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Thread: Another Servicemember's Civil Relief Act Question!!!

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    #1

    Another Servicemember's Civil Relief Act Question!!!

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    So, when DH joined the Air Force, I sent out the letters asking our rates to be lowered, and quoted this act. That was almost a year ago that I sent the letter. I guess a couple of weeks ago, one of our banks called and asked my husband if he was still deployed. He said no all confused because he has never been deployed. Then the lady at the bank told him that the rates are only lowered while he is deployed and that they are raising them again.

    I am confused. The way I read it, it was supposed to be for the entire time he is active duty. Help???
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    #2
    Okay I just went and looked it up on our bank website, and it still says the 6%. I am now very confused. Any clarification would be appreciated, for if/when it goes back up.
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    #3
    I have only ever heard that they lower it only while they are deployed.
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    #4
    This is what I am reading:

    Clarifies and restates existing law that limits to 6 percent interest on credit obligations incurred prior to military service or activation, including credit card debt, for active duty servicemembers. The SCRA unambiguously states that no interest above 6 percent can accrue for credit obligations (that were established prior to active duty or activation) while on active duty, nor can that excess interest become due once the servicemember leaves active duty – instead that portion above 6 percent is permanently forgiven. Furthermore, the monthly payment must be reduced by the amount of interest saved during the covered period.
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    #5
    I don't know.

    Maybe you should call and read that to them?
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    #6
    Quote Originally Posted by decks89 View Post
    I don't know.

    Maybe you should call and read that to them?
    The whole thing is very confusing to me. I was hoping someone else would understand it better. I sent armylawyerwife a message, cause I haven't seen her on yahoo messenger in forever, so hopefully she will get back to me.
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    #7
    The 6% cap applies while he's on active duty (deployment doesn't have anything to do with it) and should stay in effect until he's released from active duty. Here's a great link on the 6% cap protection.
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    #8
    Well, Hello USAA...
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    #9
    Quote Originally Posted by USAA_JJ View Post
    The 6% cap applies while he's on active duty (deployment doesn't have anything to do with it) and should stay in effect until he's released from active duty. Here's a great link on the 6% cap protection.


    Thank you!!! I did not know that!!!! That could help out alot of members.
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    #10
    Quote Originally Posted by decks89 View Post
    Well, Hello USAA...


    LOVE USAA!!
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