Consolidation Section

A personal finance section with information about debt consolidation, as well as providing forms for applying for Personal Loans.

Are you a UK resident wanting to consolidate any outstanding debts to save yourself money? Do you owe money to many creditors, all with multiple interest rates? Interested in a personal loan and using it to consolidate your debt?
Interested in Consolidation, then The Grabber is here to help.

Topics covered on this page are:

Consolidation Finance | What is Consolidation? | Debt Management Services | Do it Yourself | Consolidation Jargon Buster - term index

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Consolidating with The Grabber

The Grabber can help you apply online for a loan, saving you hours trawling the internet or pounding the pavement. Just spend two minutes completing our application forms and you will get a very competitive loan quote whatever your personal credit history and circumstance.
The loans can be used for debt consolidation, we can even help if you have a problem credit rating and have previously been turned down when applying for finance.
Don't wait, fill in a form and Grab that Personal Loan.

Consolidation Finance

If you are looking to consolidate debts yourself, you are going to need a personal loan. We know loans can be time consuming and confusing to arrange because of the various rates charged. We also know there are plenty of companies and web sites offering loans to customers.
But those sites and companies save their best rates for those customers with the best credit ratings, and if you do not fit into this category they do not want to know you or want your business. But if you have a problem credit rating what do you do? You just want a personal loan.

The Grabber can save you time finding a personal loan by providing application forms that go to brokers who choose from multiple plans increasing the chance of you finding the right solution for you. The forms are simple to complete and the brokers specialise in solutions for problem credit.

What is Consolidation

Consolidation or "debt consolidation", is a the term used to describe a method of managing owed debt. Consolidation involves placing all outstanding debts together with any arrears and calculating how much in total is owed. Then a personal loan is arranged and used to clear or repay these debts. This then leaves only the latest loan to be repaid, meaning a single rate of interest being charged and is easier to manage and keep track of.

Debt Management Services

Debt management is a very busy and prosperous area in financial services. There are loads of companies offering to manage and consolidate debts.
These companies charge varying amounts for their services. If you use one of these companies to manage your debts for you they will contact your creditors and find out how much in total is owed. They then arrange a fresh loan and use the finance created to pay off your outstanding debt, leaving you with just the one loan to repay.
Companies offering this debt management service make their profit by getting reductions on the outstanding debt owed by offering creditors an early settlement, from charging administration fees for the time spent working on your case and from the arranging of the loan used to clear your debts.

Do it Yourself

You could save yourself money by consolidating outstanding debt yourself. At first this may seem daunting but by breaking the process down into 4 small steps it should become easier to manage.

Step 1: Who do you owe. Step 2: How much in total. Step 3: Pay off the debt. Step 4: Keeping track.

Step 1: The Creditors

The first step in consolidating your debts is to sit down and make a list of who you owe and which debts can be consolidated. Not all the debts you have will be suitable for consolidation, an obvious example is a mortgage on your home. Many debts are suitable for consolidating, candidates should include credit cards, store cards and hire purchase debts. Essentially any unsecured debt or debt that can't be repaid in full and on which interest is charged.

Step 2: Total Owed

The next step in consolidating your debts is to find out how much you owe in total. This can involve looking at balance sheets and even contacting creditors to find if there are any penalties for early settlement. If there are any penalties include these in your calculations.
The point of consolidation is to reduce the number of creditors you owe and reduce the interest you're charged on debts. Make your way down your list finding out how much you owe and total the amounts up. This is the amount of debt you want to consolidate, avoid rounding this figure up too much as the more you borrow the more it costs overall.

Step 3: Finding Finance

The third step in consolidating your debts is to find a personal loan with which to consolidate. Armed with your total debt figure the next step is get a loan to pay off your debts. Find a loan that meets your budgetary restraints and be aware that a longer term on a loan will result in paying more overall. If you are a homeowner you could opt to apply for a secured loan or if you rent you can apply for a tenant loan. Only borrow what you need to pay off your creditors this will avoid further interest mounting up.

Step 4: Debt Management

The final step in consolidating your debts is to repay those debts to be consolidated. Paying the creditors off as soon as the finance is cleared will avoid further interest being charged. Ensure you meet the repayments on the new loan and avoid creating further debt, this will help keep your finances simple and easy to keep track off.

Apply Online - Don't delay, fill in a form and Grab that Deal!

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Terms Index

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