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Thread: ? about the Soldier & Sailors Relief Act

  1. Senior Member
    Sid's Girl's Avatar
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    #1

    Help ? about the Soldier & Sailors Relief Act

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    I know under the SCRA, your soldier can force creditors to reduce the interest rate on pre existing loans (mortgage, credit cards) to no more than 6 percent. Does anyone know if this applies to a joint credit account for which I am the primary cardholder, not my DH, but we're both listed on the account? I can't figure out whether the credit card has to be in his name only or if as a spouse, our joint accounts in general are eligible. Thanks.
  2. Purpur
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    yes. I had APRs changed that he isn't even joint on. Just send a letter with a copy of his enlistment orders.
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    Quote Originally Posted by Sid's Girl View Post
    I know under the SCRA, your soldier can force creditors to reduce the interest rate on pre existing loans (mortgage, credit cards) to no more than 6 percent. Does anyone know if this applies to a joint credit account for which I am the primary cardholder, not my DH, but we're both listed on the account? I can't figure out whether the credit card has to be in his name only or if as a spouse, our joint accounts in general are eligible. Thanks.
    justy to clarify-- NO one can force any company to comply with the 6% rate-

    it is Offered for credit and loans that were given PRIOR to enlistment-

    it does include spouses-

    BUT a note here- if you do not have an account that is paid current or you have not been paying on time- they DO NOT HAVE TO HONOR THE SCRA!

    AND They can make it that the 6% is only on the current balance and once you use the card it will change the rate- if you are late it will change the rate, or if you miss a payment they will change the rate.
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    Thanks ladies, the account was prior to deployment and it is always paid on time, etc, so it sounds like we might have a good chance of getting it reduced. Thanks!

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