Im new here, but been in a debt a while!

peterjohnson007

Please can any1 tell me if this is a sensible thing to do:

I currently owe 78000 on my mortgage and 16000 on a secured loan, i have been trying to get a remortgage to mix both these debts together with a lower repayment per month, but this was based on a valutaion of 120000 which came back as being 10 grand short, so we can still take out this remortgage but we end up with no cash at the end of it, we have family memebers to pay back etc. th eonly mortgage i think i can get would be an adverse credit 1 as i missed 1 payment on it and missed 3 payments on my secured loan in past 12 months so the choice is limited.
is it a good idea to take out a 25000 secured loan to repay the 16000 and have some left over, and either keep my current mortgage of 78000 as it is and just pay the extra on the new secured loan, which may prove costly as im at the end of my tie in period wiv my lender so my rates gonna go up in the next 6 months, or is there a way i can switch my mortgage to a cheaper rate(another lender) but keep the secured loan on, postpone the second charge. or would it be best to take the loan out wait 6 months or so then remortgage my flat for its current value then for the 90% ltv that these bad credit remortgage lenders give me and remortgage the loan and mortgage together as planned previously???
i need your advice as to what the best option would be and if any of you have been in a similer situation
thanks

nomoneytoday

No its not a good idea. Borrowing more money to pay off debt doesn't solve the underlying problems.

peterjohnson007

nomoneytoday wrote: »

No its not a good idea. Borrowing more money to pay off debt doesn't solve the underlying problems.

fair enough but we are living away from home atm and wish to move back at the end of this month, and we want to pay back our family members and have cash left over for us for once, its what we were guna remortgage 4 in first place to have extra cash for savings etc, but as our valuation came 10k short this loan option would give us the extra 10k to have as our own, reasons why people take out a second charge on their property, so fair enugh borrowing isnt a good idea to pay off debt, i know this, i wanna know what option would be best 4 me atm. remortgage and end up with nothing extra to pay family off, take loan out to repay existing loan and then switch my mortgage to a cheaper one but keeping the 2nd charge, or taking loan out and then remortgaing 6 months down the line 4 the outstanding mortgage and secured loan...
pls help