If a third party wants to pay off your Bluevine Line of Credit balance, they’ll need a payoff letter from you. This document consists of your account number, line of credit balance (payoff amount), and wiring instructions. To request a payoff letter, please reach out to us at (888) 216-9619 option 2 or firstname.lastname@example.org, and we’ll email it to you within two business days.
Once you request a payoff letter, we can’t add any additional funds to your account until we receive payment from your third party. Repayment debits will also continue as scheduled until the payment is processed. We recommend that your third party send the payment via wire, which should be processed within one business day. Payments made via ACH can take up to three business days.
Once we’ve successfully processed your third party’s payment, we’ll email you a release letter confirming your line of credit was paid off.
What happens if my third party underpays or overpays my line of credit balance?
The payoff letter will show two amounts. The lower amount will be the outstanding balance at the time the payoff letter was created. The total balance listed on the payoff letter is an additional 7%. This is added in case installments of interest are added before the payoff is received.
We recommend that your third party pay the total balance, because they may underpay if your balance increases between the time the letter is created and we receive the payment from the third party. If your balance is underpaid, you may receive unexpected repayment debits.
If your account balance is overpaid, we’ll send a rebate to your primary bank account within two business days, after all payments have been processed. No initiation of the rebate will be needed as it will occur automatically.