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#67741 - 03/14/03 09:30 PM SSCRA
Anonymous
Unregistered

I know that debt incurred prior to enlisting is not included in the SSCRA requirements. But considering the current situation, are any banks lowering the rates for service persons going overseas (upon request), even though not technically eligible? Should we get caught up in the spirit of the Act?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#67742 - 03/14/03 09:33 PM Re: SSCRA
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Quote:

I know that debt incurred prior to enlisting is not included in the SSCRA requirements.




This is wrong. The debt incurred prior to enlisting or activation is the debt that is covered under SSCRA. Debt incurred after enlistment or activation is not covered.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#67743 - 03/14/03 10:07 PM Re: SSCRA
waldensouth Offline
Power Poster
waldensouth
Joined: Nov 2001
Posts: 7,983
FINALLY ABOVE the gnat line
we've had those being called up bringing us form letters that state that several banks are reducing interest rates to 0% while the service person is oversees just to show support for our troops. Have any of you seen these letters or heard of any bank doing this?
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"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

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#67744 - 03/14/03 10:27 PM Re: SSCRA
Rubaiyat Offline
Diamond Poster
Joined: Jun 2001
Posts: 1,373
Lido Deck
We are offering some special services which include interest rate reduction to 4%, payment deferrals for up to 12 months (escrow amounts must still be paid for RRE loans), free safe deposit box, no-fee checking account. As part of the deferral service, we are offering some counseling on the consequences of deferring payments. We are also offering these services for new loans for those called up to active duty (normal underwriting criteria applies).

We are not advertising these services but did provide the information informally to our local National Guard who disseminated it on their own to their members.

We have received a lot of good comments from this initiative, but I must admit it did cause some operational headaches on the back end.
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--A bad day at sea is better than a good day at work.

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#67745 - 03/17/03 01:33 PM Re: SSCRA
Anonymous
Unregistered

Duh, As soon as I came back in this AM to look at comments, I knew I had said that in reverse. I have two situations where the debt was incurred after enlistment. OK, give me a break. It was a Friday question. Thanks for the comments.

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