Re: BANKRUPTCY!! Pushed to the edge....
Mr. Wonka,
You aren't being helpful at all, the last thing anyone wants to here is scaremungering 'go to jail/pulling a fast one/kiss everything goodbye/on your case day after day for there money' rubbish! Where do you get the magic figure £200k from, is it from your 'good friend' - one word rubbish! I do agree with your statement about the CAB, giving impartial and SUPPORTIVE advice, which you are not. I also agree about doing something about it.
Bankruptcy is the term given when you cannot afford to pay your creditors, and they take you to court to claim back assets you may have. You do not need to be £200k or more to claim bankruptcy, trust deeds are the better option. If the Bank place a 'seriatim' on you and want the whole lot back then take you to court and you can't pay then you go through the process of bankruptcy if you have assets, otherwise I believe it is a discharge. However if you have a job and can pay back any amount per month then a Trust Deed is the preferable option, where you have a reasonable amount to live on while you pay back a reasonable amount per month over a 3 year period if you are in Scotland or a 1 year period if you are in England.
The CAB deal with your case and liase with the creditors on your behalf.
Strepsils - There are other jobs you could do whilst paying back a reasonable amount of money. You can also have a post office account, which your salary can be paid into.
Little Blue Book - Go to the CAB they will give you proper advice and will keep you right. It isn't worth worrying about and having ill health as a result, as I'm sure Mr. Wonka would like. I'm sure you won't want more loans/cards after this anyway. I've heard that mortgages are still available at maybe 1% extra, and you can still get credit after having been in this situation, not that you'd probably want it anyway!
Good Luck.