If you consolidate credit cards and bills will the check get mailed to you or will it be mailed to creditors?

Answer 1

Checks are typically mailed directly to the creditors.

BTW: Consolidation is rarely a good idea.

Answer 2

I work for a Real Estate Title Company and here is what I see at work. When people refinance their home to payoff debt it depends on the type of debt. Credit cards at my company go back to the borrower (you) to be sent in like a normal payment. I processed a file the other day and the person had 19 consumer credit accounts being paid!!!! The checks are made payable to the credit card companies and you just need to put your account number on the check and mail it in with the payment coupon like the personal check you would have written. You would be surprised how many people do not write their credit card acct# on the check and the card company can not and will not apply it to an account without one so it gets sent back to my company not you!! This causes delays and you get late fees to pay!! Dont whine!! You forgot to write the acct# not us. The Title Company is not provided your credit card account numbers so we are unable to write them on the check for you!! This is for YOUR protection!!!! WRITE YOUR ACCT NUMBER ON THE CHECK!! I'm not screaming at you just emphasizing these points!! Double check the credit card checks BEFORE MAILING THEM because your lender tells the Title Company how to make the checks payable and they use a credit report for that. Sometimes you get a reward card like Best Buy Reward Zone Master Card or United Mileage Visa etc. but the credit report will have that bill listed as HSBC or Chase for example since HSBC handles the Best Buy Reward Zone card and Chase bank handles the United Mileage Visa card account. You may not think you have a HSBC or Chase account but it may be hidden like these examples. IF IN DOUBT CALL THE TITLE COMPANY OR YOUR LENDER BEFORE MAILING BUT MAKE YOUR PAYMENTS ON TIME ANYWAY!! It only helps you to continue to make all your minimum payments until you get the checks from the title company - trust me, I see the results of not doing this everyday!! If your debt is your previous Mortgage it will be sent with a payoff statement to the bank that held your old Mortgage via an overnight courier like FedEx. Sometimes we payoff tax bills too. These checks usually get sent directly to the tax office where the payment should be made by overnight courier. That is the answer for the Title Company I work for. If the consolidation loan is through your personal bank, or any bank for that matter, check with loan officer handling your loan. They should be able to tell you how they handle this issue. I am not sure to be honest with you since I have never worked in a bank nor have taken out a loan for this purpose. Again - pay your bills on time until you see the payment show on your account and call someone with questions. Dont worry about overpaying - the credit card companies will either issue you a refund check or post a credit to your account. You will get the money one way or the other. If you need the cash for other things, call the lender and see if you can request a refund of overpayment - some cards will give you that and some only give you a credit but it cant hurt to ASK!! I hope this has helped you!! Take Care.