Effect on the payment plan when one account gets paid off
Date: Sat, 11/26/2005 - 15:55
I have realized that when I have included some of my accounts in the consolidation program, the amount goes to the company who in turn pay to my creditors. If I include 4 accounts in the program, what will happen to the payment plan when one account gets paid off while the other 4 are active?
Hi Shay Welcome to the forums. In the consolidation plan,
Hi Shay
Welcome to the forums.
In the consolidation plan, if 4 of the accounts are included and one of them gets paid off at the earliest, you will have two options from this stage. Either you can keep this plan intact or you can reduce the monthly payment plan by that much amount.
One advantage of continuing the existing plan will ensure faster repayment of the multiple accounts and you will be able to save a considerable portion of money in the long term. Also, your path to becoming debt free will become quicker.
Regards
Roxette
