What would be best option for me ?

Southpark93

I just wanted to get peoples opinions on which is the best route for my situation.

I took out a £5000 loan for my step-dad to help him settle all them small pay-day lenders and overall save him on the interest as i got a good interest rate for the £5000 as am only 19 and it was my first loan. Sadly he passed away, and now am stuck with £4000ish in debt still.

I personally have £1000 on a 12 month buy now pay later.( payment is due october)

Im also saving for a house and have around £5000 now saved.

So my options are...eat into my house savings to pay them both off. Leaving me completely even on like £10 and start saving again

Or

Take out a loan greater than the sum of them all and pay them all off and use the left over to add to my house savings? ( for example get a £7000 loan to pay the £4000 + £1000, then use the rest for house savings)

I take home 1800 per month if that helps factor in what decision i should take.

DCFC79

Borrowing more than you actually need isnt the best idea.

Apples2

It's no good borrowing at a high interest rate and add it to savings paying hardly any interest rate.

You are always paying interest on your loans which you could save by clearing your loans off with your savings.

You really do not want to be buying a house when you are already burdened with debt, as you will come to find out, money simply pours out of your pocket once you own a house.

My advice, use your savings to clear the loans completely then save like a lunatic for the house. You will recover that money much faster than you realise.

Good luck to you