Opinions Needed Regarding £15k Loan

shie6523

Hi All,

Currently in employment and have been with the same employer for over 17 years.

Bought a house over 3 years ago which needs a lot of work doing to it.

Currently have £15.7k personal unsecured debt.

My question:

I need to borrow circa £15k to finish off doing up my house. Given Brexit happening next year and my current level of personal unsecured debt, do you think its wise to be borrowing such a large amount of money? For info, the £15.7k personal debt was accrued after I bought my house and before Brexit.

My fear is that:
I apply for the loan and get accepted for it,
Brexit happens and results in me losing my job,
Me being left with a £15k loan to pay back

Any sensible opinions/thoughts would be most welcomed.

Many thanks.

Willing2Learn

Hi,

Confused as to why you keep mentioning Brexit. Is your job EU dependent or something? If it is EU dependent and your employment is at risk, then I would not get another loan...

shie6523

Hi,

My job isn't EU dependent, all of my employer's work/contracts is based in the UK.

Thanks.

System

With £15k of personal debt already depending on your income you may struggle to get an additional £15k without putting it on the mortgage and if you did that you'd be shocked at how much you end up repaying overall.


No idea why people think that Brexit is going to mean they're likely to lose their job. If anything the harder it is the more secure and more in demand I'll be.

MEM62

shie6523 wrote: »

Hi All,

Currently in employment and have been with the same employer for over 17 years.

Bought a house over 3 years ago which needs a lot of work doing to it.

Currently have £15.7k personal unsecured debt.

My question:

I need to borrow circa £15k to finish off doing up my house. Given Brexit happening next year and my current level of personal unsecured debt, do you think its wise to be borrowing such a large amount of money? For info, the £15.7k personal debt was accrued after I bought my house and before Brexit.

My fear is that:
I apply for the loan and get accepted for it,
Brexit happens and results in me losing my job,
Me being left with a £15k loan to pay back

Any sensible opinions/thoughts would be most welcomed.

Many thanks.

What's Brexit got to do with it?

Another £15K of borrowing will bring your unsecured borrowing to circa £30K. Is your income high enough to support a loan of that amount?

davidwood681

Someone has obviously fallen for all the doom an gloom predictions from remain supporters.

OP, the reality is even if there is a downturn (nobody knows) it won't be anywhere near as bad as you've been told

foxy-stoat

shie6523 wrote: »

My fear is that:
I apply for the loan and get accepted for it,
Brexit happens and results in me losing my job,
Me being left with a £15k loan to pay back
.

You will also be left with £15K of other unsecured debt to pay back,
A mortgage that you need to pay,
Living expenses and bills.

So if you can afford the £15K loan to finish your house then take it, your money and your risk, but if the amount of other debt hasnt been decreasing over the last 5 years then I would suggest you dont take out the loan as you need to address your other debt first.

jimbo26

Don't worry we're all doomed anyway. After Brexit planes won't fly, credit cards can't be used, mphone won't work, and the EU will turn off our oxygen supply.

enthusiasticsaver

So you will have £30k of unsecured debt if you go ahead with another loan? No way would I have that much, Brexit or not. No one knows whether the doom mongers or the rose tinted spectacles are right as to whether our economy will be adversely affected. It is an uncertainty as if the economy takes a nose dive then even UK companies will be affected. What is the plan on repaying the £15k of debt you already hold?

enthusiasticsaver

davidwood681 wrote: »

Someone has obviously fallen for all the doom an gloom predictions from remain supporters.

OP, the reality is even if there is a downturn (nobody knows) it won't be anywhere near as bad as you've been told

Interesting. Where can I get one of these crystal balls or perhaps you can cite how you are qualified to give that guarantee? Any effects from Brexit won't be unilateral, some will undoubtedly be affected more than others depending on who they work for.

Some have already been affected who used to work on EU projects. The plugs were pulled by the EU the day after the referendum. My friends/relatives who work in the civil service say the money being spent by the UK government trying to sort this mess out will bankrupt us anyway.

Mobeer

Is there a reason the house really needs finishing now? Could you not use your income to pay off some of your current debt first, then finish the house by borrowing more later when the current loans are gone?