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#1720639 - 07/17/12 03:35 PM In a pinch and need help
Tesla Offline
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I believe at some point it was stated if you (the bank) are able to determine a servicemember is serving (via the website) even if they can't bring in their orders (because they are deployed) you still need to give them the benefit.

Was I dreaming or is that the current thinking?
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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#1720705 - 07/17/12 05:12 PM Re: In a pinch and need help Tesla
3-2-Go Offline
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That is how we are treating it.

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#1720713 - 07/17/12 05:17 PM Re: In a pinch and need help 3-2-Go
Tesla Offline
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Thanks! Was there guidance issued on that or what? I am getting pushback on this and frankly - I think - come on- this guy is risking his life and we won't reduce his rate until he can fly home from Afghanistan to deliver us his orders? When I can look them up online in 10 minutes????

It makes me angry -but I need regulatory support for my position.
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#1720740 - 07/17/12 06:14 PM Re: In a pinch and need help Tesla
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From everything I have read, the Act states "Upon receiving a written requests for relief and a copy of the service member's military orders, creditors must, for the duration of the service member's military service, reduce the interest rate".

It sure could cause some reputational issues if your bank knows and will not accomodate (IMHO).
Last edited by CO 4 now; 07/17/12 06:22 PM.
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#1720745 - 07/17/12 06:20 PM Re: In a pinch and need help Tesla
Tesla Offline
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OK - thanks for your help!
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#1722338 - 07/23/12 04:20 PM Re: In a pinch and need help Tesla
NotALawyer Offline
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Originally Posted By: Tesla
I believe at some point it was stated if you (the bank) are able to determine a servicemember is serving (via the website) even if they can't bring in their orders (because they are deployed) you still need to give them the benefit.

Was I dreaming or is that the current thinking?


Keep in mind that the effective date of the benefit/coverage is retroactive to the active duty date.

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