surrendering BTL properties

Property Investment

I have rental 3 properties in north east - roughly valued at £120k in total if auctioned and mortgage value is £240k. I have been advised they can be handed back to mortgage company as I have no real net wealth myself, as last 5 years a disaster.
I have been also advised that a debt company will negotiate the potential £120k loss down (for a fee), and know this will hit credit rating badly.
I am 53, no access to pension, have a family home with 230k loans on it and value of 250k. Another rental on a 5 year fix, as is home, so that rental covered. - another base rate rise, then I am losing money monthly and these are interest only mortgages which are in trouble.
good salary, but huge divorce payments