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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

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