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#53898 - 01/13/03 04:58 PM SSCRA
Anonymous
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We have a military person - enlisted - who made a car loan while in the military. He has now defaulted. To repossess, we must file a court order? Is that correct? We cannot just repossess? This provision of the act applies to all military and active duty personnel whether the loan was made prior or after service or active duy - am I interpreting correctly?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#53899 - 01/13/03 07:59 PM Re: SSCRA
Andy_Z Offline
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We have never had to get a court order and one of my banks is on the largest military post, I believe now in the world.

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#53900 - 01/13/03 08:59 PM Re: SSCRA
Anonymous
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Thanks, Mr. Zavonia for your reply. It stands to reason that the bank should be able to use remedies set forth in the contract, however information in the article on bankersonline by Mary Beth Guard, "Understanding the Soldiers' and Sailors' Relief Act of 1940" (9-14-01) has a section, CRUCIAL INFORMATION, that seems to indicate a court order is necessary. I'm sure there's something I am misinterpreting. Can you shed any light on the info in that article?

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#53901 - 01/13/03 10:12 PM Re: SSCRA
Andy_Z Offline
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SSCRA generally (I don't know if it is exclusively or not) provides protection to someone who has debt and THEN enters the service.

As you noted, the debt existed prior to that.
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AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#53902 - 01/13/03 11:05 PM Re: SSCRA
SJB Offline
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California
Andy (as usual) is right, it only applies to debts incurred before entry by enlistment or callup. (Title 50 U.S.C. Appendix Section 532.)

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#53903 - 12/21/04 03:20 AM Re: SSCRA
Anonymous
Unregistered

i have credit cards can i drop the finance charge on them when in deploy

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#53904 - 12/21/04 02:00 PM Re: SSCRA
Anonymous
Unregistered

Are you already on active duty? If not, then you may be entitled to relief under SCRA.

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#53905 - 12/22/04 06:51 PM Re: SSCRA
Beagles22 Offline
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State of confusion
Any advances that were incurred before you were activated will fall under the 6% rate cap, however any fees that you charge after the date of activation will stay under the contract you have with the credit card company. You do need to inform the company that you were activated and give them a copy of your orders usually to invoke the rate reduction.
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#53906 - 12/22/04 08:19 PM Re: SSCRA
Dan Persfull Offline
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Bloomington, IN
The key to this is when did you obtain the credit cards? You also referenced being deployed and not activated.

If you were already in military service when you obtained the credit cards and you are being deployed, or re-deployed, you are not eligible for relief under the SCRA.

However, if you are being activated, such as a Reserve call up, then Beagles22 comments will apply.
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