PostHeaderIcon If you take out a debt consolidation loan do they give you a check to pay your debt off?


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Do they give you a check to pay your debt off or do they keep the loan in your name and you pay them?

4 Responses to “If you take out a debt consolidation loan do they give you a check to pay your debt off?”

  • Fig Newton says:

    It depends. Sometimes they send you a check but normally they take your existing loan information and payoff those accounts.

  • Harold Patterson says:

    Hi,

    It is possible to get rid of debt, but you have to know exactly how to do it.There are many web sites , that offer that service, but unfortunately most of them are scams.

    Last year I found a company that helped me to save more than 30% …

    They are one the best web sites .

    If you really need help, I would recommend you http://DebtProExpert.info … They really know how to help you.

    I think this will help

  • William Torneau says:

    It can happen both ways. The most common way is for the bank to compile the total amount of your dept into one account for you to pay off, then they pay off your existing debt to the multiple sources.

  • Eyrin S says:

    It is very unlikely that you will receive a check. Debt consolidation is usually much more structured and will not allow you much freedom with the money involved. You will discuss your debts with the debt consolidation company and they will communicate with your lenders directly.

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