Thread Starter: ComplyCycle
Title: Re: SCRA Question
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Customer #1: since a payment was never made, the active duty servicemember was not harmed in any way by the 15% interest rate. Assuming customer #1 made multiple payments at the 15% interest rate and then provided you with copies of his/her orders within 180 days of the end of service, you would have had to pay borrower the difference. To receive the 6% interest rate, the customer does need to provide a copy of the orders or other paperwork proving active duty status during the time period in question. The charge-off status would remain unchanged by the act of providing orders.
Customer #2: even if the loan has been paid in full, if the customer brings in active duty orders within 180 days of end of military service demonstrating she/he was active duty at any point during the life of the loan, you must pay borrower the difference between 6% and 6.25% interest. Again, the burden is on the servicemember to provide proof of active duty status to receive the interest rate reduction.
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