Power of Words: Letter to My Creditors

Several of you have asked to have a copy of my letter to the creditor. Though I am sure if you were to write a letter you would also receive results.

Just a little background. I had consolidated all my debt to this one card with a 3.9% interest for the life of the loan as far as I made my payments on time and all the other fine print. Anyway, after missing one payment and one arrived online after 5pm and was late, they raised my interest to a whopping 25% the first time was 14 and then the next payment went to the 25%...anyway they also transferred all my transferred balances to the purchases section and charged me a transferring fee. After sending this letter, my interest is at 4.9% and they refunded me the transferring fees and moved my balance back to the balance transfer place.

Eric said I needed to write more letters. But anyway just glad I sent it in before all the craziness but anyway it is so worth a shot to write your credit card companies.

Here is my letter:

In July I sent a payment via my Quicken and online banking. My computer was set to send it out to arrive on the 18th to be there in time for my 20th payment. Some where in the electronic world it got “lost” and arrived on the 21st incurring me a late payment, which incurred me an interest rate hike. I understood, I missed my payment by one day and had to undergo the penalties.

Then this month for some reason after fixing my Quicken date so that I wouldn’t incur anymore late payments, it didn’t even send. I just got the statement saying I didn’t pay, which alerted me to the non payment. Now all my balance transfers have been transferred to purchases and once again have incurred another interest rate hike as well as a balance transfer fee (which I didn’t expect to happen). I have sent the August payment in totally $xxx which y’all should be receiving electronically.

As I take responsibilities for my finances and have been a loyal on time customer, I am sickened at the increasing amount of debt I am incurring because of errors and events out of my control. (I probably should not have used my Citi card to consolidate all my debts, or entrusted an electronic set up but I did and had every intention of paying on time to keep my low rate.) I am struggling to get out of debt and it saddens me to know that y’all are making money off of small mistakes, simple errors. Mistakes and errors you expect and wait for, so you can make huge profits. With the interest increases, “balance transfer” fees, and all other penalties and fees, I see no way in ever being able to pay my debts back to you.

I am asking for a little forgiveness for human and computer errors. I know somewhere in that small fine print there are several paragraphs and sentences that a trained eye can read protecting you and your money. But what about us little guys, just really trying to make it in this world? I am not asking you to erase my debts, nor am I asking you to refund my “balance transfer” fee, which would be appreciated, especially since you have probably made all your money back that I have ever borrowed in interest alone. But, I am asking for a break in my interest rate.

Sincerely,