not sure what to do with loans?

zi187

i have 3 loans adding up to about £40k

one loan  of 5k ver 4 years

and two loand of 17k each over 8 years

i pay aroung £650  a month for these.

i currently have mortgage that shas around 10 years left with about 55k

currently i am having no money left at the end of each month due to the loans, would it be better to remortage and the loans to the mortage and spread the mortgage over 20 years , which would leave me with money left over each month.
should i just keep things tight and pay the loans off over their terms and not remortage? any help on this would be much appreciated

many thanks

MorningcoffeeIV

Head for the DFW boards. But don't turn your unsecured debt into secured debt.

zi187

MorningcoffeeIV said:

Head for the DFW boards. But don't turn your unsecured debt into secured debt.

sorry dfw boards?

Sarahspangles

zi187 said:

MorningcoffeeIV said:

Head for the DFW boards. But don't turn your unsecured debt into secured debt.

sorry dfw boards?

Debt free wannabee.  

Don’t consolidate by securing loans against your house, you’re just increasing the chance you’ll lose your house.  You need to break the loan cycle.

zi187

the thing is the loan has stretched my finances to where I have nothing left each month and that would be the case for the next 7 to 8 years. so I'm stuck at the moment, remortgaging and consolidating would leave me with that £650 which I could then save at least and pay that towards the mortgage and have some left over as well. 

CliveOfIndia

zi187 said:

the thing is the loan has stretched my finances to where I have nothing left each month and that would be the case for the next 7 to 8 years. so I'm stuck at the moment, remortgaging and consolidating would leave me with that £650 which I could then save at least and pay that towards the mortgage and have some left over as well. 

Don't consolidate - I've popped a reply over on your other thread on the DFW board.

macman

Consolidation, whether by remortgaging or any other means,  does not reduce your debt by a single penny. Typically it just extends the loan period and makes the total debt  repayable with interest far higher overall.