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Thread: SCRA

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    #1

    SCRA

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    I've tried looking into this, but I don't think I fully understand it, and I've tried asking other people, but haven't gotten an answer. Does SCRA extend to the spouses as well? I have a CC in just my name, DH is not on the account, I got it before he joined the military. I tried to apply SCRA to that account and was told that he needed to be on the account as well for it to apply. So, does DH need to be on the account for it to apply, or can it just be in my name for it to apply?
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    They are correct. The debt would have needed to be a joint account prior to his entering the service.

    §3937. Maximum rate of interest on debts incurred before military service
    (a) Interest rate limitation
    (1) Limitation to 6 percent
    An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, before the servicemember enters military service shall not bear interest at a rate in excess of 6 percent—

    (A) during the period of military service and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage; or

    (B) during the period of military service, in the case of any other obligation or liability.

    (2) Forgiveness of interest in excess of 6 percent
    Interest at a rate in excess of 6 percent per year that would otherwise be incurred but for the prohibition in paragraph (1) is forgiven.
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    Quote Originally Posted by Guynavywife View Post
    They are correct. The debt would have needed to be a joint account prior to his entering the service.

    §3937. Maximum rate of interest on debts incurred before military service
    (a) Interest rate limitation
    (1) Limitation to 6 percent
    An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, before the servicemember enters military service shall not bear interest at a rate in excess of 6 percent—

    (A) during the period of military service and one year thereafter, in the case of an obligation or liability consisting of a mortgage, trust deed, or other security in the nature of a mortgage; or

    (B) during the period of military service, in the case of any other obligation or liability.

    (2) Forgiveness of interest in excess of 6 percent
    Interest at a rate in excess of 6 percent per year that would otherwise be incurred but for the prohibition in paragraph (1) is forgiven.
    Ah, ok. Thanks for clarifying!
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    #4
    And with that being said, all companies have different SCRA benefits ... what we ended up doing was contacting each of our credit holders and providing them the necessary info. For some of them, there was nothing they could do, for others, we got a check for money back. It was all over the map. I suggest contacting each company individualing
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    #5
    Quote Originally Posted by EmilyPT View Post
    And with that being said, all companies have different SCRA benefits ... what we ended up doing was contacting each of our credit holders and providing them the necessary info. For some of them, there was nothing they could do, for others, we got a check for money back. It was all over the map. I suggest contacting each company individualing
    I did. All of them changed the rate, gave money back, etc. except for the one in my name. Which makes sense on why now.

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