no long tem ramifications any more due to every man and his dog bumping themselves.
mortgage you'll get albeit at higher rate along with loans.

if you've got yourself up that tight and with no way out then bump yourself voluntary before you get forced.
voluntary liquidation is free at the courts-dont know where sludge got £400 from.
if you can see a way out then better option is to offer creditors something every month as they'd rather go that route and freeze interest than them end up with nothing.

sorry i've been puting "you" in my post, i meant your friend.

hth

Tricky