Do I borrow or not?

churchy80

I have taken a loan of £24000 approx including interest in jan 08 from bank for consilidation.(the £24000 includes my partners debts who has terrible credit)
I have also a buy now pay later plan with a IT couse which is £6150.

This is now due in july, and if not paid within 12 months interest goes to 30%apr with monthly payments coming to £327 per month. Which to say I can not a ford.

The plan was when I come to re-mortgage in april 08 to place it on the mortgage. Unfortunately due to the credit crunch this is not happening. I haven't re-mortgaged yet and waiting for the credit crunch to settle.

The question is do I extend my loan with my bank
Take out a seperate loan for the £6150
or
Try for a new loan for the £24000 + £6150?

jonesMUFCforever

You won't get an unsecured loan for more than £25k.
Can you clarify your post - is the outstanding amount on the loan you have £24k capital or is this figure the total you will repay including interest. If so what is the capital sum outstanding.

The credit crunch will not go away certainly this year so it loks like you will be in trouble.

How much of this debt could you put on your mortgage if any?

churchy80

my out standing capital is £22630

I could probably put the 6150 on the mortgage!

jonesMUFCforever

You would have to declare the loan and any other debts when re-mortgaging.
Do your figures stack up?