How to Write a Letter Explaining Late Payments on Credit Card Accounts


Facing financial difficulty, many debtors who are late with loan payments ignore the situation, making it worse. Contacting creditors often reduces the financial strain. Writing a letter to your creditors outlining the specific reasons for your late payments will inform them of your situation and allow them to consider some relief.

Things You'll Need

  • Pen
  • Paper
  • Copy of the credit card contact details
  • List the reasons for your financial difficulty in the first paragraph of your letter. Avoid passing the blame on to others. Simply state the reasons with a brief explanation. Creditors are often sympathetic to those who have suffered a job loss, a death of a major wage earner or foreclosure.

  • State what you would like to happen in the next paragraph. Credit card companies are likely to accept a reduced payment plan, temporarily free of fees and interest. If your situation has been going on for sometime, you may want to suggest a debt settlement amount that you can afford.

  • Attach any supporting documentation. Make photocopies of any documents that support your claim. These may include bank statements, death certificates, termination letters or foreclosure notices. Attach the copies to the letter and send.

  • Include your contact details. Make sure you include your email, cell phone numbers and times when you can be reached. This will enable the credit card company to contact you should they want to review the situation.

  • Thank the company in advance. Make sure you show appreciation for their understanding and assure them that the situation will be temporary.

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