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#1259914 - 10/01/09 01:27 PM No payments while at boot camp?
COMPLIcated Offline
Diamond Poster
Joined: Mar 2003
Posts: 1,035
We do not have very many military customers but we have one that is going to boot camp and he was told to contact his bank so he wouldn't have to make any payments while he's at boot camp. We are not aware of anything stating this - is there anything?

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Lending Compliance
#1259915 - 10/01/09 01:31 PM Re: No payments while at boot camp? COMPLIcated
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Not to my knowledge...they are still being paid. Now, they do have certain rights...such as if they borrowered money pre-service, lowering the rate to 6%...and there are considerations on mortgage loans as well within the SCRA.
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1260017 - 10/01/09 03:05 PM Re: No payments while at boot camp? RR Joker
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,959
Bloomington, IN
...they are still being paid.

Marines are not paid during boot camp.

You are under no obligation to forgo the payments during boot camp under the SCRA, but if the customer has been a good customer and the circumstances warrants what is the harm in extending the 2 or 3 payments while they are in boot camp?
The opinions expressed are mine and they are not to be taken as legal advice.

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