Military Significant Others and Spouse Support - MilitarySOS.com
Page 1 of 2 12 LastLast
Results 1 to 10 of 17

Thread: Is This Even Legal??

  1. Pregnant with Baby #2
    chely7425's Avatar
    chely7425 is offline
    Pregnant with Baby #2
    Join Date
    Feb 2008
    Location
    Ft. Polk, LA
    Posts
    2,922
    #1

    Is This Even Legal??

    Advertisements
    We bought our truck before DH enlisted, so once he enlisted we used the SCRA to get the interest rate lowered... simple enough right?

    Apparently not. Our car loan company has not reported ANYHTING to the credit bureau since we submitted the SCRA paperwork. Our car loan is just sitting on our credit reports as satisfactory but with NO payment's reported since February 2008 and with the balance still at 25,000 dollars when it is significantly lower than that. I have called them and they say that using the SCRA puts our account into an "exceptional" status so they will report nothing until the loan is totally PAID OFF.

    This just sounds wrong to me.. is it legal? This is really going to hurt our credit to just have that huge loan chilling there for so long since it is really screwing up our debt to income ratio.
    This is my shrine to Bryanna... she rocks!!
  2. Sesa Wo Suban
    Xarlelia's Avatar
    Xarlelia is offline
    Sesa Wo Suban
    Join Date
    Jun 2008
    Location
    The South
    Posts
    6,517
    #2
    I'm sorry I don't have an answer for you but good luck!
  3. Account Closed
    carolinagirll's Avatar
    carolinagirll is offline
    Account Closed
    Join Date
    Sep 2008
    Posts
    2,823
    #3
    Quote Originally Posted by chely7425 View Post
    We bought our truck before DH enlisted, so once he enlisted we used the SCRA to get the interest rate lowered... simple enough right?

    Apparently not. Our car loan company has not reported ANYHTING to the credit bureau since we submitted the SCRA paperwork. Our car loan is just sitting on our credit reports as satisfactory but with NO payment's reported since February 2008 and with the balance still at 25,000 dollars when it is significantly lower than that. I have called them and they say that using the SCRA puts our account into an "exceptional" status so they will report nothing until the loan is totally PAID OFF.

    This just sounds wrong to me.. is it legal? This is really going to hurt our credit to just have that huge loan chilling there for so long since it is really screwing up our debt to income ratio.
    Get the loan info from them and make sure that balance reflects what it should be. I would contact the credit reporting agencys and ask them if your credit report should reflect the exact amount.


    If so then
    Tell them they have 30 days to adjust the amount on their end and your credit report should reflect as well.

    Take names, time and phone extension numbers of everyone you talk to!

    Good Luck!
    Last edited by carolinagirll; 04-15-2009 at 01:42 PM.
  4. Account Closed
    Melanie.'s Avatar
    Melanie. is offline
    Account Closed
    Join Date
    Feb 2009
    Posts
    5,137
    #4
    Report it on your credit reports - they have 30 days to correct the information. Do some research - see if there is anything you can find on google about this situation and what the credit reporting responsibilities are with your bank. Good luck.
  5. Junior Member
    Kitten35's Avatar
    Kitten35 is offline
    Junior Member
    Join Date
    Sep 2008
    Location
    Southeast US
    Posts
    1,676
    #5
    No, you are right, this sounds sketchy to me. I think you are allowed to 'force' them to change it and if not, report them. Make sure your credit reflects the changes.
  6. Banned
    gunsgirl's Avatar
    gunsgirl is offline
    Banned
    Join Date
    Jul 2007
    Location
    lost
    Posts
    17,275
    #6
    no this is not legal. they are required by law to report payments with in 30 days-

    go to JAG to see if they can send a warning letter to your financial institution.
  7. Formerly Soldierswifey25
    ForeverYours's Avatar
    ForeverYours is offline
    Formerly Soldierswifey25
    Join Date
    Feb 2007
    Location
    Schofield Barracks Hawaii
    Posts
    2,906
    #7
    Best board I used ever for credit was www.creditboards.com try them they have answers to every question about credit on there.
  8. Pregnant with Baby #2
    chely7425's Avatar
    chely7425 is offline
    Pregnant with Baby #2
    Join Date
    Feb 2008
    Location
    Ft. Polk, LA
    Posts
    2,922
    #8
    Well, we went to see a JAG lawyer and he definitely agreed that what they are doing is wrong. He is sending them a letter and said they USUALLY get on board with things quickly once they realize you have a lawyer involved but who knows... he said if they don't fix it quickly then we contact the FTC. Hopefully it doesn't take that and it gets resolved quickly!!
    This is my shrine to Bryanna... she rocks!!
  9. Senior Member
    leftover's Avatar
    leftover is offline
    Senior Member
    Join Date
    Oct 2006
    Posts
    17,701
    #9
    Quote Originally Posted by chely7425 View Post
    Well, we went to see a JAG lawyer and he definitely agreed that what they are doing is wrong. He is sending them a letter and said they USUALLY get on board with things quickly once they realize you have a lawyer involved but who knows... he said if they don't fix it quickly then we contact the FTC. Hopefully it doesn't take that and it gets resolved quickly!!
    Once any company hears the words "JAG is involved now", they'll straighten up fairly quickly.
  10. Jen
    ♥ my wify navygirl8407
    Jen's Avatar
    Jen is offline
    ♥ my wify navygirl8407
    Join Date
    Mar 2006
    Location
    Ledyard, CT
    Posts
    6,855
    Blog Entries
    3
Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •