Cancel Your Own Credit Account • Example Letters, Guides and Samples
Guides
Do not give a lengthy explanation. Because canceling your account will cost the provider business, maintain a respectful tone. You may have future dealings with the same company.
How to write this cancellation letter:
- Tell the reader why you are canceling your account with them.
- State how you would like to pay off your account. If necessary, ask for verification of your final balance.
- Close the letter on a respectful note.
Example Letter #1
Until market conditions improve, we are canceling our credit accounts and making all purchases on a cash basis. Please send me a final statement showing the amount due to close the account.
We have appreciated your service and hope to continue our relationship as business improves.
Example Letter #2
Due to unfortunate circumstances beyond my control, I must terminate my credit account. According to my records, my account is $369.86 in arrears. You should receive a check for that amount within the next few days.
Thank you for your outstanding service and patience. I hope to reopen my account at a later date.
Example Letter #3
Due to budget restrictions, we will be terminating our Doe account effective immediately. All further sales will be on a cash basis. We will pay off our account balance immediately upon receipt of a final billing statement. We thank you for the years of fine service on our account.
Example Letter #4
I am canceling my credit card with you because of the new annual fee and increased interest rate. Enclosed is my check for $100 to pay off my balance. If I have miscalculated, please bill me for the remaining amount. Thank you for taking care of this for me.
Write Your Letter Step-by-Step
1 Tell the reader why you are canceling your account with them.
Sample Sentences for Step 1
- Because we are moving our offices to Springfield, and we would like to work with a local distributor, we have decided to close our account with your company.
- Because of recent budget changes, we have decided to cancel our account with you.
- In my last correspondence I indicated that if deliveries continued to be late, we would have to terminate our account. I am sorry to report that the problems persist, and have caused a loss of clients. We cannot continue this way, so we are closing our account.
- In order to simplify my financial affairs, I have decided to close my credit account with you.
- Due to our corporation's changing needs, we have decided to cancel our account.
Sample Phrases for Step 1
- business will be on a cash basis
- cancel our credit account
- company's changing needs
- continuing problems with
- decided to close our account with
- forced to cut off lines of credit to many of our
- general economic situation dictates that we
- have not used our account for
- have been obliged to simplify
- moving our offices to
- no longer require credit
- obliged to terminate your
- please understand that we value your business
- recent budget changes
- regret that we have to terminate your
- simplify my financial affairs
- sound financial footing
- terminate our credit arrangement
- this will be effective on
- too many credit lines
- until further notice
- will no longer honor charges on
- effective immediately
- would prefer to work with a local
2 State how you would like to pay off your account. If necessary, ask for verification of your final balance.
Sample Sentences for Step 2
- According to my calculations, I still owe you $894.46. I have included a check for this amount. If your records do not agree, please send me an itemized statement.
- Please calculate the balance remaining on our account and send it to our new address at 1600 Main Street in Springfield.
- We have calculated our final balance as $3,672.28. We will pay as soon as we receive verification of this amount. If you wish, you may call and give the information to John Doe in our main office.
- According to my last bill, I owe you $962.73. Since that billing I have charged an additional $236.09. I have enclosed a check for the amount of $1,198.82, which should cover the total that I owe you. If I owe any more on my account, please notify me immediately.
- I believe my last payment covered the remaining balance. If I still owe anything, please send me the bill.
Sample Phrases for Step 2
- according to my last statement
- according to my calculations
- advise me of total amount due
- as of today's date
- balance is overdue
- calculate the balance remaining
- have charged an additional
- have calculated the final balance as
- have destroyed my credit cards
- have included a check for
- how you will pay off the balance due
- still owe you
- please notify me of the final balance
- please contact us to determine
- please calculate the final balance
- send it to our new address at
- should cover the amount we owe
- when we receive verification of this amount
- will settle the final statement
- will pay you promptly
- your outstanding balance is
3 Close the letter on a respectful note.
Sample Sentences for Step 3
- I have valued your service over the past nine years.
- We have enjoyed doing business with you.
- Perhaps we will be able to open another account with you in the future.
- We would appreciate your prompt attention to this matter and thank you for your services.
- Thank you for providing me with such excellent service.
- We wish you continued success.
Sample Phrases for Step 3
- after we have completed our reorganization
- always appreciated your service
- enjoyed doing business with you
- have valued your service
- hope this setback is temporary
- hope to do business again soon
- hope that we can work with you again soon
- if you feel that this is an error
- our best wishes for the future
- providing such excellent service
- regret having to take this action
- sympathize with your recent setbacks
- thank you for your prompt attention
- trust that this situation will be temporary
- wish you continued success
- would appreciate your prompt attention to this matter
