How to Ask for Finance Charges to be Waived

Finance charges can add up quickly, especially if you have finance charges from more than one company. In most cases, it is possible to negotiate a lower finance charge or to have a finance charge completely waived. Many companies will lower or waive finance charges just to ensure that they keep your business.

Instructions

Difficulty: Easy

1. Research the company policies and competitor policies so that you can accurately state them if the company representative seems reluctant to consider your request.
2. Have a paper and pen when you call the company so that you can write down the names of the representatives you spoke with and the details of the conversation. If your phone call is disconnected, this information can help you when you call back.
3. Be polite and stay calm. Customer service representatives are more likely and more willing to help a person who is polite.
4. Explain your situation. Be as thorough as possible, but stick to the relevant details.
5. State the reasons why you feel they should waive your finance charges. If you have never made a late payment, be sure to tell them to look at your payment history.
6. Ask to speak to a supervisor if the customer service representative can't help you. Sometimes, supervisors can do more to correct a situation than a customer service representative.
7. Request a written response to your request, even if the answer was no. Most of the time, the written response will contain more information about the reason for the denial.

Tips & Warnings

• Only ask for a waiver of finance charges if it is absolutely necessary. Some companies limit the number of waivers.
• Be prepared to accept a reduction of finance charges if the company can't completely waive the charges.
• If you agreed to follow certain conditions in order to get the charges waived, be sure to do what you agreed.