hi there, e-logic. I wish I knew which country you are in, although mention of “Guardian” might suggest U.K. at least, and a location of “silicon fen” has a sort of Cambrdge-y sound to it. Am I at all close?
Anyway - what I will say is that years ago I became bankrupt. That was under Scottish law, not English (and one that has changed by now) so I cannot speak in any but the most general terms.
Do not take that decision lightly. It could (I was told anyway) make it well-nigh impossible to obtain a mortgage (hahah – no money for one anyway ) or indeed any credit.
Heavens it could make it difficult to get a new bank account, for goodness sake.
Oh, AND it will mean saying goodbye to nice toys like your computer. As I recall, for some reason a television set is considered a basiic enough thing to keep, classed along with necessary kitchen and bedding stuff and similar furniture. So, I cannot see why a telly would be OK to keep, but I am pretty damn sure you will, when you declare what your assets are, you’ll find that your computer may have to be given up.
(N.B. “Assets” sounds awfully grand, as though it meant big money: hmm - regard it as meaning merely “possessions” instead.)
As for credit becoming easier, welll, yes it might for all I know IF you you later become more profitable. I really would not recommend using the idea of easier credit later as grounds for that sort of decision now.
My own tuppence worth, then, is regard it as a choice based more on desperation than on preference. (Anyway - surely repayments of student loan are related to amount of income?)
Find a Citizens’ Advice Bureaux or a money advice centre ( or similar things if you are not in the U.K.)
I suppose I am not making you very cheerful, but, well, I never did practise being a little ray of sunshine. I really do hope you can work something out though.