Michaelg;
The PIP I send people to is Ryan Stewart 085888531. (mention my name as he gets too many wasteful calls)
On the phone he will give you advice @ no charge, you can then decide what to do.
isten to what he says.
In relation to Bankruptcy costs , I reckon nearer k4.
If and ONLY IF that is the road YOU decide , you can (save ) the k4 by stopping paying MR Bank for a few months.ie you are going bankrupt anyway!
I like Brendans advice , just maybe the Bank will do a deal?
Whilst all this Debt Management/Bankruptcy can be done by yourself , I think I would prefer a professional because can you trust Mr Bank?(see Brontes comments)