Dο thеу give уου a check tο pay уουr debt οff οr dο thеу keep thе loan іn уουr name аnd уου pay thеm?
Debt Counseling and Consolidating Debts Unsecured, Credit Card, Secured
Dο thеу give уου a check tο pay уουr debt οff οr dο thеу keep thе loan іn уουr name аnd уου pay thеm?
It depends. Sometimes they send you a check but normally they take your existing loan information and payoff those accounts.
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I think this will help
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.
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.