Hi BigglesWannabee,
I think it's fantastic that you've gotten back into flying! The exact same thing happened to me in 2008, and I ended up being out of the aviation market for 3 years when the recession hit. I also have huge amounts of debt to my name, and tried to keep current during the down time as best I possibly could. But the smartest decision I made was to move to Australia. I am now flight instructing in Western Australia, with decent pay (you can't expect to earn big bucks in GA), and opportunities to progress.
I understand that you are saddled with debt, but Vin Diesel posed a good question:
I noticed you said that the loan is secured on your parents property. This may not be an option for you but would you consider approaching the lender to extend the term of the loan?
Is there any way you can reduce your payments a bit, and free up some cash to get yourself current/move overseas for better opportunities and less costly flight training? Western Australia also has a great mining industry, where the pay rate is astronomical, and rosters would be e.g. two weeks on, one week off. This could be something to look into, where you could earn enough money to keep paying off your debt, and in your off time, get current or upgrade or whatever you need to do to get back into a flying job.
My best advice would be: don't let your multi-IFR lapse. It is the golden ticket that will get you into the airlines should you ever choose to go down that path.