Need advice: debt consolidation/close accounts

[Anonymous]

So I got a loan from a credit union in order for me to consolidate accounts that I have in debt.
I got approved and they sent me the checks.
The only issue I have is they said accounts paid must be closed off.
Out of the 5 that I will close only 1 I don't want to because it's a credit card with a 1% interest rate.
What should I do?
How do they know I closed it off or not?

Please help.

[Skye12329]

Are they CC's through the credit union? Because if the cards are through other lenders besides your credit union they wouldnt know unless they checked your credit report. However correct me if im wrong but i dont think the credit union could force you to close your accounts if its through other lenders. Also i dont think there would be a whole lot they could do considering they already gave you the loan.

[Anonymous]

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@Anonymous wrote:
So I got a loan from a credit union in order for me to consolidate accounts that I have in debt.
I got approved and they sent me the checks.
The only issue I have is they said accounts paid must be closed off.
Out of the 5 that I will close only 1 I don't want to because it's a credit card with a 1% interest rate.
What should I do?
How do they know I closed it off or not?

Please help.

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Most likely they will match the checks to the accounts you were to close.  Weren't the terms of approval provided to you at the time you received your loan papers?

[hizzaah]

Why did you take out a loan to pay off a cc with 1% interest? Can you not use that portion of the loan or simply pay it back? Not sure how these types of loans work exactly.. Good luck!

[Anonymous]

The debts I have which I'm going to pay off are not with the Credit Union who gave me the money.
The cc with the 1% IR is by BOA and since there was a bit of money left over from what they gave me I decided to use it for that cc. But I just got the checks and papers and when I reading them that's what it stated.
I could just send the check back.