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#436557 - 10/06/05 07:07 PM SCRA Change in interest rate
t cochran Offline
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t cochran
Joined: Apr 2001
Posts: 57
Great Falls, MT
I just received a call from the wife of a deployed Army guard member who sought relief under SCRA. She said her husband was told that they have now lowered the interest rate for SCRA. I cannot find anything on this. Does anyone know where this could have originated or if something is in the works?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#436558 - 10/06/05 07:37 PM Re: SCRA Change in interest rate
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
The Federal level is still 6%. I have heard of no pending changes on the Federal level. I have heard that some states have passed their own versions. You may want to look at the state level.
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#436559 - 10/08/05 05:24 PM Re: SCRA Change in interest rate
Andy_Z Offline
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Andy_Z
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Ditto Dan's comment. I haven't heard of any attempts at the federal level. I wish they'd index it off prime.
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My opinions are not necessarily my employers.
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#436560 - 11/02/05 02:04 PM Re: SCRA Change in interest rate
waldensouth Offline
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waldensouth
Joined: Nov 2001
Posts: 7,983
FINALLY ABOVE the gnat line
One of my banks e-mailed me yesterday and told me they heard the rate had been lowered to 4%. Where is this coming from?
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#436561 - 11/02/05 02:29 PM Re: SCRA Change in interest rate
Anonymous
Unregistered

Email them back and ask for their source. Perhaps this is a state law.

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#436562 - 11/02/05 05:16 PM Re: SCRA Change in interest rate
Andy_Z Offline
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Andy_Z
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On the Net
A quick Google didn't give me anything for GA, but I didn't spend a lot of time. I agree with the post above, ask for a cite. (You could also ask if they've heard that interest can now be paid on commercial DDAs. If they have, move on. )
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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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#436563 - 11/02/05 07:33 PM Re: SCRA Change in interest rate
waldensouth Offline
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waldensouth
Joined: Nov 2001
Posts: 7,983
FINALLY ABOVE the gnat line
It was an Alabama bank, but I don't think there is a SSCRA in Alabama. Probably an urban legend started by someone named Hope Springs!
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"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

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