile industry....i could end up paying half my loan off in ten years time....then boom, jobless, forced to go Bankrupt but now the problem is i have a mortgage two kids and its a lot more serious....What im trying to say is that i think Bankruptcy is enevitable at some stage and i would rather it was now then later. Rebel 11, I do think i may have been charged PPI with some of my HSBC products but im to worried to ask them as ive heard they can get a bit nasty i.e calling in the managed loan or raising already high intrest rates or payments..same applied with overdraft charges Ta

Hello to All, Like most other people on this forum i am looking for a bit of advice from some experienced heads on what to do with my finacial matters! I think this case is a lot more straight forward then some of them on here but never the less im still confused.:-| I am 27 years old, no kids, no house and no real other assests to speak off ,other than a nice smile, (so my mum says) Ever since leaving school ive worked full time but have always spent (irresponsibally) more than ive earned...holidays,cars etc.. so ...here i am £24000 in debt ...one managed ( dont ask) loan with HSBC £14000 ...one loan with Nationwide £10000 The job i work in now pays ok and i can cover the repayments but it would take me decades to pay off my loan Would i be better off leaving my job ( getting sacked) declaring myself bankrupt and starting again?? Has anyone been in a similar position and can give some much needed advise? Ive always wanted to travel so is it feasabe to declare yourself bankrupt...then do some backpacking around the world? Come back and your Bankruptcy be discharged and start again? I hold my hands up that i was wrong to get in such a mess, but when your young and cc companys throwing money down your throat its hard to say no So the big question..... Option A . . .do the dutyful thing and struggle with my repayments for the next 20 years or Option B....declare myself bankrupt and live with that hanging over for god knows how long? Any ideas? Thanks for your time