Servicemember civil relief act?

[JackieM]

Has anyone used this before to help lower rates on credit cards or car payments? My DH is deploying real soon and I was wondering how this works. I did some googling and I'm confused on how it works. If you have used it, what did you say? Can a POA be used since his schedule right now is hectic? Is it for while he is deployed only? How long did it take to kick in? What paper work besides orders would we need? Any info. would be greatly appreciated and sorry for so many questions.

TIA

[gunsgirl]

you can use the SCRA for deployments- SOMETIMES- it depends on the companies.

if you can use it for deployments it will lower your rate to 6%.

however- there is no LAW that required them to do it for deployments.

another "however' if he had the credit cards and car loan before AD you can apply for the rate reduction based on that.
and the cards and loan have to have his name on them in order to get the lower rate-

here are the rules written so that they are easy to understand-
please notice the bottom line.

In addition the new law:

Expands current law that protects servicemembers and their families from eviction from housing while on active duty due to nonpayment of rents that are $1,200 per month or less. Under the new provisions this protection would be significantly updated to meet today’s higher cost of living – covering housing leases up to $2,932.31 per month – and then be adjusted annually to account for inflation.


Provides a servicemember who receives permanent change of station orders or who is deployed to a new location for 90 days or more the right to terminate a housing lease.


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.


Note: This law only covers debt incurred prior to military service

[JackieM]

[JackieM]

just seeing if anyone has any experiences using this!

[jreinke98]

We were able to use it for lowering our interest rate on one of the vehicles while he was deployed. Also all the interest that dh had from his student loans went down when he went AD. I had to submit the orders and POA for both items when it all happened.

[SnowCrystal]

Originally Posted by gunsgirl you can use the SCRA for deployments- SOMETIMES- it depends on the companies. if you can use it for deployments it will lower your rate to 6%. however- there is no LAW that required them to do it for deployments. another "however' if he had the credit cards and car loan before AD you can apply for the rate reduction based on that. and the cards and loan have to have his name on them in order to get the lower rate- here are the rules written so that they are easy to understand- please notice the bottom line. In addition the new law: Expands current law that protects servicemembers and their families from eviction from housing while on active duty due to nonpayment of rents that are $1,200 per month or less. Under the new provisions this protection would be significantly updated to meet today’s higher cost of living – covering housing leases up to $2,932.31 per month – and then be adjusted annually to account for inflation. Provides a servicemember who receives permanent change of station orders or who is deployed to a new location for 90 days or more the right to terminate a housing lease. 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. Note: This law only covers debt incurred prior to military service

The bolded is very important info...

[NDNatlGuardGF]

DB used this with one of his vehicles and I'm pretty sure all he had to do was show them a copy of his orders. The company with his other vehicle didn't do it though and he told me the reason why a while ago but I don't remember now. Sorry. I'd say to ask them anyway. The worst they can do is say no and you stay right where you're at.