Skip to content
BOL Conferences
Thread Options
#928435 - 03/21/08 11:47 PM Rate reduction on closed account
goingtoexperts Offline
100 Club
Joined: Jul 2006
Posts: 149
Scenario - $1000 loan established in October 2006. Service member activated February 27, 2008. Balance on loan at that time was $85.53. Service member paid loan off March 14, 2008. Do we make a monetary adjustment calculating 6% on the balance at the time of activation? Thank you.
Last edited by goingtoexperts; 03/21/08 11:49 PM.
Return to Top
Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#930477 - 03/26/08 04:07 PM Re: Rate reduction on closed account goingtoexperts
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,752
On the Net
Technically, you should have charged no more than 6% from the date of active duty until it was paid off. We're talking 2 weeks here and a small sum. Unless the person has requested relief, I wouldn't mess with this. I can't imagine you'll reach the cost of postage.
_________________________
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

Return to Top

Moderator:  Andy_Z