Remortgage to pay back debt?

Question

My dh and i are remortgaging to pay off debt. We are sending the bank a list of account numbers and balances, will the bank ask the other lending company's to close our accounts? we have excellent credit but just wanted to get rid of debt. There is no one calling us for money.

Answer 1

I'm assuming these are credit card debts. No, they won't ask them to close the accounts, they will just pay the balance that you asked them to pay. If you want to close the accounts- you'll need to call them once the payment posts. I woudn't recommend closing the accounts though, having them open with low or no balance will help your credit. Use them every six months or so to keep the accounts active- even if you just charge $5 and pay it off when the statement comes in.