Some people this may sound like its not that bad before christmas I got a loan from a company call flm quick bacically they lend you 500 pounds and you pay 51.09 every month but what I failed to realise is 46.01 of that is interest and your only paying bk 5 per cent of the balance I also have a old provident loan and a old rent arreas of about 600 pounds between them I only get 100 pounds every 2 weeks and find it hard to live I have no belongings and stay at my antys house some times or a mates can I declaire myself bancrupt and clear these debts I would be greatfull if some 1 could advice me thank you darren

Why did you borrow money when you had no way to pay it back? The courts will want to know the same thing if you are considering bankrutpcy.

Also that is the way it is with all loans. Payments start being interest heavy, as you make payments the principal portion of the loan gets bigger and the interest portion lessens.

The MOST important debt is the rent arrears as this could cause eviction.
The others, while a burden are easily managed.
Best thig would be to contact National DebtLine or CCCS who can offer realistic debt management advise and solutions to your problems.