Maximum rate of interest on debts incurred before military service: a Interest rate limitation. It only applies to debts taken out before the member enters active military service. I am requesting from your goo … d office to grant my reduction interest rate from the 12% rate to a much lower rate of 5%. I know that sometimes the credit card company can suspend the past due amounts, make the account current and put it on a payment plan. Is it still possible to call up your credit card company and ask for a lower interest rate on your credit card? Here is a sample of a letter to reduce credit card interest rates. In some situations, it may apply to other service members. I also request that my credit score is not adversely affected by this.
We shall be ever grateful if we get an affirmative response for reduction of existing bank interest from your end. Thank you very much for this! You are entitled by law to 1 each year. In the final paragraph of your letter, tell the credit card company the relief you seek, and why you think it would help. In this paragraph, list additional reasons why you deserve a lower interest rate. Close the letter by asking your creditor to lower your rate and to answer in writing. My advice: I would contact your base legal office.
Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. If you can get a better rate from another company, this might entice your credit card company to offer you a lower rate so they can keep you as a customer. As you can see from reviewing the records, this card is a few months past due. The difference is huge for an amount as big as the one I have to pay on. You, on the other hand, will be feeling pretty bad, wondering why it seemed like a good idea to mail them several thousand dollars that you now need. Harp on your situation or go for the sympathy angle. I want to reply from side with in 15 day from the receipt of this letter.
I have seen lenders foreclose on homes, spend thousands repairing damage from departing owners and then sell them for pennies on the dollar at auctions when all the homeowner wanted was a partial balance reduction that would have been much cheaper for the lender. With others, they may raise the rate or charge to get a regular rate, in other words you may pay half or a full point to get the good rate. Simply reach out to the creditor and request they change the effective date to the initial date on your orders, and ask that they retroactively apply this to your loan and apply any over-payments to your outstanding balance or to a future payment. Ask for help and say why help is needed. The offers that appear on this site are from companies from which CreditCards. If you carry a balance, it should ideally be less than 30 percent of your available credit. I shall appreciate if you could reach upon a conclusion soon and respond to my statement.
They may not lower it by much, but any amount will save the customer money. Your credit card company is more likely to lower your interest rate if you have several years of good payment history. Create an outline of your budget and expenses. Use a business letter format. Print it out and sign it in blue or black ink, then make a copy for your records and send the original to the credit card company. Sample letter to bank for Lowering interest rate I have taken a home loan of Rs.
If you have an offer from another credit card company, you may want to move to them. When you get the green card back from the post office indicating that your letter was received, mark your calendar for 2 weeks from the date of receipt. I would appreciate your prompt attention to my requests. If you have an adjustable rate loan, your effective rate and payment will increase, which could make it tough to stick to your budget or manage cash flow. The real-life sample business hardship letter below seeks to increase an existing credit line and also to realign credit card debt at a lower interest rate. Include these copies along with your letter.
Using that ensures your margins and spacing are correct. I also request that my late payments are not reported to a credit union as that will substantially affect my credit score. I am attaching my pay stubs and other financial statements for you to review. I would be able to make payments, and avoid late fees, if my interest rate were lowered. My account is in good standing and I would like to continue using it. Unless you included a statement in your letter that you only wanted the credit card company to write, you may receive a phone call from customer service. Please notify me in writing of receipt of this written request to opt out of the interest rate hikes.
Keep your letter to a page. If you're including documentation, simply reference it. Make copies of the documents you gathered to provide evidence of your hardship and your response to that hardship. Oftentimes, they will want to suspend card activity and keep the account open while the person is paying the debt. However, you must be able to prove what has happened to you, and how it affected your ability to pay your bills. I appreciate your prompt attention to this matter.