Can you request a loan company pay off other debts to prove you are consolidating?

Lukey84

I just wondered if when applying for a loan for debt consolidation purposes, you could request that the new loan company actually pay off the other debts on your behalf so they know they have been paid?

Thanks

jonesMUFCforever

A few will make out cheques to your debtors.
It is up to you to actually pay the others off though.

PNPSUKNET

black horse used to, not sure if they still do

Dave_Z

Several years ago i got a loan from HFC (part of HSBC now i think). They gave me cheques to clear my other debts.

Tixy

Don't know of anyone who still offers this currently, may still be someone who does.

And even if they do you might need to be wary, recently someone posted who had done this years ago, turns out one of the original debts was never cleared by the new company (who the debtor has been paying since) and they were now being chased by the original creditor as well. Don't know if they posted back whether they resolved this but they were certainly in a bit of a mess at the time.

Lukey84

Hi,

Thanks for the responses guys. Just wondered if it was worth asking for it in the hope that i have got a better chance of getting accepted when applying for a loan. Might give it a whirl. After all they can only say no! Will let you know what they say!

thanks again