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Cut up that credit card after you pay it off. Or preferably BEFORE you pay it off.
AFAIK, the bank will give you 25,000, and what you do with it is pretty much up to you. It's your responsibilty to go off and use it to pay off your other loans. Once the 25000 hits your account, do a few transfers to pay off the rest of your debt, and you'll be exactly where you want - paying only 500 a month and with money in the bank. quote]
I think most banks when involved in a loan for debt consolidation will actually send cheques directly to the companies with which you have outstanding loans. Any balance is then transferred to your account or paid by cheque.
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