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Pegasus Personal Finance

Call0800 066 2882

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This does not constitute a quote, rates may vary depending on personal circumstances.

Dear Pegasus. Can I use a homeowner loan to pay of other debt like credit cards or personal loans? I have about £30,000 in total that I would like to consolidate in order to reduce my monthly payments. I am a homeowner but my credit history is quite poor as I lost my job last year and got behind with things. Please let me know if you think you can help before I make an application.

Hi Philip, Thanks for your question. The short answer is yes, you can use a homeowner loan for debt consolidation purposes even if you have bad credit history.

As a homeowner you will be viewed in a favourable light and providing the payments are affordable and you have sufficient income then there is no obvious reason why we couldn’t help you.

We will need to take an application from you and run through which loans and credit cards you wish to repay but overall you should be reducing your monthly outgoings which is what you are looking to achieve.

Bear in mind that long term this will probably mean that you will be paying more interest as you will taking out a new loan with a longer term but if you think this is preferable to suffering with your current circumstances then that’s for you to decide.

Our loan calculator will give you a very rough idea of payments and to apply you can complete our short online application or give one of our friendly advisors a call on 0800 066 2882

About The Expert

Pegasus Finance is a trading style of The Car Loan Warehouse Limited

The Car Loan Warehouse Limited is authorised and regulated by the Financial Conduct Authority. Our registered FRN is 662397. Registered Company No. 08127935. All finance is subject to status and income. Applicants must be 18 years or over, terms and conditions apply, guarantees and indemnities may be required. The Car Loan Warehouse Limited is a broker, not a lender and can introduce you to a number of finance providers based on your credit rating and we will receive a commission for such introductions. Written quotation on request. Certain exclusions for Northern Ireland residents. Borrowing £8,000 over 48 months with a representative APR of 14.9%, an annual interest rate of 7.7% and a deposit of £0.00. 48 payments of £218.49 per month. Total cost of credit being £2,487.57 and a total amount payable of £10,487.57. Terms available 12-120 months, 5.9%-49%APR. Pegasus Finance do not provide financial advice.

We can introduce you to a limited number of lenders that offer finance products, but we do not offer any advice or recommendations. We do not charge you a fee for our services, but we receive commission from the lenders we introduce you to. The commission we receive is either a fixed fee or a percentage of the amount you borrow but the existence of commission does not affect the amount you will pay under the agreement. The commission we receive varies depending on how you are introduced to us, which lender we place you with, and which finance product you choose. We will pass a proportion of the commission we receive to the motor retailer that introduced you to us. The commission we receive and pay will not affect the amount of interest you pay under your credit agreement, when compared to customers in circumstances similar to you. We will always introduce you to the lender that provides products for your needs, at the interest rate suitable for your credit profile. If you ask us, we will tell you the amount of commission we are paid for introducing you to the finance lender.

Pegasus Finance, Technology House, Station Road, Alton, GU34 2PZ