At the beginning of any financial relationship there is a honeymoon stage. Maybe it’s a credit card provider offering a low introductory rate. Maybe it’s a financial planner promising to let you retire in a few short years. When it all ends, it can be an unpleasant wake up call. Whether you have suddenly found service slipping or have found that a financial service or product is not delivering as promised, you suddenly want out. Here’s what to do:

1) Give the service or product provider a chance to help you. Call your financial services provider and explain why you are considering switching. Give them a chance to win back your service with a good deal or with better service. Explain the problem and you might find that your provider is genuinely eager to help.

2) Time your exit well. If you can’t work it out, at least consider when you will leave. Keep in mind that closing most accounts will temporarily affect your credit rating. Closing credit cards and long-standing accounts can have the biggest impact on credit. Avoid doing these things just before you apply for a loan, apply for a new job, or try to move into a new apartment. You want your lender, boss, or landlord to see the best possible credit score.

3) Don’t burn your bridges. Be kind and polite. Leave the door open to do business again if a financial service or product suddenly improves.

4) Make sure your products or services are correctly cancelled. Get everything in writing and confirm that you have everything squared away. You don’t want to find out years after the fact that your credit score has taken a dive due to an old account that was supposed to be closed.

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