Aaron WhybrowGeneral Manager, Strategic Mortgage Broker

Debt Consolidation closure

Name: Debt Consolidation closure
Uploaded: 2019-01-04T01:12:34Z
Channel: Aaron Whybrow
Description: Aaron Whybrow explains why you need to call your old lenders after consolidating debts into your home loan. Banks won't automatically close paid-off…

4 Jan 2019

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Aaron Whybrow explains why you need to call your old lenders after consolidating debts into your home loan. Banks won't automatically close paid-off credit cards and loans, so get written confirmation of zero balances to prevent future problems.

Hey, it's Aaron from Diagnostics and Finance. Those five debts that you consolidated together into one home loan. So you've got your home loan, your construction loan, a personal loan, a credit card, a car loan. You've put them all into one. And now that the settlement is complete, have you picked up the phone to make sure that your credit card has been closed, your personal loan has been closed and your car loan is paid out? The bank will take care of the outgoing bank, but it's also good to be able to get that final statement to say that you owe zero to ABC bank, but you owe the amount to XYZ Bank. So once your debt consolidation is finished, make sure you pick up their phone. Most of them potentially cannot close out the credit card for you. You have to ring up and get that paid out statement. The premise of your loan was to debt consolidate. So it's really important that you pick up the phone and you get it closed out, unless it's already been closed in the settlement process. All right, it's Aaron from Diagnostic Finance. Please get those closure statements. Let's not have unclosed debt out there that potentially could prove problems in the future. Alright, bye for now.