In a Nutshell​​ A payoff statement is a document that shows how much money a borrower must submit to fully pay off a loan. The first step is to get in touch with your lender or loan servicer.You can find their contact information on your monthly statements. A payoff letter provides instructions on how to pay off a loan with a lump sum before the loan term ends. Learn how payoff letters work. Log in to manage your Montgomery Furniture credit card online. View your statement, pay your bill, and update your account preferences. Call our 24-hour automated service dedicated to payoff quotes at 1-877-505-2894. You'll choose your good-through date up to 30 days. Creating a payoff letter is essential to any loan or mortgage repayment process.