Experts like me do not recommend what you should do Douglas, but we do make sure that you are aware of all of your options to enable you to make a reasoned choice as to the way forward.
As you have no assets, bankruptcy is an option to consider, however your spending patterns may be viewed as reckless given that such a large amount of debt was incurred over such a short period of time - with only comfort spending by way of explanation (Sorry - I really do sympathise with you and can understand how this has happened).
An IVA or a DMP is also an option, if you feel morally responsible towards the creditors and wish to pay them something back for the monies they have loaned to you. This will involve a longer repayment period for you, but perhaps satisfaction in knowing that you have not walked away from your responsibilities.
An insolvency practitioner will be able to give you further advice as to the implications of each option. Good luck!
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp
See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp